According to the report by Allied Market Research, the global smart space market generated $23.52 billion in 2018, and is expected to reach $86.52 billion by 2026, growing at a CAGR of 17.6% from 2019 to 2026.
The emergence of advanced technologies including the internet of things (IoT) and artificial intelligence (AI) a rise in concerns related to the environment and an increase in greenfield projects fuel the growth in the market.
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However, an increase in privacy concerns related to information manipulation and high capital investment restrain the market growth. On the other hand, 5G evolution and increase in smart city initiatives present new opportunities in the industry.
Based on component, the hardware segment accounted for the major market share in 2018, contributing to more than two-fifths of the total market share, and is expected to maintain its dominance during the forecast period. This is due to the rise in the adoption of smart devices in homes and buildings along with a surge in demand for air quality control systems in different offices and manufacturing factories. However, the services segment would grow at the highest growth rate with a CAGR of 20.8% from 2019 to 2026.
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On the basis of space type, the smart indoor space segment held nearly two-thirds of the total market share based on revenue in 2018 and is expected to maintain its leadership status by 2026. In addition, this segment is expected to register the highest CAGR of 18.3% from 2019 to 2026. It is a lucrative segment. The research also discusses the smart outdoor space segment.
Based on application, the energy management and optimization segment accounted for the highest revenue in 2018, holding nearly two-fifths of the total market share, and will maintain its dominant status throughout the forecast period. This is attributed to rise in need for efficient resources with surge in wastage of electrical energy in residential and commercial platforms. However, the emergency & disaster management segment is expected to grow at the largest CAGR of 23.7% from 2019 to 2026.
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Leading market players discussed in the report include Cisco Systems, Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, Spacewell, SmartSpace Software Plc, and others.
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