Smart Space Market to Reach Valuation of US$ 66.12 Billion and growing at CAGR of 17.9% by 2030

The global smart space market size reached USD 13.19 Billion in 2020 and is expected to register a revenue CAGR of 17.9% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for green buildings due to environmental concerns and increasing urban population are factors projected to support market revenue growth between 2021 and 2030. 

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In addition, increasing demand for smart technology in public spaces will boost revenue growth of the market going ahead. The use of smart devices in public settings has increased steadily globally. Smart shops, parks, transport networks, hospitals, stadiums, and restaurants are some of the application areas that have been turned into smart environments. The use of smart technology at such locations is expected to gain traction over time and is a factor expected to drive revenue growth of the global smart space market.

The report further sheds light on the competitive landscape of the Smart Space market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.

Key players include:

ABB Ltd., Cisco Systems Inc., Siemens AG, Huawei Technologies Co. Ltd., SmartSpace Software Plc, Hitachi Vantara Corp., Iconics Inc., Smarten Space, Softweb Solution Inc., and Ubisense Group Plc.

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Some Key Highlights From the Report

Emergency management segment is expected to register steady revenue CAGR during the forecast period. Increasing demand for smart space solutions to manage emergencies effectively will drive revenue growth of this segment in the near future.

Smart indoor space segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising demand for smart homes, green buildings, and smart indoor spaces.

Asia Pacific is expected to account for largest revenue share in the global smart space market over the forecast period due to robust presence of major market players including Huawei Technologies Co. Ltd., Smarten Spaces, among others, in countries in the region.

Emergen Research has segmented the global smart space market on the basis of type, component, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2018–2028)

• Smart Indoor Space
• Smart Outdoor Space

Component Outlook (Revenue, USD Billion; 2018–2030)

• Solutions
• Services

Application Outlook (Revenue, USD Billion; 2018–2030)

• Energy Management and Optimization
• Emergency Management
• Security Management
• Layout and Space Management

End-Use Outlook (Revenue, USD Billion; 2018–2030)

• Residential
• Commercial

1. Utility
2. Transportation & Logistic
3. Retail
4. Manufacturing
5. Government
6. Healthcare
7. Education
8. Others

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Global Smart Space Market Geographical Landscape - Synopsis:

The report closely studies the growth trajectory of the global Smart Space market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The study elaborates on the crucial information pertaining to the regional market share. It simultaneously focuses on the significant details about the growth patterns of each regional market.

Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.

The report addresses the following key points:

The report estimates the expected market size from 2022-2030

The report provides a forecast of market drivers, restraints, and future opportunities for the Smart Space market

The report further analyses the changing market dynamics

Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth

Extensive competitive landscape mapping with profiles of the key competitors

In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies

Revenue forecast, country scope, application insights, and product insights

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