Smart Workplace Market Entry Strategies, Countermeasures Of Economic Impact 2020-2030
Surge in Number of Smart Cities Worldwide to Aid Market Growth
Advancements in technology continue to drive innovations in a range of industrial sectors around the world. In recent years, government authorities in various countries of the world, along with the support from private companies have increasingly emphasized on the development of smart cities and townships. Over the past decade, a number of smart cities have gradually emerged worldwide following which smart workplaces have gained popularity. As several private companies continue to leverage the benefits of cutting-edge technologies, including networked platforms, sensors, and IoT to improve the overall communication and employee engagement, the demand for smart workplaces has witnessed considerable growth.
A number of smart cities and urban areas around the world is increasingly investing in the IoT technology to improve day-to-day operations and asset management. This factor is expected to propel the smart workplace market. The demand for smart workplaces is on the rise, especially in developed regions of the world such as Europe, North America, and highly developed cities in the Asia Pacific region, including Singapore and Dubai.
At the back of these factors, the global smart workplace market is expected to surpass market value of US$ 121 Bn by the end of 2030. In addition, some of the key trends that are likely to shape the growth of the global smart workplace market include BYOD, growing focus on cybersecurity, and automation. In addition, considerable efforts are being made around the world to improve workplace wellness, enhance data protection, and deploy biometric security solutions– another factor that is likely to propel the smart workplace market during the forecast period.
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Advancements in Access Control and HVAC Technology to Drive Global Market
Over the past decade, advancements in access control solutions and technologies have played an imperative role in augmenting the demand for the same across smart workplaces around the world. Some of the major benefits of access control include high security for employees at workplace and protection of physical assets. Some of the most deployed access control solutions around the world include Discretionary Access Control (DAC), Mandatory Access Control, and Role-based Access Control. In addition, as a number of top tier and other leading companies are increasingly becoming more aware of the various advantages of installing a cutting-edge access control solution, the demand is likely to further gain momentum in the upcoming years. Elevator access control safety and growing demand for card access systems are likely to drive the overall growth of the smart workplace market during the assessment period.
HVAC systems have evolved at a rapid pace over the past few years primarily driven by the progress of various equipment and systems. In addition, the awareness among end users of pertaining to new products and trends around the HVAC technology. Smart sensors & thermostats, heat pumps, and the advent of zoning systems are anticipated to redefine how HVAC systems are deployed in the upcoming years. The demand for smart HVAC products has witnessed considerable growth in recent years– a trend that is primarily driven by improved user experience and remote access to the various controls through a smartphone application. Furthermore, advancements in the sensor technology are expected to provide a considerable boost to the smart workplace market in the upcoming years.
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Supply Chain Disruptions to Hinder Market Growth in 2020
Although the growth prospects of the global smart workplace market look bright during the post-COVID-19 era, the market growth is likely to remain sluggish in 2020 due to major barriers put forward by stringent restrictions on cross-border trade, transportation, and movement of non-essential commodities. While spending on the development of smart workplaces is estimated to decrease during the COVID-19 pandemic due to uncertain economy, the demand is likely to gain momentum in the second half of the forecast period. However, the demand for video conferencing systems is likely to witness considerable growth in 2020, due to work-from-home policy or remote working regulations.
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