According to the MarkNtel Advisors’ research report, “GCC Smart Space Management Systems Market Analysis, 2021,” the market is likely to grow at a CAGR of around 10.2% during the forecast period of 2021-26 due to the rapid adoption of Smart Spaces with their focus on delivering effective life cycle, efficiency, and performance. These are reliant on Smart technologies, which are blended with the entire system to improve the performance & functions of a space.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||UAE, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait|
|Key Companies Profiled||IBM, ABB, Siemens, Hitachi Vantara, Condeco, Sauter Controls, Infosys, Smart Space Global, Cisco, Oracle|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The Smart space market is diverse, due to which the overall ecosystem experienced a notable impact of the Covid-19 outbreak. A few sectors within this industry witnessed a positive impact, while others faced a lot of downfalls. One of the most prominent concerns is business continuity that has significantly increased supporting & associating services. With the gradual upliftment of lockdown, companies in the Smart space market shall experience a decrease in the demand for Smart spaces & building solutions, following in reduced resources for the subsequent two quarters.