Latest Trends on Smart Building Market: Component, Solution Type, Building Type, Region, and Competitive Landscape

A smart building is a technologically advanced structure that leverages the power of the Internet of Things (IoT) and automated systems to efficiently manage various building functions. These functions include heating, ventilation, air conditioning, lighting, security, and more. By incorporating sensors, actuators, and microchips, a smart building can collect and analyze data, enabling organizations or households to optimize their operations and services. This intelligent infrastructure empowers building owners, operators, and facility managers to enhance asset reliability, boost performance, reduce energy consumption, optimize space utilization, and minimize the environmental impact of buildings.

The global smart building market size was estimated at USD 88.0 billion in 2023 and is projected to reach USD 178.2 billion in 2030 at a CAGR of 10.5% during the forecast period 2023-2030.

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The widespread adoption of smart buildings across different regions is primarily driven by the growing demand for improved building efficiency and resource management in urban settings. Additionally, the increasing focus on public safety and security also contributes to the expansion of the smart building market. However, challenges such as security concerns related to intelligent buildings and the lack of adequate funding and infrastructure hinder the market's growth. On the other hand, the emergence of artificial intelligence within smart buildings and the continued growth of the IoT market, along with its applications in smart buildings, present numerous opportunities for the further development and expansion of the intelligent building market throughout the forecast period. The increasing focus of governments on reducing energy consumption has played a significant role in driving the adoption of smart building solutions. For example, according to the U.S.-China Economic and Security Review Commission, China is projected to spend USD 38.92 billion on smart city initiatives by 2023, highlighting the nation's commitment to energy efficiency measures.

Smart Building Market Competitive Landscape:

Cisco
IBM
Honeywell
Siemens
Johnsons Controls
Huawei
Intel
PTC
ABB
Hitachi
Scheinder Electric
Telit
Legrand
Bosch
KMC Controls
Verdigris Technologies
Aquicore
75F
BuildingIQ
ENTOUCH
Gaia
Softdel System
ModeGreen
CopperTree Analytics
Spaceti
Igor
eFACILITY
Spacewell

Recent Developments

In August 2022, Johnson Controls collaborated with Microsoft Beijing Campus to implement building retrofit and optimization measures, resulting in a remarkable energy savings of 37.8% and ensuring an impressive equipment uptime of 98%.

In February 2022, Legrand joined forces with URC, a prominent provider of smart home automation and control systems, to enhance and extend the capabilities of smart home control. This strategic collaboration enables the two companies to work together closely, ensuring seamless control of Legrand's Vantage lighting and climate systems, delivering an enhanced user experience and greater convenience.

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Scope of the Report:

The component segment is categorized into different segments, solutions and services. The solutions encompass various technological elements and tools that contribute to the smart building ecosystem. On the other hand, services pertain to the support, maintenance, and expertise required to ensure the smooth functioning of smart building solutions. These distinct segments provide a comprehensive framework for understanding and analyzing the diverse aspects of the global smart building industry, allowing for a more nuanced examination of its growth and potential.

Solutions type segment encompass a range of functionalities, including building infrastructure management (BIM), security and emergency management (SEM), energy management, network management, workforce management, and waste management. Additionally, the market is analyzed across different regions, namely North America, Europe, Asia-Pacific, and LAMEA. Leading the global smart building market are key players such as ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These industry leaders have implemented various strategies to enhance their market presence, expand their customer base, and solidify their position in the smart building industry. Their proactive approaches contribute to the overall growth and advancement of the market.

In the coming years, the energy management sector is projected to experience significant growth due to the increasing need for environmentally friendly and sustainable building management solutions. The market is benefiting from the growing demand for green practices. Moreover, the implementation of smart energy solutions is being bolstered by various government initiatives, which are anticipated to drive the expansion of the smart energy market segment.

The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, remote monitoring and risk management are considered highly effective by most organizations and verticals.

North America to Dominate the Market

North America emerged as the leading region in the smart building market in 2021 and is projected to maintain its dominance throughout the forecast period. This can be attributed to the region's advanced information and communication technology (ICT) sector and substantial investments that contribute to the growth of the smart building market. However, Asia-Pacific is expected to experience substantial growth in the coming years.

The region is witnessing significant government initiatives and a strong focus on digital transformation, which are expected to drive the analysis and development of the smart building market in this area.

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This release was published on openPR.