AI in Smart Buildings and Infrastructure Market Set to Reach $177.1 Billion by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Smart Buildings and Infrastructure Market - (By Type (Software, Hardware, Services), By Application (Building Energy Management, HVAC Control and Optimization, Security and Surveillance, Predictive Maintenance, Occupancy and Space Management, Lighting Control and Optimization, Emergency Management and Response), By End-User (Commercial Buildings, Residential Buildings, Industrial Buildings, Government Buildings, Healthcare Facilities, Educational Institutions, Retail Spaces), By AI Technology (Machine Learning, Natural Language Processing, Computer Vision, Deep Learning, Neural Networks)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Smart Buildings and Infrastructure Market is valued at US$ 32.8 Billion in 2023, and it is expected to reach US$ 177.1 Billion by 2031, with a CAGR of 23.9% during the forecast period of 2024-2031.

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AI in Smart Buildings and Infrastructure is the application of artificial intelligence to enhance the efficiency and effectiveness of designing, operating, and managing buildings and urban infrastructure. Artificial intelligence (AI) optimizes energy consumption, boosts safety measures, and builds highly adaptable settings by evaluating data collected from diverse sensors and systems. The integration of AI in smart buildings and infrastructure is fundamentally transforming our interactions with our surroundings, enhancing their efficiency, security, and responsiveness. Nevertheless, it is essential to tackle obstacles such as integration, privacy, and prices in order to achieve universal acceptance and usage.

This sector has experienced substantial expansion in recent years, with artificial intelligence (AI) playing a crucial role in improving the efficiency, sustainability, and overall performance of these structures. Artificial intelligence (AI) technologies, perticularly machine learning and data analytics played a crucial role in transforming the way buildings function and how they engage with their inhabitants and the surrounding environment.

List of Prominent Players in the AI in Smart Buildings and Infrastructure Market:
• IBM Corporation
• Siemens AG
• Honeywell International Inc.
• Johnson Controls International plc
• Schneider Electric SE
• ABB Ltd.
• Intel Corporation
• Microsoft Corporation
• Google LLC
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• Amazon Web Services, Inc.

Market Dynamics:
Drivers-
Energy efficiency is a primary driver, as AI optimizes energy consumption, minimizing costs and environmental impact. Enhanced security through AI-powered surveillance and access control systems is another significant factor. Predictive maintenance, enabled by AI, minimizes downtime and prolongs the lifespan of building systems. Additionally, AI enhances occupant comfort and productivity by automating heating, lighting, and cooling systems based on real-time data. The integration of IoT devices and sensors, which generate valuable data for AI algorithms, further propels market growth. Lastly, the increasing adoption of smart city initiatives worldwide is fueling demand for AI in building and infrastructure management, aiming for more sustainable and efficient urban environments.

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Challenges:
High initial costs for AI integration and retrofitting existing structures can deter adoption. Data privacy as well as security concerns arise from the extensive data collection required for AI functionality, leading to potential regulatory hurdles. Interoperability issues between various AI systems and traditional building management systems complicate seamless integration. Additionally, a lack of skilled professionals to develop, implement, and maintain these advanced systems poses a significant barrier. Finally, the long lifecycle of buildings compared to the rapid evolution of AI technologies can result in outdated systems requiring frequent updates and investments to stay current. These challenges must be addressed to know the potential of AI in enhancing building efficiency and sustainability.

Regional Trends:
The North America AI in Smart Buildings and Infrastructure market is expected to report major market share in terms of revenue which is projected to grow at a high CAGR in the near future. Increasing urbanization, the adoption of smart technologies, and the need for energy-efficient solutions. The integration of AI in building management systems enhances operational efficiency, reduces energy consumption, and improves occupant comfort. Moreover, advancements in IoT and connectivity solutions further bolster the market. Governments, private sectors are heavily investing in smart city projects, propelling market growth. With the rising demand for smart & sustainable building solutions, the North America market is projected to grow at a high CAGR in the near future, reflecting robust potential for development and innovation in this sector.

Recent Developments
• In June 2024, Schneider Electric, a worldwide frontrunner in the digitalization of energy management and automation, revamped its Digital Buildings operations in Canada by introducing the SMART Buildings Division. This transformation represented a strategy shift towards providing all-encompassing solutions and services that aided building owners and operators in attaining their objectives of reducing carbon emissions and promoting sustainability.
• In April 2024, The Saudi real estate developer ROSHN Group has entered into an agreement with Cisco to investigate the application of the Internet of Things in the company's environmentally friendly intelligent buildings. The collaborative framework will involve the utilization of technology produced by the US-based company in the innovation hub of the giga-project, which is scheduled to launch next year.

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Segmentation of AI in Smart Buildings and Infrastructure Market-
By Type-
• Software
• Hardware
• Services
By Application-
• Building Energy Management
• HVAC Control and Optimization
• Security and Surveillance
• Predictive Maintenance
• Occupancy and Space Management
• Lighting Control and Optimization
• Emergency Management and Response
• Others
By End-User
• Commercial Buildings
• Residential Buildings
• Industrial Buildings
• Government Buildings
• Healthcare Facilities
• Educational Institutions
• Retail Spaces
• Others
By AI Technology
• Machine Learning
• Natural Language Processing
• Computer Vision
• Deep Learning
• Neural Networks
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.