Smart Space Market to Reach $107.4 Bn, Globally, by 2030 at 13.4% CAGR: Allied Market Research

Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns, and rise in number of greenfield projects drive the growth of the global smart space market

PORTLAND, Ore., Feb. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Space Market by Component, (Hardware, Software, and Services), Space Type (Smart Indoor Spaces and Smart Outdoor Spaces), Application (Energy Management and Optimization, Layout & Space Management, Emergency & Disaster Management, and Security Management, and Others) and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global Smart Space industry generated $30.5 billion in 2020, and is anticipated to generate $107.4 billion by 2030, witnessing a CAGR of 13.4% from 2021 to 2030.

Prime determinants of growth

Proliferation of advanced technologies such as IoT and AI, increase in environmental concerns, and rise in number of greenfield projects drive the growth of the global smart space market. However, high initial capital expenditure and growth in privacy concerns pertaining to information manipulation hinder the market growth. On the other hand, surge in smart cities initiatives and advent of 5G technology present new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has significantly fostered the growth rate of the global smart space market, owing to rise in creation of safe smart spaces & increase in the IoT deployment.
• In addition, the proliferation of smart buildings driven by pandemic has impacted positively on the market. It is because smart buildings offer functions such as social distancing, occupancy tracking/monitoring, ventilation and air-conditioning (HVAC) systems, smart heating, and stricter cleaning requirements.

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The hardware segment to maintain its leadership status throughout the forecast period

Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fifths of the global smart space market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the increased adoption of smart devices in smart homes and buildings. Moreover, the services segment is projected to manifest the highest CAGR of 15.3% from 2021 to 2030. 

The commercial segment to maintain its lead position during the forecast period

Based on end user, the commercial segment accounted for the largest share in 2020, contributing to more than three-fifths of the global smart space market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 12.0% from 2021 to 2030. This is because smart space platforms are helping commercial sector in automating their business and operations. For instance, smart spaces in hospitals, hotels, and malls sense people in the premise and store their movements, which helps in contextualizing and adapting with users need.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for two-fifths of the global smart space industry. This is attributed to several factors such as huge government funding on innovative as well as smart technologies, increased number of IoT devices, and a strong technical base. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 16.1% during the forecast period, owing to the proliferation of connected systems fueled by the ongoing trend of smart offices and homes in the region along with the government-driven infrastructural projects.

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Leading Market Players

• Cisco Systems, Inc.
• Coor
• Eutech Cybernetic Pte. Ltd.
• Hitachi Vantara Corporation
• Huawei Technologies Co., Ltd.
• International Business Machines Corporation (IBM)
• Schneider Electric SE
• Siemens AG
• SmartSpace Software Plc
• Spacewell

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