Global Smart Office Market Expects Growth of 11.26% by 2023

DUBLIN—The “Global Smart Office Market – By Product (Smart Lighting, Security and Access Control Systems, Energy Management Systems, Smart HVAC Control Systems), Building Types and Region – Growth, Trends and Forecasts (2018 – 2023)” report has been released.

As of 2017, the global smart office market was valued at USD 32.62 billion and is expected to reach a value of USD 61.4 billion by 2023, registering a CAGR of about 11.26% during 2018-2023. “Smart office” is an integration of multiple technologies, which enables a centralized control and monitoring, helping in an efficient resource management.

Smart office system deploys sensors, automated systems, and advanced communication networks, to enable a centralized control and the wireless data transfer for monitoring and data analysis. This system improves the efficiency of offices. Automated lighting systems and advanced HVAC systems help offices in a better energy management.

The top five consumers of electricity are expected to account for more than 40% of the global energy consumption. Building operations are expected to account for around 36% of the overall energy consumption. With the growing demand for electricity, the consumption of natural resources has increased drastically, over the last decade.

The North American smart office market is expected to witness an enormous growth rate, owing to the demand for smart lighting and security & access control systems. Technological penetration and the increasing security concerns among various organizations are propelling the growth of the North American smart office market, which stands on the top of the charts in terms of revenue.

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