Market Trends of Smart Office Industry
This section covers the major market trends shaping the Smart Office Market according to our research experts:
Energy Management System Expected to Hold Largest Share
- Energy Management Systems are extensively used around the world due to their improved focus and ease. Additionally, their expanding use for energy use tracking is gaining acceptance throughout several businesses. Additionally, it aids in improving both employers' and workers' productivity, convenience, and efficiency.
- The rising cognizance regarding a building's growing role in climate change is shifting investors' and owners' preferences, thus urging them to improve the performance of their facilities to stay competitive, specifically in the commercial office segment. For instance, buildings in the United States consume nearly three-quarters of the country's electricity and are responsible for 39% of all greenhouse gas emissions.
- Organizations are increasingly adopting EMS for optimization of energy consumption, utilization of dynamic pricing tariffs, and demand control, thus reducing overall costs. Large-scale companies require energy in various forms to perform diverse operations, including powering telecom networks, modern computer equipment, data equipment, and optical transport networks.
- Modern innovations like edge AI have become very popular in both developed and developing countries, primarily due to the COVID-19 pandemic's outbreak. The popularity of flexible work environments and revolving class schedules contributed to the growth of the intelligent buildings management movement. Building management systems (BMS) have also been highlighted by edge AI in order to improve occupant comfort, reduce energy usage, and boost safety.
- Additionally, rising innovations by technology leaders globally are anticipated to support market expansion during the projected period. For instance, Samsung Electronics established cooperation with ABB in April 2022 to expand the use of Samsung SmartThings in houses and other structures.
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North America to Hold Significant Share
- The North American region dominates the global market for smart offices because of the greater technological infrastructure. As a result, in the developed nations of North America, the smart office industry is anticipated to show a favorable development rate in the years to come. For instance, in terms of total infrastructure development, the United States is ranked 13th by the World Economic Forum.
- The region is seeing widespread use of network monitoring, with several marketplace manufacturers providing security and entry control solutions based on networking monitoring and security data. As per CompTIA, 54% of participants in the United States see Network Monitoring as a component of their security policy in 2021.
- The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including intelligent offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety systems, is anticipated to propel market growth in the United States.
- Additionally, the Consumer Technology Association reports that the IoT consumer device penetration on smartphones is rising, which is expanding the market for smart workplaces in the United States. For instance, GSMA Intelligence predicts that in 2025, there will be more than 5.4 billion IoT connections in the North American region.
- One of the elements propelling the adoption of smart buildings is government rules favorable to the office sector when integrating innovative technology. Furthermore, future market development is anticipated to be supported by the government and companies making more significant investments in office structures to make them more employee-friendly.
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