openPR Logo
Press release

Smart Building Market Global Industry Analysis, size, share and Forecast 2020-2027

07-13-2020 05:49 PM CET | Industry, Real Estate & Construction

Press release from: GMI Research

Smart Building Market Global Industry Analysis, size, share

The increasing adoption of the Internet of Things (IoT) enabled building management system and the rising awareness of space utilization across the globe are the major factors boosting the growth of the smart building market. The growing awareness regarding energy consumption and the expanding number of initiatives related to the environmental concerns will further support the adoption of smart building systems to save energy, time, and money. Additionally, several countries such as Dubai has launched the “Dubai Plan 2021”, with an objective to convert the city into a “smart city” through innovative technology, digital tools, and smart policies. The increasing development of smart cities will accelerate the growth of the smart building market size.

Request for Sample Report:

The emerging trend for eco-friendly and green buildings that offer several exceptional features will enhance the strong demand for the smart building market in the coming years. According to a recent survey conducted by the International Trade Administration, United Kingdom has witnessed a 14% increase in the number of companies willing to build 60% of their projects as green projects by the end of 2018. According to the smart building forecast, the growing security concerns, along with the technological enhancement and reliability offered by the intelligent security systems, are the latest smart building market trends and surging the market growth.

On the basis of the solution, the energy management segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the accelerating demand for smart building management solutions driven by the exceptional benefits offered, such as minimization and monitoring of the total energy consumed by the building. The owners and managers of a multi-story building, schools, corporate offices, and multiplex shopping malls are facing a challenge to reduce the operational expense cost, which can be attained by the usage of smart building energy management solutions.

Read Full Smart Building Market Report Insights:

Based on the service, the consulting service segment is predicted to witness considerable growth in the next six years. The strong demand for the smart building systems across the globe is the key driver boosting the demand of the segment. The customers are looking for consulting services that provide a holistic approach to design smart building and integrate the building systems with the latest technologies according to their specific business goals and needs. The accelerating demand for consulting services will further strengthen the demand of the segment.

On the basis of building type, the commercial segment is projected to maintain its dominance over the forecast period. The growing number of investments in the construction sector at the global level is the major factor propelling the growth of the segment. Numerous global organizations are emphasizing on the establishment of smart corporate offices to improve the security system, increase the productivity of the employees, better space utilization while saving energy and operational cost. With the increasing competition in the airline sector, the operators are actively looking for smart technologies to integrate the complex system of infrastructure, processes, businesses, and people to deliver a hassle-free passenger experience. Therefore, the emerging trend of smart corporate offices and the smart airport will accelerate the demand of the segment in the market.

On the basis of the region, the North American region is anticipated to dominate the Smart Buildings market in the next six years. This is due to the emergence of the latest smart building solution with new technologies including IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence to save energy and decrease operational cost. In addition to this, the growing number of stringent global regulations and sustainability standards is another factor boosting the market growth in this region. The US organizations are investing in smart building measures such as building controls and building system integration to improve energy efficiency and deliver smarter, safer, and more sustainable buildings. Furthermore, the Canadian government has launched several initiatives focusing on making federal buildings more energy-efficient while decreasing greenhouse gas emissions. The increasing awareness of energy-efficient systems and the growing number of initiatives by governments will further surge the demand of the market in the region.

The key players of the smart building market include Hitachi, Ltd., Intel Corporation, Honeywell International Inc., Johnson Controls, Cisco, Schneider Electric, IBM, Siemens, Huawei, and ABB, among others.

The research report on the smart building market provides an in-depth analysis of the market revenue based on component, solution, services, building type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.

Contact Info:

Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: +353 1 442 8820; +1 860 881 2270
Address: Dublin, Ireland

About GMI Research

GMI Research is a market research and consulting firm which provides bespoke industry & market insights to help businesses in making the toughest business decision. We know the significance of accurate data that’s why our analyst use tailored methodology to study each and every market in detail because one size doesn’t fit all. We just don’t cover only the traditional well-established market but also focuses more on niche markets and markets in the emerging markets for which getting information is very difficult, which makes us pioneer in emerging market research space. Our syndicate reports cover multiple industries across regions and countries.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smart Building Market Global Industry Analysis, size, share and Forecast 2020-2027 here

News-ID: 2089222 • Views: 570

More Releases from GMI Research

Functional Protein Market is projected to touch USD 8.8 billion in 2029, registe …
Functional Protein Market size was evaluated to be USD 5.5 billion in 2021 and is estimated to reach USD 8.8 billion in 2029, rising at a CAGR of 6.1% from 2022-2029. For Additional Insights, Click to Access Complete Report - The factors driving the growth of Functional Protein Market includes increasing prevalence of diabetes, obesity, and other chronic diseases, growing demand for plant-based protein products, rise in consumers spending on healthy
Food Anti-Caking Agents Market is projected to increase at 5.1% CAGR during 2022 …
Food Anti-Caking Agents Market size was valued at USD 850 million in 2021 and is estimated to reach USD 1,265 million in 2029, exhibiting a CAGR of 5.1% from 2022-2029 For Additional Insights, Click to Access Complete Report - The factors driving the growth of Food Anti-Caking Agents Market includes growing demand for food ingredients such as baking powder, milk and cream powder and cake mixes, increasing consumers preference for convenience
Insect Feed Market is projected to increase at a higher CAGR of 10.5% between 20 …
Insect Feed Market is expected to grow at a CAGR of 10.5% over the forecast period, till 2029. For Additional Insights, Click to Access Complete Report - The factors driving the growth of Insect Feed Market includes growing consumption for meat and egg products around the world, high nutritional values provided by insects, changes in diet pattern, rise in the production of livestock and improvements in the living standards. Moreover, rising
Critical Communication Market is estimated to rise at a significant CAGR of 8.4% …
Critical Communication Market is forecast to grow at a CAGR of 8.4% over the forecast period, till 2029. For Additional Insights, Click to Access Complete Report - The factors driving the growth of Critical Communication Market includes growing demand for critical communication solutions across Mining, Transportation and Public Safety industries, emerging need to modernize the old equipment, expansion of the telecommunication industry and improvements in the living standards. Moreover, growing demand

All 5 Releases

More Releases for Smart

Smart Cities Market is Expected to Witness CAGR of 17.3% by 2027 with Applicatio …
A smart city is an urban unit or area that uses various types of electronic Internet of Things (IoT) devices to collect data and then use the insights to manage resources, assets, and services effectively. Green building is a growing trend in the global smart cities market. Constructing eco-friendly infrastructure facilities can provide a sustainable environment in the cities. Moreover, governments are focused on constructing energy-efficient buildings, in order
Global Smart Cities Market by Component (Hardware, Software) by Application (Sma …
Global Smart Cities Market: Overview The global smart cities market is expected to reach a mark of over USD 3000 billion by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence AI, personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, the increase in residential preference towards the adoption of advanced information and communication technologies ICT
Survey Report on Smart Kitchen Appliances Market 2018: Smart Refrigerator, Smart …
The report analyzes and presents an overview on "Global Smart Kitchen Appliances Market Professional Survey Report 2018" worldwide. This report studies Smart Kitchen Appliances in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2013 to 2018, and forecast to 2025. The study objectives of this report are: To study and forecast the market size of Smart
IoT Device Management Market Analysis by Application - Smart Manufacturing, Smar …
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols targeted at conducting smooth functioning of smart devices. The service of IoT device management has become vital for the business sector in recent years due to the rising use of remote operation in a number of industries and the subsequent need to manage the operation of the devices. The global IoT device management market is
The shipping world needs to wake up and embrace the philosophy of smart shipping because it is already here and the downturn in the world economy is not going to last forever, according to Panos Kirnidis, CEO of the Palau International Ship Registry. “The maritime industry knows that smart ships and smart technology is the way forward and yet there seems to be reluctance on the part of some owners to
Smart Kitchen Appliances Market : Smart Refrigerators, Smart Dishwashers, Smart …
Albany, New York, July 20, 2017 : Recent research and the current scenario as well as future market potential of "Smart Kitchen Appliances Market (Products - Smart Refrigerators, Smart Dishwashers, Smart Ovens, Smart Cookware and Cooktops, Smart Scales and Thermometers and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" globally. Smart kitchen appliances are premium appliances that are designed for comfortable and efficient operation as