Smart spaces are not some type of virtual reality. Rather, it is a physical environment decked out with technology. This technology is implemented with monitors and sensors that enable humans and integrated technological systems to interact. Even the Gartner explains smart space as a physical/digital environment in which humans and technology enable systems to interact in a connected & intelligent ecosystem. More explicitly, it combines multiple elements of a business to people, processes, services and things into a single platform for a more collaborative, immersive and automated experience. These environments of a smart space have been popularized by concepts such as smart cities, smart homes and connected factories which can improve personal and professional productivity; increase energy efficiency; simplify complex processes, and

potentially make daily life much easier and less stressful.

Types of Smart Space
Smart homes, also known as connected homes, are an example of smart spaces. With this technology, it improves safety, convenience, entertainment, and productivity which make smart homes commonplace to live. Other smart spaces technologies run the spectrum of different types of environments, that is, offices and communal workspaces; apartment communities, hotels, and other types of lodging properties; malls, grocery stores, and shopping centers; hospitals and other healthcare providers; public places such as libraries and schools; and transportation portals such as airports and train stations could all be designed under smart spaces. As technology becomes more advanced and more widely used, smart space allows these environments to connect in unique and evolving ways. This seamless integration of smart space can promote a safer, cleaner, healthier environment on a much larger scale.

Further, in the market scenario, the smart space market size is expected to grow from USD 8.5 billion in 2019 to USD 19.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.5 percent during the forecast period. The factors such as the proliferation of IoT, green building initiatives and environmental concerns are expected to fuel the market growth. However, high initial capital expenditure is expected to restrain market growth of smart space. Therefore, Smart spaces are interactive environments where humans and technology can openly communicate with each other in a physical/digital setting. It enables an immersive, interactive and automated experience for people and industry scenarios. In an ideal scenario, smart spaces reduce or eliminate friction from everyday tasks, enabling collaboration, allowing users to make their own way around, find missing objects, make purchases without stopping at a cashier, and sometimes just have a lot of fun.