The home security system market is expected to grow at a CAGR of 8.1% during

Market analysis
Market Research Future (MRFR) forecasts the global smart office market to reach $81.35 billion at a CAGR of 8.1% CAGR from 2022 to 2030 (forecast period).
COVID-19 will have little impact on the smart office market
The COVID-19 outbreak will have a short-term impact on the production of smart office equipment, as the construction of buildings and other office space is impacted in major regions around the world. Companies, on the other hand, have not significantly changed their production capacities. In Cisco’s supply chain, for example, no production sites are currently closed. Additionally, as more businesses adopt a work-from-home culture, smart home providers can use voice and other smart home technologies to enhance daily routines within a home and secure and automate home deliveries.

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Key players
The major players in the global smart office market are Siemens AG (Germany), Schneider Electric SA (France), Johnson Controls International PLC (US), Honeywell International Inc. (US), ABB Ltd. (Switzerland), Cisco Systems, Inc. (USA), United Technologies Corporation (USA), Lutron Electronics Co. Inc. (USA), Crestron Electronics, Inc. (USA), Philips Lighting Holding BV (Netherlands) among others.

Development of a cloud environment of IoT platforms
The Internet of Things (IoT) is a technology that stores, manages and analyzes data in real time. Cloud platforms offer a cost-effective and easily deployable alternative to on-premises data center development. While the IoT is only about linked devices that generate a large amount of data, the cloud platform enables analytics to extract value from data. Cloud computing technologies enable smart office solution providers to connect workplace management systems placed in the control center to IoT-enabled devices. This feature will allow end users to quickly and cost-effectively develop an IoT-based detection and response system. The cloud platform is a secure platform for storing and computing massive amounts of data. Additionally, the cloud can provide a unified platform to manage service lifecycles and organize deployment. The introduction of IoT platform as a service (PaaS) has improved the prospects for deploying IoT solutions in workplace infrastructure. The cloud platform can facilitate the deployment of a variety of applications that provide workplace management authorities with new methods of integrating traditional information systems with IoT-enabled devices.
Government initiatives towards green buildings and strict policies for environmental protection
Due to government initiatives for green buildings and strict environmental rules, companies have implemented smart offices to monitor and reduce overall energy consumption. This reason drives businesses to use smart energy management systems, automated lighting systems, and smart HVAC systems to reduce overall energy consumption.

Industry News
In September 2019, Lutron Electronics Co. Inc. (USA) expanded its operations by opening a new business experience center in Manhattan, New York.
In May 2019, Johnson Controls Inc. (USA) collaborated with Evoteq (UAE) to introduce an end-to-end integrated AI platform for smart buildings and neighborhoods by combining their capabilities

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Difficulty replacing or upgrading the existing system
A smart office solution is an integration of various technical elements such as hardware (proximity sensors, smart meters, smart thermostats, relays, switches and network gateways and actuators), software and network elements that can be difficult to configure on existing system infrastructure. . Due to protocol difficulties, legacy systems cannot effectively integrate with next-generation smart devices. Integration hurdles are expected to hamper market expansion in the coming years. Additionally, IT and network security constraints to limit privacy intrusions and data breaches are expected to be a major impediment to the growth of smart office projects.

Market segmentation
The global smart office market has been segmented on the basis of components and office type.
On the basis of component, the global smart office market is segmented into hardware, software and service.
Based on the type of office, the global smart office market is divided into renovation offices and new construction offices.
Regional analysis
North America will dominate the global market
North America is dominating the smart office market due to growing security concerns among organizations and availability of better technological infrastructure in this region. The United States is one of the world’s early adopters of developing technologies, such as the Internet of Things (IoT), which is used in a variety of industries, including smart offices. The advancement of technology in the IoT industry, especially for offices, combined with the growing demand for security and safety systems is expected to drive the expansion of the market in the United States.

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