Market Overview
The Global Smart Building Market is expected to reach USD 25,725.0 Million by 2025 at a CAGR of 17.44% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years.
The evolution of technology has enabled smart building technology to share information about what goes on between buildings and systems to optimize building performance. The rising adoption of IoT-enabled building management system, raising awareness about space utilization, and increased industry standards and regulations are resulting in the growth in the Smart Building Market. Factors such as the growing need for energy-efficient buildings and increasing government initiatives to encourage smart infrastructure are contributing to the growth of the smart building market. However, lack of technical expertise and infrastructure in developing countries is expected to hamper the market growth during the forecast period.
Key Players
The Key Players of the Global Smart Building Market are Control4 Corporation (US), United Technologies Corporation (US), HCL Technologies Limited (India), Panasonic Corporation (Japan), Advantech Co. Ltd (Taiwan), Johnson Controls International PLC (Ireland), Hitachi Ltd (Japan), Sony Corporation (Japan), IBM Corporation (US), Cisco Systems (US), Honeywell International, Inc. (US), Emerson Electric Co. (US), GEZE GmbH (Germany), Overkiz (France), ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Legrand SA (France), and Huawei Technologies Co. Ltd, (China).
Smart Building Global Market - Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global smart building technology market based on automation and application.
By automation, the global smart building market is segmented into network management system, infrastructure management system (parking management system, smart water management system, and elevators and escalators management system), building energy management system (lighting control system, HVAC control system, and energy management system), and intelligent security system (emergency management system, access control system, and video surveillance system). Of these, the building energy management system segment will lead the market over the forecast period.
By application, the global smart building market is segmented into residential, government and public infrastructure, industrial, and commercial. Among these, the commercial application segment will dominate the market in the forecast period.
Smart Building Market - Regional Analysis
By region, the global smart building market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, & the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. Reduction in management costs, growing awareness for energy and water management, safety and security, emergence of latest smart building solutions which leverage new technologies like artificial intelligence, deep learning, data analytics, cloud computing, big data, and IoT for saving energy, increasing occupancy comfort, reducing operational expenditures, and meeting increasingly strict global regulations and sustainability standards, technological developments in Canada and the US, heavy investments being made by US organizations into smart building measures like building systems integration and building controls for leveraging energy storage and energy efficiency and also deliver safer, more sustainable, and smarter buildings, and the Canadian government taking initiatives for supporting the countries commitment to safeguard the environment and its resources via making federal buildings highly energy efficient and cutting down greenhouse emissions are adding to the global smart building market growth in the region.
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