Demand for smart office solutions is rapidly growing.
Covid has transformed the way we live and work. As many have continued to work from home, trends in home offices are on the rise including smart technology. According to Yahoo!, rise in demand for smart office solutions to achieve energy efficiency, favorable industry standards and regulations, and increase in internet of things (IoT) applications drive the growth of the global smart office market. However, high initial investment hinders the market growth. On the other hand, evolving market for smart cities creates new opportunities in the coming years. Based on offering, the hardware segment accounted for the highest share in 2020, holding more than half of the global smart office market, and is expected to continue its lead in terms of revenue during the forecast period. This is due to increase in usage of microchips, sensors, actuators, and other components to manage systems and improve performance and reliability of assets. However, the software segment is projected to register the highest CAGR of 12.3% from 2021 to 2030, owing to effective use of artificial intelligence (AI) in building automation and management software along with need to automate tasks.