Smart Building Market Size, Share, Competitive Analysis, Demand and Opportunities by 2023; IBM, ABB Group, Cisco, Siemens, Schneider Electric, Honeywell, Delta Controls, Johnson Controls, BuildingIQ, United Technologies Corporation, Legrand

Smart building market is expected to grow at a high pace owing to increasing demand for highly efficient infrastructural mechanisms. Many smart building companies provide various services including advantage services, compliance services, electrical services, energy services, fire sprinkler services, integration services, mechanical services, migration services and pre-construction services.

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The constitutes of commercial buildings are convention centers, drugstores, filling stations, forums, hotels, internet cafés, shopping malls, supermarkets, warehouses, restaurants and office buildings. Besides these buildings, there are colleges, schools, libraries, museums, hospitals, nursing homes, asylums, farmhouses, city halls, consulates, courthouses, embassies, fire stations, meeting houses, airport terminals and bus stations. All these buildings can be converted into smart buildings by retrofitting the most advanced building management systems. Out of all these building types, commercial buildings are expected to gather the highest revenue share by 2023.

The governments of various countries have started realizing the importance of smart building projects for enhancement of their nation. This can be apprehended from the fact that a huge investment has been made recently by the European Union on such projects. Ample energy savings and high profitability have made the smart building market more lucrative for various governments and public organizations.

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Some of the major players operating in the smart building market include IBM, ABB Group, Cisco Systems Inc., Siemens AG, Schneider Electric, Honeywell International Inc., Delta Controls, Johnson Controls, BuildingIQ, United Technologies Corporation and Legrand. The smart building market is highly fragmented, the number of players is large and the high demand for smart urbanized buildings is intensifying the competition among players.

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