Smart Buildings Market is expected to grow at a CAGR of 11.01% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Smart Buildings Market size was valued at USD 65.32 billion in 2020 growing at a CAGR of 11.01% from 2021 to 2028.
• North America dominated the market in 2020
• Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028

As per the study initiated by Evolve Business Intelligence, the global Smart Buildings Market size accounted for USD 65.32 Billion in 2020, growing at a CAGR of 11.01% from 2021 to 2028. Smart buildings refer to structures that use advanced technology and integrated systems to automate and optimize various aspects of building management. These technologies are designed to enhance the efficiency of building operations, reduce energy consumption, improve occupant comfort and safety, and enable better overall management of the facility.

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The increasing emphasis on sustainability and the need to reduce energy consumption drive the adoption of smart building technologies. Organizations are keen to implement solutions that help them achieve energy efficiency goals and reduce their carbon footprint. Smart buildings can lead to cost savings through improved energy efficiency, predictive maintenance, and optimized space utilization. The initial investment in smart building technology is often justified by long-term operational cost reductions. Government initiatives and regulations promoting energy efficiency and sustainability, as well as incentives for adopting smart building technologies, play a significant role in driving market growth.

Key Players
Some of the major Smart Buildings Market players holding high market shares include 75F, ABB, Aquicore, Bosch, and BuildingIQ. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Cisco, CopperTree Analytics, ENTOUCH, Hitachi, Honeywell

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Segmental Analysis
Based on Building Type, the Smart Buildings market is Residential, Commercial, and Industrial. The commercial segment is the largest in the Smart Buildings market. This is driven by the increasing demand for energy-efficient and sustainable buildings in the commercial sector, as well as the growing adoption of smart technologies to improve building performance and occupant satisfaction.
Based on Components, the Smart Buildings market is Solutions and services. The solutions segment is the largest in the Smart Buildings market. This is driven by the increasing complexity of building systems and the need for integrated solutions that can manage all aspects of building operations

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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