Smart Building Market 2019-2022 Global Industry Analysis, Future Trends and Key Leaders by Siemens AG, ABB Group, Legrand SA, Cisco Systems, Schneider Electric, Control4, IBM, Johnson Controls

Smart Building Market Overview:

Smart building Market is the current definition of high lifestyle where the home is equipped with latest IoT and AI to provide maximum comfort to its residents. The global smart building market is expected to gain a valuation of USD 33 billion during the forecast period (2018-2023) with a CAGR of 29.69%. Market Research Future (MRFR) in their report on the smart building market mentions the high importance of Asia Pacific as the possible thrust-provider in the coming years.

Smart building market technology includes connected device, sensor, AI, and others as its integral part. Latest developments in these sectors and the advancement in wi-fi technology are going to bolster the smart building market growth in the foreseeable future. Efforts to reduce energy consumption, surging demand for eco-friendly living, cost-effective management, better resource handling, and others are features that ensure substantial growth for the global market. At the same time, scope in sectors like commercial, industrial, government & public infrastructure and residential can take the smart building market forward.

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Competitive Landscape:

MRFR, in their region-specific analysis of the global smart building market, reveals that certain companies are impacting the market unprecedently with their strategic implementations. These companies are Siemens AG, ABB Group, Legrand SA, Cisco Systems, Inc., Schneider Electric, Control4 Corporation, IBM Corporation, Johnson Controls International PLC, United Technologies Corporation, Emerson Electric Co., and others. MRFR profiled these companies in their latest report to stay updated in analyzing the context of the market demography.

Segmentation:

MRFR, in their recent study, segmented the global smart building market by automation and application.

Based on the automation, the Smart Building Market comprises infrastructure management system, intelligent security system, building energy management system, and network management system. The building energy management system segment, as of 2017, held the maximum market revenues and was worth USD 2,743.90 million. The dominance would go on with the segment achieving the fastest CAGR of 33.58% during the review period.

The intelligent security system segment is sub-segmented into access control system, video surveillance system, and emergency management system.

Based on the application, the smart building market includes industrial, commercial, government & public infrastructure, and residential. The commercial segment had the maximum market coverage and was valued at USD 2,826.09 million in 2017. The commercial segment is expected to maintain its dominance with 31.22% CAGR during the forecast period.

Regional Analysis:

North America, Europe, Asia Pacific, and the Rest of the World are defining zones for the global smart building market. This attempt is to realize the full potential of the global smart building market.

North America has the maximum coverage owing to the easy integration of latest technologies. The region makes high investment in the IoT and artificial intelligence (AI), technologies that are expected to take the global market forward. Governments, in the region, are also investing significantly in the research and development to ensure better technological integration. The regional market was valued at USD 2,615.31 million in 2017. The regional demand for high awareness of safety, security, and energy and water management is expected to take the market forward.

Europe is the second largest market as its features are quite similar to that of the North America. This has been supported by growing importance of IoT and analytics in construction sector. Several aspects like building systems, energy, lighting, and room control are benefitting from this technology and would bolster the growth of the Europe market in the coming years.

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The APAC market is expected to gain 33.03% CAGR during the review period with countries like China, India, Japan, Taiwan, and others promoting the market. The growth would be the highest during he forecast period. The region is expected to thrive on the presence of several developing economies, rising focus on user convenience, and surge in investment.

In June 2019, Infosys announced the start of their collaboration with Microsoft in delivering smart buildings and spaces (SB&S) solutions for various sectors such as engineering, facilities management, architecture, construction, and real estate. This collaboration would benefit from the integration of the Microsoft Azure services in the system.

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This release was published on openPR.