Smart Building Market Market Report, Industry Overview, Growth Rate and Forecast 2022-2027

According to IMARC Group's latest report, titled "Smart Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global smart building market is expected to exhibit a CAGR of 11.24% during 2022-2027. A smart building is equipped with various automated processes that enable occupants to control electronic home devices from a remote location. It primarily comprises HVAC systems, occupancy sensors, security devices, advanced lighting controls, water management devices, and parking assistance systems. Smart buildings are also integrated with advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), that can be programmed by entering a single command. These technologies assist in optimizing space, reducing energy consumption and operative costs, and conducting preventive maintenance of the building. As a result, smart buildings are widely adopted across residential, hospitality, retail, and healthcare sectors.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Market Trends and Drivers:

The smart building market is primarily driven by the rising number of smart cities across the globe. In addition, the growing consumer awareness regarding energy conservation represents another major growth-inducing factor. Besides this, governing authorities of various developed and developing nations are undertaking favorable initiatives to construct smart infrastructures. This, coupled with the growing popularity of automation systems relating to security, entertainment, telecommunications, and facility management, is escalating the demand for energy-efficient buildings. Moreover, the rising security concerns have prompted individuals to adopt access control, video surveillance, and emergency systems in smart buildings. Furthermore, various technological advancements, such as the integration of big data, cloud computing, data analytics, and artificial intelligence (AI) with building systems, and the increasing penetration of Internet-of-Things (IoT)-based devices for remote monitoring are creating a favorable market outlook across the globe.

Smart Building Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global smart building market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

ABB Ltd
Cisco Systems Inc.
Hitachi Ltd.
Honeywell International Inc
Huawei Technologies Co. Ltd.
IBM Corporation
Intel Corporation
Johnson Controls International Public Limited Company
Schneider Electric SE
Siemens AG

Key Market Segmentation:

The report has segmented the global smart building market on the basis of technology, component, end user and region.

Breakup by Technology:

Building Infrastructure Management (BIM)
Parking Management System
Smart Water Management System
Elevators and Escalators Management System

Security and Emergency Management
Access Control System
Video Surveillance System
Safety System

Energy Management
HVAC Control System
Lighting System

Network & Communication Management
Workforce Management
Others

Breakup by Component:

Hardware
Software
Service
Professional Service
Managed Service

Breakup by End User:

Commercial
Residential
Government & Public Infrastructure
Healthcare
Education
Transport
Manufacturing & Industrial
Others

Breakup by Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.