Smart Buildings (Nonresidential Buildings) Market: Exponential Growth To $127.62 Billion By 2029 At CAGR Of 13.0%

The smart buildings market experiences substantial growth, fueled by advancements in IoT, Government Initiatives, low interest rates, and increased urbanization.

What is the projected market size of the global Smart Buildings (Nonresidential Buildings) Market and its growth rate?
The Smart Buildings (Nonresidential Buildings) Market has witnessed significant growth due to favorable economic conditions, emerging technology, and some other factors.
•2024 Market Size: $69.94 billion
•2025 Market Size: $78.15 billion (11.7% CAGR)
•2029 Market Size: $127.62 billion (13.0% CAGR)
This growth can be attributed to robust economic expansion, improved internet penetration, Government Initiatives, and technological advancements.

What is driving the growth in the Smart Buildings (Nonresidential Buildings) Market?
The growth of the Smart Buildings (Nonresidential Buildings) Market can primarily be attributed to the increasing adoption of IoT. The integration of IoT in smart buildings has led to the automation of tasks and improved efficiency, safety, and sustainability of these buildings. For example, IoT-enabled sensors in smart buildings can detect presence and control lights automatically, enhancing the building's overall efficiency. The installed base of connected devices in the commercial smart building is expected to increase from 1.7 billion in 2020 to about 3 billion by 2025, showcasing a 10.8% CAGR. This surge in the use of IoT devices is expected to accelerate the growth of the Smart Buildings (Nonresidential Buildings) Market.

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Who are the key players driving Smart Buildings (Nonresidential Buildings) Market growth?
Major players contributing to the smart buildings market's growth include:
•China State Construction Engineering Co., Ltd.
•VINCI
•Bechtel Corporation
•Skanska AB
•Turner Construction Company
•Jacobs Engineering Group Inc.
•The Whiting-Turner Contracting Company

What are the key trends in the Smart Buildings (Nonresidential Buildings) Market?
Key trends shaping the market:
•Adoption of AI and robotics in construction activities
•Utilization of predictive analytics for risk analysis
•Adoption of IoT technologies to enhance operational efficiency
•Investments in security solutions and smart switches for a seamless user experience
•Adoption of green construction strategies for the development of eco-friendly buildings

What are the segments of the Global Smart Buildings (Nonresidential Buildings) Market?
The Smart Buildings (Nonresidential Buildings) Market is segmented as below:
• By Automation Type: Intelligent Security System, Building Energy Management System, Infrastructure Management System, Network Management System
• By Product Type: Institutional Buildings, Commercial Buildings
• By Type: New Constructions, Remodeling Projects
• By Application: Government, Airports, Hospitals, Institutes Manufacturing & Industrial facilities, Other Applications

Which region leads the Smart Buildings (Nonresidential Buildings) Market?
Asia-Pacific was the largest region in the global Smart Buildings (Nonresidential Buildings) Market in 2024 and South America is projected to be the fastest-growing region during the forecast period. The report covers all major regions including North America, Western Europe, Eastern Europe, South America, Middle East, and Africa.

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What Is Covered In The Smart Buildings (Nonresidential Buildings) Market Global Market Report?
- Market Size Analysis: Analyze the Smart Buildings (Nonresidential Buildings) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Buildings (Nonresidential Buildings) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Buildings (Nonresidential Buildings) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Buildings (Nonresidential Buildings) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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