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Europe Smart Office Market Analysis

The Europe smart office market is expected to record a CAGR of 7.6% over the forecast period. The market is primarily driven by factors such as the rise in demand for intelligent office solutions, sensor networks for energy efficiency, favorable government regulations for the same, advancement of IoT in smart office offerings, and the growing need for safety and security systems in the workplace.

• A smart building automates its processes to control its infrastructure, lighting, security systems, heating, ventilation, air conditioning systems, and more. A smart building uses technology and assimilates it with the basic building infrastructure and other structural and equipment components to make buildings more efficient, sustainable, and safe. Smart building solutions are a part of the growing IoT and connected sensor ecosystem.
• Solutions, such as the Energy Management System, Smart HVAC System, and Security and Access System, are adopted for smart offices. EMS is an integrated computerized system for monitoring and controlling energy-related infrastructure services plants and equipment, such as HVAC systems and lighting.
• Green HVAC systems are developed to improve energy efficiency and reduce costs. For instance, Ice Energy, a prominent energy storage company based in Glendale, California, released an ice-powered air-conditioning unit, Ice Bear, to cool buildings and, in most cases, reduce a building's net energy consumption.
• Companies are investing in these regions to establish office spaces. The improving real estate industry in these regions also supports the growth of new buildings. With many companies investing heavily in this segment, many companies are focusing on adopting smart technologies for their offices. This is driving the growth of the smart offices market in developing nations. Many companies entering the market are establishing new infrastructure.
• With the outbreak of COVID-19, the production of smart office equipment will be impacted in the short run as the construction of buildings and other office spaces are affected in significant areas across the world. However, companies have not made any significant changes to their production capacities. For instance, there are currently no manufacturing sites closed in Cisco's supply chain. Also, with more companies adopting work from home culture, smart home vendors can leverage voice and other smart home implementations to improve the day-to-day routines within a home and secure and automate home deliveries.

Europe Smart Office Industry Segmentation

The smart office systems deploy automated systems, sensors, and advanced communication infrastructure and networks, which provide centralized control and wireless data transfer for monitoring and data analysis. Advanced HVAC systems and automated lighting systems help commercial places manage energy in a better and systematic way, owing to the various benefits associated with deploying smart office infrastructure. Therefore, the demand for smart devices for office and other commercial building spaces is projected to increase. The critical base indicators considered for the study are the adoption and penetration rates of smart solutions at commercial offices, current trends, and several other key macroeconomic indicators.

The Europe smart office market is segmented by product (security and access control system, energy management system, smart HVAC control system, audio-video conferencing system, fire and safety control system), building type (retrofits, new buildings), and country.