As the name suggests, smart space is an intelligent ecosystem where human and smart devices interact with each using smart communication methods. The best examples of smart space include smart homes and smart cities.
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Smart space market size
The global smart space market size reached US$ 8 billion in 2019. The market is expected to reach about US$ 20 billion in 2026.
Analysis of the smart space market
Some people confuse smart space as a virtual reality technology, as it also interacts with humans through smart methods. But smart space concept is completely different from virtual reality, due to its interaction with humans which is a physical interaction, through gestures, facial recognition, and sound, rather than wearing some sort of glasses to interact with the smart environment. The smart environment usually composes of sensors, software (that runs on sensors), and communication method, which can be wireless or wired.
The growth in the global smart space market will be due to the increase in its adoption in various applications such as hospitals, apartment buildings, malls, parking lots, airports, stores, manufacturing, offices, and also smart homes and smart cities. The other reason is the growth in adoption of smart wearable devices around the world.
As for regions, North America has a significant market share compared to other regions and will continue its dominance. It is mainly due to the focus on electric and autonomous vehicles technology as well as the huge investments in the advance technologies deployments.
Smart space companies
The top players in the smart space market are Cisco and IBM which are headquartered in the US. The other global players include Huawei, Siemens AG, SmartSpace Software Plc, Spacewell, ABB, Hitachi Vantara, Schneider Electric, Iconics, Smarten Spaces, and Adappt Intelligence Inc.