The latest report by IMARC Group, titled “Smart Building Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global smart building market is expected to grow at a CAGR of 11.24% during 2022-2027. A smart building is equipped with various automated processes that enable occupants to control electronic home devices from a remote location. It primarily comprises HVAC systems, occupancy sensors, security devices, advanced lighting controls, water management devices, and parking assistance systems. Smart buildings are also integrated with advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), that can be programmed by entering a single command. These technologies assist in optimizing space, reducing energy consumption and operative costs, and conducting preventive maintenance of the building. As a result, smart buildings are widely adopted across residential, hospitality, retail, and healthcare sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Building Market Trends:
The market is primarily driven by the rising number of smart cities across the globe. In addition, the growing consumer awareness regarding energy conservation represents another major growth-inducing factor. Besides this, governing authorities of various developed and developing nations are undertaking favorable initiatives to construct smart infrastructures. This, coupled with the growing popularity of automation systems relating to security, entertainment, telecommunications, and facility management, is escalating the demand for energy-efficient buildings. Moreover, the rising security concerns have prompted individuals to adopt access control, video surveillance, and emergency systems in smart buildings. Furthermore, various technological advancements, such as the integration of big data, cloud computing, data analytics, and artificial intelligence (AI) with building systems, and the increasing penetration of Internet-of-Things (IoT)-based devices for remote monitoring are creating a favorable market outlook across the globe.
- On the basis of the component, the market has been segregated into hardware, software, and service (professional and managed services).
- Based on technology, the market has been categorized into building infrastructure management (BIM) (parking management, smart water management, and elevators and escalators management system), security and emergency management (access control, video surveillance, and safety system), energy management (HVAC control and lighting system), network & communication management, workforce management, and others.
- On the basis of the end user, the market has been classified into commercial, residential, government and public infrastructure, healthcare, education, transport, manufacturing and industrial, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, UAE, and others).
- The competitive landscape of the market has also been analyzed in the report, with some of the key players being ABB Ltd., Cisco Systems Inc., Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Johnson Controls International Public Limited Company, Schneider Electric SE, and Siemens AG.
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