Smart Building Market

Market Overview 2023-2028:

The global smart building market is expected to exhibit a growth rate (CAGR) of 10.7% during 2023-2028.

A smart building relies on advanced technology to provide residents with a safe and comfortable environment while enabling efficient and economical use of resources. It comprises the Internet of Things (IoT) sensors, building management systems (BMS), artificial intelligence (AI), and augmented reality (AR) to control and optimize performance. It manages the humidity rate, air purification, and temperature of buildings to create ideal conditions through heating, ventilation, and air conditioning (HVAC) systems. In addition, it offers real-time monitoring, enhanced security, optimum space utilization, and better energy performance.

Smart Building Market Trends:

At present, there is a rise in the demand for energy-efficient systems in buildings to reduce utility bills across the globe. This, along with the escalating demand for innovative techniques to reduce and optimize energy usage in large enterprises, represents one of the key factors propelling the market growth. Besides this, governments of several countries are extensively investing in smart city projects with advanced infrastructure, cleaner transportation, intelligent buildings, and other smart technologies, which are contributing to the growth of the market. Moreover, the growing popularity of building automation systems with enhanced security, entertainment, telecommunications, and facility management is positively influencing the market. Apart from this, technologies like big data, cloud computing, data analytics and artificial intelligence (AI) are preventing building equipment downtime and reducing operational costs. This, coupled with the increasing adoption of the Internet of Things (IoT)-enabled building management system (BMS), is strengthening the growth of the market. Additionally, the emergence of the 5G technology to connect various devices and machines for enhanced quality of service and network capacity is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart building market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, technology, and end-user.

Breakup by Component:

• Hardware
• Software
• Service
  • Professional Service
  • Managed Service

On the basis of component, the market has been classified into hardware, software, and services (professional and managed).

Breakup by Technology:

• Building Infrastructure Management (BIM)
  • Parking Management System
  • Smart Water Management System
  • Elevators and Escalators Management System
• Security and Emergency Management
  • Access Control System
  • Video Surveillance System
  • Safety System
• Energy Management
  • HVAC Control System
  • Lighting System
• Network & Communication Management
• Workforce Management
• Others

Security and emergency management technology holds the largest market share as there is a high demand for security systems, surveillance systems, and smart workspace solutions in commercial buildings.

Breakup by End User:

• Commercial
• Residential
• Government & Public Infrastructure
• Healthcare
• Education
• Transport
• Manufacturing & Industrial
• Others

At present, the commercial sector dominates the market due to the escalating demand for heating, ventilation, and air conditioning (HVAC) and smart door and locking systems.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Others

North America enjoys the leading position in the market as governing agencies are extensively investing in the development of smart buildings.

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the major key players:

• 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
• Siemens AG
   

Report Coverage:

Key Questions Answered in This Report:

• How has the global smart building market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global smart building market?
• What are the key regional markets?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global smart building market and who are the key players?
• What is the degree of competition in the industry?