The smart office market is expected to reach US$45.931 billion by the end of 2023, increasing from US$24.739 billion in 2017, growing at a CAGR of 10.86% during the forecast period.
Smart offices are the offices which make use of sensors and internet of things among other things to make an office space convenient, safer and energy efficient. The major factors driving the demand for smart office solutions are its cost-effectiveness, development of smart cities around the world and improvement in the productivity of the workforce. High-income regions such as North America held a significant market share in 2017 and the APAC region will witness substantial growth over the forecast period.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market.
Major industry players profiled include Schneider Electric SA, Johnson Controls, Inc., Cisco Systems, Inc., Honeywell International, Inc., and Koninklijke Philips N.V. among others.