What is the current Smart Space Market size?

The Smart Space Market is projected to register a CAGR of 18.40% during the forecast period (2024-2029) Read More

Who are the key players in Smart Space Market?

ABB Ltd, Siemens AG, Adappt Intelligence Inc., Spacewell Faseas and Cisco Systems Inc. are the major companies operating in the Smart Space Market. Read More

Which is the fastest growing region in Smart Space Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Smart Space Market?

In 2024, the North America accounts for the largest market share in Smart Space Market. Read More

What years does this Smart Space Market cover?

The report covers the Smart Space Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Space Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Smart Space Market Trends

Statistics for the 2023 & 2024 Smart Space market trends, created by Mordor Intelligence™ Industry Reports. Smart Space trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Smart Space Industry

This section covers the major market trends shaping the Smart Space Market according to our research experts:

Commercial Segment Estimated to Hold the Largest Market Share

The commercial segment comprises office spaces, hotels, hospitals, malls, shopping complexes, and restaurants, among others. These organizations with the help of smart space solutions can monitor costs and revenue, develop business plans, and redefine financial goals.
For instance, Adappt, an Indian smart space solution company, is able to redefine the way organizations are adapting their workplace assets by using an integrated systems approach. The Adappt Cognitive Premise solution provides analytics, control, applications, and optimization to tailor each organization workplace according to its unique personality.
The companies are looking forward to expanding their business footprint across different geographical region. This is one of the major factors contributing to the growth of the smart space market over the forecast period.
For instance, in May 2019, Mitsubishi Electric Corporation announced a complete takeover of ICONICS Inc. This would allow Mitsubishi to strengthen its software portfolio and technology.

Smart Space Market : Total Number of Office Buildings Constructed, in Units, in Q4, in Amsterdam, 2016-2018

Understand The Key Trends Shaping This Market

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Europe is Expected to Hold a Significant Market Share

The Northwest European region faces a great challenge, due to a shift toward a low carbon footprint economy. Municipalities play a pivotal role, as they account for 70% of the NWE energy consumption and CO2 emission. Especially, standard public street lighting accounts for approximately 30% of municipalities‘ total electricity consumption.
Smart space solution aims to promote the usage of smart lighting in small-/mid-size municipalities, along with the sensors attached to light poles. With this arrangement, energy efficiency can be enhanced, CO2 emissions can be reduced, and street lighting can be adjusted as per requirements. This could augment the growth of the smart space market across the region.
As European cities are expected to become “SMART” in the future, the market studied is expected to grow in the forecast period. For instance, the European Smart Space project aims at increasing the innovation capabilities of industrial SMEs, by exploiting the potential of intelligent and digital technologies.