A smart workplace is a workplace where technology integrates with solutions to enable people to work better, faster, and smarter. Beacons, sensors, and mobile apps help employees perform menial tasks better and faster, providing them enough time to focus on growing businesses and innovating. Furthermore, in a smart workplace, technology helps people to communicate better.
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Smart workplace market is driven by the need of energy savings at the workplace, better productivity by using new technologies tools for data storing and communications, reduce cost, and make optimum use of resources available at workplace. The increasing demand for flexibility in working and agility in business is another factor, which is driving the market for smart workplace.
Major players analyzed in the market include ABB Ltd., Cisco Systems Inc., Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls International PLC, Lutron Electronics Co. Inc., Schneider Electric S.A., Siemens AG, Philips Lighting Holding B.V., and United Technologies Corporation.
Teleworking trend is also surging the adoption of smart workplace as it saves time of the employees commuting from home to workplace and can utilize that time working from home. Penetration of artificial intelligence, machine learning, and data analytics in the smart offices is propelling the growth of smart workplace market. However, complexity in replacing or upgrading the existing system is hindering the growth of smart workplace market. Contrarily, evolving cloud-based environment and integration of internet of things technology in organizations is expected to create various opportunities for the smart workplace market in the forecasted years.
Building an AI powered digital workplace can encourage end users to adopt a new data-driven way of working as their new toolset provides added value out-of-the-box and enables them to do more by integrating smart platforms. Also, AI driven voice enabled virtual assistants in the office is increasing as end users are getting aware about the benefits of AI integration in business solutions.
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