The Asia Pacific smart office market is projected to grow at a high rate owing to the rapid industrialization and urbanization in countries including India, Japan, and China. Increasing number of industries focusing on implementing IoT in their systems will boost the industry growth. Improved standard of living in countries including India is forcing offices to refurbish and modernize the existing infrastructure. The expansion of the IT sector in the region is a key factor contributing to the industry growth. Government organizations in countries including Singapore and India are supporting digitization, which will propel the industry growth.
Smart Office Market size is anticipated to grow significantly attributed to the increase in the demand for automation of all processes to improve the work efficiency and boost the productivity. There is an increase in the demand for improved commercial infrastructure that uses sensors, wireless systems, and advanced communication technologies. These solutions provide the organization with advantages such as precise time and schedule management, enhanced communication, high return on investment, identity and risk management, cloud storage, and connected integrated systems. The rise in the demand for enhancing the working environment in offices is expected to propel the smart office market growth.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Johnson Controls International PLC
- Honeywell International
- Crestron Electronics, Inc.
- United Technologies Corporation
- Lutron Electronics
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Smart office market for the services segment is projected to grow at a rapid rate over the forecast timespan. There is a rise in the demand for installation & support services, and advisory & consulting services for the efficient management of smart systems. Services enable transforming a workplace by implementing advanced technologies. Rapid technological advancements in IoT, AI, machine learning, and hardware pertaining to smart offices are boosting the services segment of the industry. Rising demand for services that optimize the network performance and reduce the operational expenditures is expected to fuel the industry growth for the segment.
The smart office market for the new construction offices sector is expected to grow at a fast rate over the coming years. A retrofit office can impose restrictions for new system implementations or modifications. A newly constructed workplace provides the flexibility for implementation of new systems. Smart office systems can be inbuilt in new construction offices, thereby reducing the overall expenditure of renovating the entire system in a traditional office.
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Key players in the smart office market include ABB Ltd., Siemens AG, Cisco Systems, Inc., Johnson Controls International PLC, Honeywell International, Inc., Crestron Electronics, Inc., United Technologies Corporation, and Lutron Electronics Co., Inc. Key players are focusing on entering into strategic partnerships to offer enhanced digital solutions. Major players are expanding their market presence to strengthen the market position. Increasing competition among key players is expected to drive the smart office market over the forecast timespan.