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In-Depth Examination of Segments, Industry Developments, and Key Competitors in the Connected Building Market
Connected Building Market
Projected Market Growth and Size of the Connected Building Market
The connected building market is anticipated to experience significant expansion, reaching a valuation of $142.4 billion by 2030. This surge corresponds to a compound annual growth rate (CAGR) of 10.2%. Several factors contribute to this growth, including the increasing implementation of AI-powered building management systems, the ongoing development of cloud-based automation platforms, and heightened investments in IoT-enabled infrastructure. Additionally, a growing emphasis on sustainable smart buildings and the rising adoption of predictive analytics for building operations further drive this upward trend. Notable market trends expected to shape the future include expanding demand for smart building automation, integrated energy optimization solutions, real-time sensor monitoring, enhanced smart access and security systems, and a rising presence of connected residential buildings.
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Leading Players Influencing the Connected Building Industry
The connected building market is dominated by several influential multinational corporations. Key companies include Microsoft Corporation, Amazon Web Services (AWS), Huawei Technologies Co Ltd, Hitachi Ltd, Siemens AG, Intel Corporation, IBM Corporation, Cisco Systems Inc, Schneider Electric, Honeywell International Inc, Mitsubishi Electric, ABB Ltd, Johnson Controls, Eaton Corporation, Delta Electronics Inc, Legrand, Rockwell Automation, Advantech Co Ltd, Bosch Building Technologies, and Lutron Electronics. These players lead innovation and competition within the market, driving advancements through technology and strategic initiatives.
Recent Strategic Moves in the Connected Building Sector
In July 2023, Johnson Controls International plc, headquartered in Ireland, acquired the US-based FM Systems for an undisclosed sum. This acquisition is aimed at strengthening Johnson Controls' OpenBlue digital building platform by incorporating advanced workplace management software. FM Systems specializes in solutions that enhance workplace experiences, improve portfolio performance, and boost the efficiency of building operations. This strategic move is expected to expand Johnson Controls' capabilities in delivering comprehensive smart building solutions.
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Emerging Trends Shaping the Connected Building Market
Companies within this market are increasingly focusing on sustainability to improve energy efficiency and reduce environmental footprints. Sustainable building practices involve the use of eco-friendly materials, advanced technologies, and innovative design approaches that enhance buildings' resilience and environmental performance. For example, in June 2024, Schneider Electric, a French automation leader, launched a dedicated SMART buildings division. This new unit is tasked with accelerating the adoption of intelligent, energy-efficient, and digitally connected building solutions, aligning with national sustainability goals such as those in Canada, and supporting the growing demand for smart, net-zero buildings.
Innovations and Sustainable Solutions Driving Market Transformation
Beyond sustainability, there is a broader push toward integrating digital technologies that enhance building connectivity and operational intelligence. The convergence of AI, IoT, and big data analytics is enabling smarter decision-making and real-time building management. These innovations not only reduce energy consumption but also improve occupant comfort, safety, and productivity, positioning connected buildings as a vital component of future urban infrastructure.
Detailed Segmentation of the Connected Building Market
The global connected building market is segmented across multiple dimensions. By component, it includes solutions and services. In terms of technology, the market covers Internet of Things (IoT), mobile applications, artificial intelligence and machine learning, big data analytics, and edge computing technologies. Deployment types are categorized into on-premises solutions, cloud-based solutions, and hybrid solutions. End-user segments range from manufacturing, IT and telecom, banking, financial services, and insurance (BFSI), healthcare, residential, to other user categories.
Further Breakdown of Solutions and Services in the Market
Within solutions, the market includes energy management systems, lighting control systems, HVAC management solutions, security and access control systems, building automation platforms, data analytics and IoT solutions, smart metering, fire and life safety solutions, and network management solutions. Service offerings encompass consulting, deployment and integration, managed services, support and maintenance, training and education, professional services, and cloud-based services, reflecting the broad scope of support required to implement and maintain connected building technologies effectively.
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