Smart Building Market share forecast to witness considerable growth from 2021 to 2026

Smart Building Market

Smart buildings employ pervasive sensors, wireless connectivity, and the Internet of Things (IoT) technologies to communicate and analyze data. A combination of IoT solutions can control and optimize building management systems, automate security systems, lighting systems, HVAC (Heating, Ventilation, and Air Conditioning) systems, access control, and more.

Smart building solutions provide safety, comfort, greater efficiency, and cost savings that are aligned with the goals of property owners, managers, and tenants.

The Major Players Covered in this Report:
ABB (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Schneider Electric (France), Cisco Systems, Inc. (U.S.), United Technologies (U.S.), International Business Machines Corporation (U.S.), BuildingIQ (U.S.), Echelon Corporation (U.S.), Hitachi, Ltd. (Japan), and Panasonic Corporation (Japan), Delta Controls (Canada), Johnson Controls (U.S.), and Legrand (France).

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By Type , Hardware, Software, Services,

By Building Type, Commercial Buildings, Industrial Buildings, Residential Buildings,

By Automation Type, Energy Management, Intelligent Security Systems, Infrastructure Management, Network & Communication Management, Others,

Demand for Integrated Safety and Security Systems

Smart building solutions increase the integrated safety, security, comfort, and convenience of living at home for young and old alike. According to a Honeywell study, people spend around 80% to 90% of their lives inside buildings.

As a place of work/residence/entertainment, a building primarily exists to service its occupants; in other words, commercial buildings must be secure, monitor intruders, provide safety measures, disaster response measures, and account for the health and safety of workers/occupants. Therefore, buildings must account for the safety of the people, vehicles, and materials inside them, and this can be achieved with the adoption of smart building solutions. Smart building solutions can help older people live independently in their homes for longer. Automation makes everyday life easier while reliable alarm systems provide round-the-clock security.

Regional Analysis For Smart Building Market:

North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

In this study, the years considered to estimate the market size of the Smart Building are as follows:

History Year: 2014-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2021 to 2026

Segment Analysis

By Component

Software
Hardware
Services

The hardware segment caters to the maximum share followed by the software segment. Smart building solutions comprise various types of hardware, including home appliances, lighting, safety/security, energy, and HVAC systems. Each piece of hardware is made smarter with the integration of new technologies and thus, provides an entirely new dimension in services. There are three main hardware components in a smart building system:

Sensors: Devices that measure important values (e.g. temperature, humidity, and occupancy) and monitor and register events (e.g. abnormal activity, security breaches, and fire outbreaks)
Controllers: Specialized computers that process collected data and initiate the appropriate response or action
Output devices: Relays, actuators, and similar devices that react to and carry out commands issued by controllers

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