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Future-Ready Spaces: Smart Nonresidential Buildings Market 2024
Smart Buildings (Nonresidential Buildings) Market
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According to The Business Research Company's, The smart buildings (nonresidential buildings) market size has grown rapidly in recent years. It will grow from $62.95 billion in 2023 to $70.52 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low interest rate environment, increase in internet penetration, favorable government initiatives and technology development.
The smart buildings (nonresidential buildings) market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to increased urbanization, increasing iot, evolving smart cities and increasing demand for energy efficiency will drive the growth. factors that could hinder the growth of the smart buildings (nonresidential buildings) market in the future include workforce shortage, decreasing affordability, falling consumer demand and covid-19 pandemic. Major trends in the forecast period include adopting artificial intelligence and robotics to assist in construction activities, utilizing predictive analytics techniques to improve risk scans and reduce production costs, adopting iot technologies to increase operational efficiencies, investing in security solutions to safeguard consumers, investing in smart switches and displays to provide a seamless user experience, adopting green construction and energy efficient techniques to develop environmentally-friendly smart nonresidential buildings, using living or green roofs to enhance efficiency of the green buildings, implementing low-emittance windows or smart glasses for better functioning of green commercial spaces.
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Market Drivers and Trends:
The smart building (non-residential) market is driven by the increasing demand to automate tasks using IoT (Internet of Things) devices. IoT involves sending and receiving data by a network of sensors, appliances, meters, and other devices in a smart building. IoT enabled sensors and devices are used to increase the efficiency of the appliances in a smart building, making it more efficient, sustainable, and safer. For example, a few IoT enabled sensors are capable of automatically turning the lights on and off, sensing the presence in a room, thus adding a distinctive attribute to the smart building. Thus, the increased adoption of IoT technology boosts the growth of the smart building market. For instance, the installed base of connected devices in the commercial smart building vertical is expected to rise from 1.7 billion in 2020 to approximately 3 billion by 2025, indicating a 10.8% CAGR. Thus, the increased use of IoT devices in smart buildings increases the growth of the smart building (non-residential) market.
The use of 5G technology is the latest trend in the smart building (non-residential) market. 5G technology is the upcoming cellular technology that reduces the time it takes for devices over a wireless network to communicate with each other. 5G implementation in smart buildings will considerably enhance the usage of wireless edge devices, providing rich multimedia experiences. 5G will also improve security check applications for commercial buildings. For smart hospital buildings, the use of 5G is estimated to improve the wayfinding that will enable smart wheelchairs and beds to move immobile patients. Mobile operators are expected to invest more than $600 billion in their 5G networks between 2022-2025. The factory is involved in the manufacturing of advanced antenna system radios to enable rapid 5G deployments. The use of 5G technology is expected to improve the connectivity in smart buildings, thus forming a trend that is witnessing a huge capital investment by the major players in the smart building (non-residential) market.
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Major Key Players of the Market:
WeWork Inc, IWG plc, Servcorp, Compass Offices, Greendesk, JustCo, Davinci Virtual, Workbar, Orega Management Ltd, Instant Offices, Scooter, Regus, Space Works, Innov8 - Vikhroli, Red Bricks, 91 Springboard - Yerwada, Spring House Coworking, IndiQube, The Executive Centre, Van tone Commercial Centre, ARCC, Bizspace, Safestore, Flexspace, Workspace Group, The Office Group, Landmark Space Limited, NewFlex, Begovaya str, Nevsky prospect, Voentorg building, WORKIN, City Space, Business Lab, Labour, Clockwork, Croissant, LiquidSpace, Serendipity Labs, Knotel, ShareDesk, Breather Inc, BeerOrCoffee, A4-Space, Nook, Nest, Our-Space, Letswork, WitWork, Office Freedom, Eco beam, Redcon Construction, Julius Berger Nigeria Plc
Smart Buildings (Nonresidential Buildings) Market 2024 Key Insights:
• The smart buildings (nonresidential buildings) market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Rising IOT Adoption Drives Smart Non-Residential Building Market Growth
• 5G Technology Revolutionizes Smart Non-Residential Buildings
• Asia-Pacific was the largest region in the smart buildings (non-residential buildings) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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