Market Analysis

The global smart spaces market is predicted to touch USD 27,074 million at a 16.4% CAGR between 2017- 2024 states the recent Market Research Future (MRFR) analysis. Smart spaces, simply put, are environment which are equipped with visual and audio sensing system which can help in recognizing and reacting to people sans the need to wear special equipment. It has wide applications in security management, emergency management, and energy management & optimization.

Various factors are propelling the global smart spaces market growth. As per the recent MRFR report, these factors include the proliferation of IoT, increasing green building initiatives, growing environmental concerns, rise in urban population, technological advances such as 5G, demand for smart cities, development in economy, and the key benefits that smart spaces offer such as increase energy efficiency, make life less complex and easier, & improve professional and personal productivity.

On the contrary, increasing initial capital expenditure, security breach, growing risk in data privacy, and the current COVID-19 effect are factors that may limit the global smart spaces market growth over the forecast period.

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Market Segmentation

The MRFR report provides an inclusive segmental analysis of the global smart spaces market based on premise type, application, and component.

By component, the global smart spaces market is segmented into services and solutions. The services segment is again segmented into managed services and professional services. The professional services is again segmented into support and maintenance services, deployment and integration services, and consulting services. Of these, the solutions segment will lead the market over the forecast period.

By application, the global smart spaces market is segmented into security management, emergency management, and energy management & optimization. Of these, the emergency management segment will dominate the market over the forecast period.

By premise type, the global smart spaces market is segmented into residential areas, commercial areas, and others. Of these, the commercial areas will spearhead the market over the forecast period.

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