The market for “smart” spaces set for significant growth until 2024, report finds

The Smart Space Market size is expected to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period, a recent market research reports from MarketsandMarkets has been able to suggest.

According to the new paper, called "Smart Space Market by Component (Solutions and Services), Application (Energy Optimization and Management, Emergency Management, and Security Management), Premises Type (Commercial, Residential), and Region — Global Forecast to 2024", the key factors driving the Smart Space Market include the proliferation of IoT, and green building initiatives and environmental concerns.

Energy management and optimization is expected to grow at the highest CAGR owing to need to optimize energy consumption, supply and demand planning.

Energy management and optimization systems monitor the consumption of the energy, ensuring safe operation of the device in network, monitoring, and estimating the state of the system, and maintain the quality of the environment. These systems also prevent undesirable working conditions such as overcharge, over discharge, and overheating, which significantly reduce the life of the device and increases the maintenance cost.

Increase in demand for facility management along with the need of comfort and convenience are the basic factors that accelerate smart facility management solution. Commercial spaces comprise of restaurants, hotels, clinics and hospitals, and shopping complex or malls. The major objective is to create energy efficient and safer buildings ensuring overall reliability.

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