The Smart Spaces Market claims that The smart space market is projected to expand at a CAGR of 8.3% between 2022 and 2032. The smart space market is expected to produce revenues of $11.4 and $25.2 billion, respectively, by 2022 and 2032.

The use of cutting-edge technologies like the internet of things (IoT) and artificial intelligence (AI) has propelled the growth of the smart space market (AI).

These areas are useful for increasing professional productivity, streamlining complicated procedures, and optimising energy use. Buildings and vehicles that are part of smart spaces report on their whereabouts, performance, and maintenance requirements.

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Key Takeaways: Smart Spaces Market

• By component, the hardware segment is anticipated to account for the leading share in the global demand for smart spaces during the forecast period. However, the software segment is estimated to grow at a robust CAGR of 18.1% through 2032.
• By application, energy management & optimization segment is anticipated to increase at a CAGR of 19.0 % between 2022 & 2032.
• By premises type, commercial smart spaces segment is estimated to witness high growth during the forecast period as reduction in energy cost with real time adjustments and sustainable monitoring of environment has become the need of the hour.
• North America is expected to lead the market followed by Asia in 2022. Latin America and Europe is anticipated to emerge as the fastest growing region between 2022 & 2032.
• The market in Middle East and Africa is expected to progress at a CAGR of around 14.9% through 2032.
• In China, sales are expected to increase at a CAGR of close 8%over the next ten years.

Increasing Adoption of Smart Homes and Smart Devices

In present situation the importance and adoption of smart homes has gained immense popularity. Consumer awareness, change in needs of customers, adoption and implementation of advanced technologies and the rise of investments in the field are some for the increasing demand for the adoption. Factors such as remote monitoring, integration of smart devices, demand for high security for home and office premises also contribute for the adoption of smart homes and devices.

Furthermore, deployment of smart technologies has widely increased in public spaces across the globe. Some of the major attributes that convert a public space into a smart space includes smart kiosks at parks, transport stations, hospitals, stadiums, and restaurants.