NA Smart Office Market

North America Smart Office Market Analysis

The NA Smart Office Market is expected to register a CAGR of 9.4% during the forecast period.

• The market being studied is primarily influenced by the rising demand for smart office solutions, the development of IoT in smart office offerings, and the increasing need for workplace safety and security systems.
• IoT in the workplace uses a variety of hardware and technologies, such as smart devices, robots, and artificial intelligence, to improve productivity and identify opportunities. Owing to these benefits, Amazon Alexa for Business allows companies to use its Alexa digital assistant in an office setting. Organizations can also use Amazon Echo smart speakers in the office to provide information, such as the proximity-free meeting room or allow employees to order supplies.
• The increasing focus on energy efficiency is another key factor driving the growth of the smart office market. The rising environmental concerns are pushing the companies in the region to improve the energy efficiency of operations and reduce their environmental footprint.
• The rising number of smart devices has been the primary reason behind the implementation of connected offices in the region. More devices and a heavy dependence on emerging cloud computing technologies will exponentially improve the firms' quality of products and services. Further, businesses are already adapting to innovations, such as mixed reality, the internet of things (IoT), and artificial intelligence (AI), in their daily operations.

North America Smart Office Market Trends

Security and Access Control to Witness Significant Growth

• The region is witnessing significant adoption of Network monitoring, and various market vendors are offering security and access control systems through network monitoring and security information. According to CompTIA, In 2021, In 2021, 54% of respondents from the United States witnessed using Network Monitoring as part of their cybersecurity strategy.
• Further, in March 2021, CyberArk announced the availability of new subscriptions, programs, and tools designed to accelerate organizations’ Identity Security initiatives. It is part of the company strategy to impact business, and these new offerings complement CyberArk’s Identity Security portfolio, which is centered on Privileged Access Management. The company continues to invest and execute its vision for Identity Security.
• Over the forecast period, the demand and enterprise interest in Secure Access Service Edge (SASE) is expected to increase as the technology enables fast and secure cloud adoption and ensures that users and devices have access to data, applications, and services anywhere at any time.
• Also, Over the coming years, a significant share of enterprises are expected to adopt zero trust security to ensure the safety of the data over the company network; the numbers are expected to increase in post-pandemic scenarios where the enterprises invest in securing a large number of remote workers. For instance, in April 2020, Google launched its Beyond Corp Remote Access product based on the Zero Trust approach.

United States Expected to Witness Significant Market Share

• With the significant rollout of 5G in the United States and improved Wi-Fi technology, such as Wi-Fi 6, smart office solutions are witnessing being linked by faster, more powerful networks, meaning better access to processing and data resources in the cloud. 5G technology is also revolutionizing IoT services' delivery, including smart office technology, as it allows devices to work free of wires and cables while consuming a minimal amount of power.
• AT&T, Verizon, T-Mobile, and Sprint launched their 5G wireless networks toward the end of 2020. Hence, 5G is currently available to customers in select cities across the United States. However, it is expected to take a few years before full-fledged, top-speed 5G coverage is available across the country, like 4G LTE. T-Mobile also announced that it would be launching a 5G - based home network by 2024. The aim is to extend coverage to previously underserved rural areas across the United States. It is currently offering a trial version of the service on its 4G LTE network to a select number of T-Mobile customers.
• Several progressions have accelerated smart office demand, driven by digital transformation and changing needs of all stakeholders. One of the drivers is the pandemic's impact on the future of work and the increased adoption of the hybrid work model. However, several existing drivers have grown in importance in the country, with dedicated, intelligent IoT solutions for various use cases.
• The market vendors are combining several data-driven and digitally-enabled services and solutions to improve work expertise and efficiency, realize the cost and energy savings, and add value to the office through apps for various stakeholders.

North America Smart Office Industry Overview

The North America Smart Office is moderately competitive in nature. Product launches, high expense on research and development, partnerships, and acquisitions are the prime growth strategies adopted by the companies in the region to sustain the intense competition.

• May 2021 - Honeywell launched a cloud-based solution for building owners and managers that simplifies and combines operational and business data to back up better decision-making, drive greater efficiencies, and achieve sustainability goals.
• July 2020 - Siemens announced a smart office app, Comfy, to help employees return to work safely during the pandemic. Siemens also stated that the deployment would target approximately 600 company locations and lay the groundwork for future-proof digital workplaces and future-oriented working environments.

North America Smart Office Market Leaders

North America Smart Office Market News

• March 2020 - ABB acquired the Irish company Cylon Controls to expand its presence in the smart building segment. The acquisition will expand the portfolio of commercial building solutions, emphasizing delivering innovations in energy optimization and comfort.