Advancement of IoT in Smart Office Offerings | Smart Office Market worth 46.11 Billion USD by 2023

The smart office market to grow from USD 18.8 billion in 2016 to USD 46.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. The growth of the smart office market is driven by the increase in demand for smart office solutions and sensor networks for energy efficiency, advancement of IoT in smart office offerings, growing need for safety and security systems at the workplace, and favorable government regulations in several countries. The objective of the report is to define, describe, and forecast the smart office market size based on product (smart light, security systems, energy management system, HVAC control system, and audio-video conferencing systems), software & service (software and service), type (retrofit buildings, and new construction office) and region.

The energy management systems to grow with the highest CAGR in smart office market during forecast period

The market for energy management systems product captured to grow at the highest CAGR during the forecast period. Energy management systems provide a framework for commercial facilities to manage on-going energy use as well as identify opportunities to adopt energy-saving technologies, including those that do not necessarily require capital investment.

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Market for new construction office to grow with the highest CAGR during forecast period in smart office market during forecast period

The new construction office type expected to grow with the highest CAGR between 2017 and 2023. The new construction offices provide the benefit of designing and implementation of smart office solution at the early stage of construction, resulting in minimizing the operational cost and economical use of the available resources.

Asia Pacific (APAC) region to grow with the highest CAGR in smart office market during forecast period

The market for APAC region expected to grow with the highest CAGR during forecast period. The growth of this market is attributed to the adoption of energy management solution to reduce the associated cost and the implementation of security and lighting management solution in workplaces, ultimately leading to the growth of the smart office market in APAC.

The major players operating in the smart office market include ABB, Cisco Systems, Crestron Electronics, Honeywell, Johnson Controls, Philips Lighting, Lutron Electronics, Schneider Electric, Siemens, and United Technologies Corporation.

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