Smart Buildings Market Share, Size, Statistics, Growth, Opportunity Analysis

The Smart Buildings Market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period.

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The major drivers for the Smart building include the rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy-efficient system.

The safety and security management solution in the solution type segment is expected to lead the Smart buildings market in 2021.

Security is an integral part of smart buildings. Smart buildings enable occupant safety and security with the help of security solutions integrated with the smart building system. These buildings help in emergency preparedness and management, wherein benefits from new technologies and their integration via advanced wireless networks supporting deployed sensors and IoT are easily achieved. Access control and video surveillance system help track every activity across a facility. This helps to detect intruders and keep the environment safe. The rising deployment of advanced access control systems, video surveillance systems, and fire and life safety systems to safeguard the occupant and assets is contributing to the high market share if this segment.

Industrial building segment is expected to grow with the fastest growth rate during the forecast period.

Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers. The segment is expected to adopt smart building solutions to achieve energy and cost savings, higher productivity, enhanced identity and access management, and optimized surveillance. Manufacturing and industrial buildings have their own set of requirements for different manufacturing processes and storage purposes.

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North America to lead the Smart buildings market during the forecast period.

The growth of the market in North America can be attributed to the region has witnessed the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Moreover, North America is a technologically advanced region in the world due to the rapid adoption of emerging technologies by the organizations in the region. Furthermore, the US and Canada are prominent countries contributing to technological development in this region; for instance, US organizations are heavily investing into smart building measures, such as building controls and building systems integration, to leverage energy efficiency and energy storage and deliver smarter, safer, and more sustainable buildings while the Canadian government is taking initiatives to support Canadas commitment to protecting the environment and its resources by making federal buildings more energy-efficient and reducing greenhouse gas emissions, driving the growth of smart buildings.

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Market Players

The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US), Spacewell (Belgium), Gaia (India), eFacility (India).

Factors Are Expected to Drive Revenue Growth For Cloud Security Market

It was anticipated that the demand for cloud security solutions would rise as organisations of all sizes adopted more cloud infrastructure and services. Strong security measures are essential as more sensitive data and crucial apps are moved to the cloud.

Organisations began to realise how crucial it was to secure their cloud systems as cyberattacks and data breaches increased. High-profile hacks have exposed the flaws in cloud infrastructure, motivating businesses to spend money on cutting-edge security measures.

Companies now have legal obligations to secure user data as a result of stricter data protection and privacy laws like the GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). This has increased demand for cloud security tools that can assist firms in adhering to these rules.

Cloud services are crucial for facilitating remote access to resources since the COVID-19 epidemic has expedited the development of remote work methods. This change made secure cloud access and data protection more important.

The number of Internet of Things (IoT) devices has increased, giving cybercriminals more places to target. Solutions for cloud security are essential for protecting data sent between these devices and the cloud.

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This release was published on openPR.