Smart Office Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2025
The continued global demand for automation and innovation at workspaces has driven the market for smart offices in recent years, as organizations look towards offering enhanced security, minimizing energy wastage, and boosting the overall productivity of human resources. The global smart office market size is projected to reach USD 57.05 billion by 2025, progressing at a healthy CAGR of 13.2% over the forecast period, as per a report by Grand View Research, Inc. With the continued increase in demand for better security infrastructure and optimum energy management by organizations, the transformation of workplaces has been necessitated. Over the past decade, there has been a constant evolution in organizations due to changing workforce demographics and technological expectations of modern employees and employers. These factors, coupled with the rising concerns regarding energy consumption, are projected to augment the market. Smart office solutions aim to maximize value and savings in three critical areas – real estate, utilities, and payroll. The increased adoption of the Internet of Things (IoT), which enables inter-networking of physical devices through actuators, sensors, network connectivity, and software, has also improved the growth prospects of the industry. Employers are able to improve employee productivity while increasing flexibility of the work environment with better connectivity. This helps in boosting employee retention, which has driven employer desire to integrate smart systems at workplaces. Some of the notable features commonly observed in smart offices include smart desks and conference, modern video monitoring, gamification, intelligent climate and lighting control, indoor maps, voice control, and cloud-based rewards recognition programs. Employers can integrate beacons in