Smart Building Market: Transforming Urban Landscapes and Skies

According to a recent report published by Allied Market Research, the global smart building market size was valued at $78.28 billion in 2022, and is projected to reach $247.17 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.

A smart building employs IoT and automated technologies to regulate various functions such as heating, ventilation, air conditioning, lighting, security, and other systems. It utilizes sensors, actuators, and microchips to collect and manage data, tailored to the needs of an organization or household. These advanced infrastructure solutions aid building owners, operators, and facility managers in enhancing asset reliability and performance, reducing energy consumption, optimizing space usage, and minimizing environmental impact.

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The increasing adoption of smart buildings across different regions is propelled by the rising demand for efficient building utilization and resource management in urban settings. Moreover, the growing emphasis on public safety and security contributes to the expansion of the smart building market. These applications have proven crucial, particularly during the COVID-19 pandemic, and are anticipated to continue growing in the coming years. For example, smart building solutions can monitor indoor air quality (IAQ) and provide alerts to occupants and building operators, directly impacting occupants' health and well-being.

According to a report from the World Economic Forum in February 2021, non-residential buildings typically consume 40% more energy than residential buildings. Energy efficiency measures, including the implementation of smart building solutions, can mitigate this increase by approximately 20%.

Furthermore, the key factors that drive the growth of the smart building market include various government smart infrastructure initiatives, which in turn are fueling the growth of the smart building market. However, security concerns associated with smart buildings and higher investment requirements are limiting the growth of this market. Conversely, the emergence of artificial intelligence technology for smart buildings and the rise in the IoT market & its application in modern smart buildings are anticipated to provide numerous opportunities for the expansion of the smart building market during the forecast period.

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Depending on the building type, the commercial segment dominated the smart building market share in 2021, and is expected to continue this trend during the forecast period, owing to the rising need for efficient energy and resources management solutions in commercial buildings. However, the residential segment is expected to witness the highest growth in the upcoming years, as rising standard of living and urbanization trends are fueling the demand for smart buildings. Moreover, the smart infrastructure initiatives are being supported by government and local authorities, which is further empowering the growth of the segment and the smart building market forecast in the coming few years.

By geography, North America accounted for nearly two-fifths of the global market share in 2021 and is predicted to rule the roost during the analysis timeframe. On the other hand, the Asia-Pacific region is predicted to exhibit the fastest CAGR of 13.5% by 2031. The report also includes the regional analysis of Europe and LAMEA.

By component, the solution segment held the highest market share in 2021, contributing to nearly three-fifths of the entire market, and is anticipated to hold the lion's share by 2031. On the contrary, the service segment is predicted to showcase the fastest CAGR of 12.5% throughout the forecast period.

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Depending on solution type, the security & emergency management (SEM) segment dominated the smart building market share in 2022, and is expected to have among the top market shares during the forecast period owing to the growth in digital disruption in people's everyday lifestyles contributing to the growth in demand for smart infrastructure solutions, which in-turn strengthens the demand for real time security & emergency management. On the other hand, the workforce management segment is expected to witness the highest growth in the upcoming years, as the demand for green and sustainable building management solutions is aiding in the growth of the market.

The key players profiled in the smart building market analysis are ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The global smart building industry experienced a net positive effect from the COVID-19 pandemic, despite facing initial setbacks. While certain sectors like retail and manufacturing temporarily paused operations to mitigate virus transmission risks, this temporarily slowed the growth of smart building solutions. However, the widespread implementation of remote work policies spurred increased adoption of intelligent building solutions. This shift created opportunities for enhancing monitoring and maintenance systems to support remote work arrangements. As a result, the global intelligent building market is poised for expansion in the foreseeable future.

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