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.

HeatingSave – The Perfect building management system to drive down carbon emissions, save money

HeatingSave is a perfect match for this program due to the fact that our advanced building energy system has been specifically designed in order to help users save up to an impressive 30%+ on all energy bills.

HeatingSave optimizes any heating system’s overall functionality by taking into account a variety of factors, such as internal and external temperatures, occupancy, time of the year, the particular characteristics of installed boilers, etc.

All of the data is used in order to determine the best heating patterns for the various heating zones within any building, using our proprietary heat-loss algorithm.

The end result is that users still get a very good level of comfort, while in the same time saving energy and money in the process.

If you’d like to find out more details on all the features HeatingSave has in store, just contact our dedicated product team, they’ll be more than happy to provide you with all the necessary information.


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