Widening Application Base to Boost Growth of Global IoT at Workplace Market
In the recent times, the global Internet of things (IoT) at workplace market witnessed tremendous growth, thanks to the increasing adoption of IoT at workplace technology among consumers due to various benefits it offers, such as the lowered power consumption and reduced cost for an extended coverage area. According to Transparency Market Research (TMR), the global market is expected to continue witnessing high growth.
Increasing Penetration of Technology to Support Market’s Growth
The increasing penetration of technology, even to the remote areas, is the main factor that is influencing the market for IoT at workplace across the world. The rising uptake of IoT at workplace for infrastructural development and the construction of smart cities is also boosting the growth of this market substantially. The augmenting awareness level of consumers regarding the benefits of IoT at workplace technology, such low power consumption, lower cost of components, easy deployment into existing cellular network, excellent extended array in buildings and underground, and the escalated reliability and network security, is likely to support this market in the years to come.
Demand for Energy Management Systems for Workplace Use to Remain High
Smart lighting, energy management systems, security and access control, HVAC control, audio video conferencing system are the main products of IoT at workplace. Among these, the energy management systems segment is reporting the most prominent growth in the global market. This growth can be attributed to the increasing uptake of IoT at workplace technology across a number of industry verticals. However, the security and access control segment is likely to surpass the energy management systems segment in terms of growth rate over the next few years.
North America to Continue at Top
North America, Asia Pacific, Europe, the Middle East and Africa, and South America are the main geographical segments of the global IoT at workplace market. North America, among these, has surfaced as the key contributor to the global market, owing to the presence of a large pool of leading market players. The early uptake of IoT at workplace in this region has also aided the Europe market for IoT at workplace considerably.
Amongst other geographical segments, Asia Pacific has emerged as the most promising regional market for IoT at workplace. This regional market is likely to expand at an exceptional CAGR, thanks to the increasing government investments for the modification of current locales into smart cities.
The leading players, such as ABB Ltd., Cisco Systems Inc., Crestron Electronics, Honeywell International, and various others, are increasing focusing on regional expansion for the development of their business. Partnerships and collaborations are also being taken up by these players to strengthen their position in the global IoT at workplace market.
For more market insights, Get Brochure Report: IoT at Workplace Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025