Global IoT in the Building and Automation Market is projected to reach the value of $67.56 billion by 2030

According to the report published by Virtue Market Research, In 2022, the Global IoT in the Building and Automation Market was valued at $35.7 billion, and is projected to reach a market size of $67.56 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 8.3%.

The IoT in the building and automation market has been experiencing significant growth in recent years due to various market drivers, and this trend is set to continue in the future. One of the long-term market drivers of the IoT in the building and automation industry is the increasing demand for energy-efficient buildings. With the rising cost of energy and growing concerns about climate change, there is a need for buildings to be more energy-efficient. The IoT provides a platform for building automation systems to optimize energy usage and reduce waste, helping to create more sustainable and environmentally friendly buildings.

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The outbreak of COVID-19 has had a significant impact on the IoT in the building and automation market. With the pandemic forcing people to stay indoors, there has been a surge in the use of digital technologies, including IoT devices. With more people working remotely and relying on digital technologies to stay connected, there is a growing demand for IoT in the building and automation market to manage and optimize building operations remotely. As a result, the IoT in the building and automation market witnessed a significant increase in demand during the pandemic.

In addition to the long-term market driver and the impact of COVID-19, there are also several short-term market drivers, opportunities, and trends in the IoT in the building and automation industry.

One of the short-term market drivers is the increasing demand for smart homes and buildings. With the growth of the smart home and building market, there is a need for building automation systems that can be controlled and managed remotely. The IoT provides a platform for building automation systems to be integrated with smart home devices, creating a more seamless and integrated experience for building occupants.

One of the opportunities in the IoT in the building and automation market is the growing demand for personalized building automation systems. As more IoT devices are integrated into building automation systems, there is an opportunity to use data generated by these devices to create more personalized and customized building automation systems. These systems can be tailored to the specific needs and preferences of individual building occupants, providing a more comfortable and convenient experience.

Another trend observed in the IoT in the building and automation industry is the increasing use of edge computing. Edge computing involves processing data at the edge of the network, closer to where the data is generated, rather than sending it to a centralized cloud platform for processing. Edge computing can help building automation systems reduce latency and improve the speed and efficiency of their data processing and analytics.

Segmentation Analysis:

The global IoT in the Building and Automation Market segmentation includes:

By Component: Solution (Safety and security management{Access control system, Video surveillance system, Fire and life safety system}, Energy management{HVAC control system, Lighting management system}, Building infrastructure management{Parking management system, Smart water management system, Elevator and escalator management system}, Network management{Wired technology, Wireless technology}, IWMS{Operations and services management, Real estate management, Environment and energy management, Facility management, Capital project management}), Services (Consulting, Implementation, Support and maintenance)

The IoT in the building and automation market is further segmented by component, which includes solutions and services. The solutions segment is the largest in the IoT in the building and automation market, as building automation systems require a range of solutions to manage various aspects of building operations, including safety and security, energy management, and building infrastructure management. With the increasing demand for energy-efficient buildings and the need to optimize building operations, there is a growing demand for IoT solutions that can help building owners and operators reduce energy consumption and improve building performance.

The services segment is the fastest-growing segment in the IoT in the building and automation market, with demand expected to continue to increase during the forecast period. Services offered in the IoT in the building and automation market include consulting, implementation, and support and maintenance. As the adoption of IoT in building automation systems increases, there is a growing need for services that can help building owners and operators implement and manage these systems effectively.

By Application: Residential, Commercial (Hotel, Healthcare, Retail, Corporate Offices, Others), Industrial

The commercial segment is the largest in the IoT in the building and automation market, driven by the growing demand for smart buildings and building automation systems in the commercial sector. Within the commercial segment, the healthcare and corporate offices sub-segments are expected to grow at a significant rate during the forecast period, as healthcare facilities and corporate offices increasingly adopt IoT technology to improve building operations, optimize energy usage, and enhance the overall user experience.

The industrial segment is also expected to grow at a significant rate during the forecast period, driven by the increasing adoption of IoT technology in manufacturing facilities to optimize production processes, reduce downtime, and improve overall efficiency.

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Regional Analysis:

North America is the largest market for IoT in the building and automation, driven by the high adoption rate of IoT technology in the commercial sector and the presence of several key players in the region. The United States is the largest market within North America, accounting for the majority of the market share.

The Asia-Pacific region is expected to grow at the fastest rate during the forecast period, driven by the increasing adoption of IoT technology in building automation systems in countries such as China, Japan, and South Korea. The growing construction industry and increasing demand for energy-efficient buildings are also driving the growth of the IoT in the building and automation market in the Asia-Pacific region.

Latest Industry Developments:

• In August 2021, Johnson Controls announced the acquisition of Proxysense, a provider of Internet of Things (IoT) technology for the building automation industry. The acquisition is expected to enhance Johnson Controls' digital solutions portfolio for the commercial buildings market.

• In May 2021, Honeywell announced a partnership with SAP to create a joint cloud-based solution for the real estate and building management industry. The solution integrates Honeywell's building management systems with SAP's real estate management solutions, allowing customers to optimize building operations and reduce energy costs.

• In February 2021, Siemens launched a new cloud-based platform for building automation called "Advantage Operations". The platform allows building owners and operators to optimize building operations through data analytics and real-time monitoring.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets

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