CHICAGO, May 8, 2019 /PRNewswire/ -- According to a new market research report "Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Smart Space Market size is expected to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. The key factors driving the Smart Space Market include the proliferation of IoT, and green building initiatives and environmental concerns.
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Energy management and optimization is expected to grow at the highest CAGR owing to need to optimize energy consumption, supply and demand planning.
Energy management and optimization systems monitor the consumption of the energy, ensuring safe operation of the device in network, monitoring, and estimating the state of the system, and maintain the quality of the environment. These systems also prevent undesirable working conditions such as overcharge, over discharge, and overheating, which significantly reduce the life of the device and increases the maintenance cost.
Services segment to grow at a higher CAGR during the forecast period
Based on component, the Smart Space Market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations. The need for services, such as consulting services, would also grow, as the adoption of technologies, such as IoT, AI, and ML increases across the world.
Commercial premise type to garner the largest market size during the forecast period
Based on premise type, the market is segmented into commercial, residential, and others. Offerings vary significantly in all 3 segments. Increase in demand for facility management along with the need of comfort and convenience are the basic factors that accelerate smart facility management solution. Commercial spaces comprise of restaurants, hotels, clinics and hospitals, and shopping complex or malls. The major objective is to create energy efficient and safer buildings ensuring overall reliability.
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North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Smart Space Market during the forecast period. This region houses some of the major vendors of data analytics specialized in offering smart space solutions, such as IBM, Cisco, Hitachi Vantara, and Adappt. These players have their headquarters, as well as direct sales offices in the region.
The Smart Space Market comprises major solution providers, such as IBM (US), ABB (Switzerland), Cisco (US), Siemens (Germany), Huawei (China), Schneider Electric (France), Smartspace Software PLC (UK), Hitachi Vantara (US), Iconics (US), Coor (Sweden), Ubisense (UK), Smarten Spaces (Singapore), Spacewell (Belgium), Eutech Cybernetic (Singapore), and Adappt (US). The study includes an in-depth competitive analysis of these key players in the Smart Space Market with their company profiles, recent developments, and key market strategies.
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