Smart Infrastructure Revolution: Asia-Pacific Smart Building Market Trends 2032

According to a new report published by Allied Market Research, the Asia-Pacific smart building market size is expected to reach $17.59 billion in 2032, from $4.26 billion in 2022, growing at a CAGR of 15.3% from 2023 to 2032.

Smart buildings are capable of utilizing Internet of Things (IoT) devices, such as sensors, software, and Internet connectivity to monitor various building attributes, analyze data, and provide insights about use patterns and trends that may be used to improve the building's environment and operations. The most fundamental feature of a smart building is that the core systems within it are linked. Connecting smart technology, such as real-time IoT occupancy sensors and building management systems together, means users can share information that can be used to automate various processes, including, but not limited to, heating, ventilation, lighting, air conditioning, and security.

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The surge in the adoption of smart buildings is driven by the growing need for better utilization of the building (and building premises) and the need for better resource management in urban environments. In addition, the growth in the need for public safety and security fuels the growth of the Asia-Pacific smart building market. However, the lack of strong regulations limits the growth of the market. Conversely, the emergence of artificial intelligence and other advanced technologies ranging from drones to analytics, and artificial reality (AR) and virtual reality (VR), are anticipated to provide numerous opportunities for expansion of the Asia-Pacific smart building market during the forecast period.

In terms of market segmentation by solutions, the Asia-Pacific smart building market was dominated by security and emergency management (SEM) segment in 2022, and energy management segment is expected to expand at the fastest rate. The demand for SEM in smart building is increasing owing to intelligent evacuation systems that combine Internet of Things (IoT), fog layer, and cloud layer.

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Under tenant management segment, the tenant facility management sub-segment garnered the highest share in 2022, whereas tenant sales management sub-segment is expected to grow at a fast rate. The use of tenant facility management solutions allow building owners and facility managers to automate many mundane and daily tasks such as vendor management, attendance, inventory management, utility monitoring, billing, surveys, complaints, patrolling and visitor management.

In terms of building type, the Asia-Pacific smart building market was dominated by the commercial segment and residential segment is likely to expand at the fastest rate. The rise in the adoption of Internet of Things (IoT) in commercial buildings fuels market growth. Smart buildings help to reduce energy consumption, they realize significant cost-savings, and can provide a much more user-friendly experience, adapting automatically to the needs of commercial building users.

In terms of countries, the Asia-Pacific smart building market was dominated by Australia in 2022, and Vietnam is likely to grow at the fastest rate during the forecast period. Government regulations and standards are supporting the growth of the smart building market in Australia. For instance, in August 2023, CSIRO, Australia's national science agency launched a new $11 million project to drive the development of new technology to support flexible energy demand, empowering consumers to have more control over their electricity usage, save money and ease pressure on the energy grid.

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Based on components, the solution segment held the highest share in 2021, accounting for around two-thirds of the Asia-Pacific smart building market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is expected to register the highest CAGR of 17.0% from 2022 to 2031.

Based on solution type, the security and emergency management segment accounted for the highest share in 2021, contributing to more than one-fifths of the Asia-Pacific smart building market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the energy management segment is expected to manifest the highest CAGR of 18.2% from 2022 to 2031.

Leading market players of the Asia-Pacific smart building market analyzed in the research include ABB Ltd Bosch GmbH Cisco Systems, Inc. Hitachi Ltd. Honeywell International Ltd. Huawei Technologies Co. Ltd IBM Corporation Intel Corporation Schneider Electric Siemens.

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The report provides a detailed analysis of these key players in the Asia-Pacific smart building market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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