According to the MarkNtel Advisors’ research report, “GCC Smart Space Management Systems Market Analysis, 2023,” the market is likely to grow at a CAGR of around 10.2% during the forecast period of 2023-28 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: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|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|
Growth Driver: Increasing Penetration of Technologies in the GCC Region has Accelerated the Market Growth
The need to build Smart spaces is increasing robustly due to multiple environmental concerns & the penetration of technology in our day-to-day life. They are likely to become the suitable resolution for meeting the ever-growing technological & energy demands & goals of independence from carbon-based energy sources for several countries.
Challenge: Rising Data Privacy and Security Concerns to Hinder the Market Growth
The collection and storage of data is a critical component of smart space management systems, but this also raises concerns about data privacy and security. GCC countries have varying levels of data protection and privacy regulations, and it creates a challenge to ensure that sensitive information is properly safeguarded. Thus, data threats and security concerns have created a challenge for the market in recent years.
Hardware Segment Witnesses the Fastest Growth
Based on the Component, the Hardware segment witnessed the fastest growth in the previous years and is likely to continue to grow astronomically in the forecast years too. The expansion of this segment owes to the rising adoption of smart devices in smart homes & buildings. Furthermore, the surging security concerns are also contributing to the increasing demand of having Smart spaces. Hence, these factors fuel the need to have more security cameras and are likely to drive the hardware segment in the GCC market.
The official Space segment to Attain the Largest Market Share
Based on End-users, the Official Space segment will likely attain the largest market share in the coming years. Multiple organizations are adopting intelligent space platforms to build their offices livelier & more connected to influence productivity at the workplace and yield massive revenues. Furthermore, the need for a healthy office environment is also surging with the constantly growing industrialization. Hence, based on these factors, the Official Space segment shall witness booming growth and share in the coming years, states MarkNtel Advisors in their research report, “GCC Smart Space Management Systems Market Analysis, 2023.
Saudi Arabia to Hold the Largest Market Share
Saudi Arabia is likely to hold the largest market share in the forecast period, owing to the numerous solution vendors in the country. Saudi Arabia is witnessing significant growth opportunities because of rising technology expenditures throughout the country and the surging demand for cost-effective analytical software & services among Small & Medium-sized Enterprises (SMEs). Furthermore, Smart construction yields a more comfortable environment, which could simultaneously reduce the carbon footprints of an area. Hence, these aspects make Saudi Arabia likely to witness the largest market share in the forecast period.
According to MarkNtel Advisors, the leading players in the GCC Smart Space Management Systems Market are IBM, ABB, Siemens, Hitachi Vantara, Condeco, Sauter Controls, Infosys, Smart Space Global, Cisco, Oracle.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. GCC Smart Space Management Systems Market is likely to grow at a CAGR of around 10.2% in the forecast period of 2023-28.
A. IBM, ABB, Siemens, Hitachi Vantara, Condeco, Sauter Controls, Infosys, Smart Space Global, Cisco, Oracle are a few of the leading players in the GCC Smart Space Management Systems Market.
A. Hardware is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Saudi Arabia continues to grow at the highest CAGR in the forecast period of 2023-28, presenting immense opportunities for market players of the GCC Smart Space Management Systems Market.
A. The growing technological & energy demands and goals of independence from carbon-based energy sources in several countries are likely to create lucrative growth opportunities for the GCC Smart Space Management Systems market.
A. Data privacy and security is the possible restraints affecting the growth of the GCC Smart Space Management Systems Market during 2023-28