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.
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 is likely to 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, with the constantly growing industrialization, the need for a healthy office environment is also surging. Hence, based on these factors, the Official Space segment shall witness a booming growth and share in the coming years, states MarkNtel Advisors in their research report, “GCC Smart Space Management Systems Market Analysis, 2021.”
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 can 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.
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 best resolution for meeting the ever-growing technological & energy demands & goals of independence from carbon-based energy sources for several countries.
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:
Market Outlook, Segmentation, and Statistics
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 2021-26.
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 2021-26, 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. With the gradual upliftment of lockdown, companies in the Smart space market shall experience a decrease in the demand for Smart space & building solutions, following in reduced resources for the subsequent two quarters.