By 2024, Intelligent Building Market Size Will Achieve USD 42.65 Billion Globally, Ushering in a New Era of Smart Spaces

The Intelligent Building Market worldwide was estimated to be worth $12,371 million in 2017, and by 2024, it is expected to have grown to $42,649 million, with a CAGR of 19.6%.

The demand for new energy-efficient interventions is rising, the market for building automation and control systems is expanding, there are more industry standards and regulations supporting smart buildings, and IoT is widely used in building management systems, all of which are factors driving the growth of the global intelligent building market. The expansion of the intelligent building market is, however, constrained by high starting costs and difficult compatibility between diverse systems and equipment used for managing infrastructure.

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Based on type, the intelligent security system segment led the intelligent building market in 2017 and is projected to maintain its dominance in the future. However, the building energy management system segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission and for energy conservation.

The intelligent building market is undergoing a rapid evolution, driven by the convergence of advanced technologies and the growing emphasis on creating more efficient, connected, and sustainable living and working spaces. Several prominent trends are reshaping the trajectory of this market. The adoption of the Internet of Things (IoT) is transforming buildings into interconnected ecosystems. IoT sensors and devices are enabling the collection of real-time data on occupancy, energy consumption, air quality, and more. This trend empowers building managers and occupants with insights to optimize resource usage, enhance comfort, and streamline operations.

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Data-driven decision-making is becoming a cornerstone of intelligent building management. The integration of data analytics and artificial intelligence allows for predictive maintenance, energy optimization, and personalized experiences within buildings. This trend enables proactive responses to potential issues, resulting in improved efficiency and cost savings.

Sustainability and environmental considerations are shaping intelligent building designs. Energy-efficient systems, renewable energy sources, and smart HVAC (heating, ventilation, and air conditioning) solutions are being integrated to reduce the carbon footprint of buildings. This trend aligns with global efforts toward sustainability and resonates with environmentally conscious consumers and businesses.

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Europe generated the highest revenue in 2017; however, the Asia-Pacific segment is anticipated to witness the fastest growth registering a CAGR of 23.2% during the forecast period.

Some of the key players operating in the intelligent building market that are profiled in the report include ABB, Cisco Systems, Inc., Delta Controls, Honeywell International Inc., Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.

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