Global Smart Building Market, By Component (Solutions, Services), Solution (Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network Management, Workforce Management), Service (Consulting, Integration and Deployment, Support and Maintenance), Building Type (Residential, Commercial, Industrial), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights : Global Smart Building Market
The smart building market is expected to witness market growth at a rate of 21.00% in the forecast period of 2022 to 2029. Data Bridge Market Research report on smart building market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rapid digitization globally is escalating the growth of smart building market.
A smart building refers to a building that automates its processes to control its lighting, heating, air conditioning systems, infrastructure, security systems, and ventilation, among others. A smart building utilized technology for making buildings more sustainable, efficient, safer, and reduce costs.
The rise in the urban population actuating smart management across the globe acts as one of the major factors driving the growth of smart building market. The inefficient utilization of resources in developing countries and increase in the demand for energy-efficient systems accelerate the market growth. The rise in awareness of space utilization, and government initiatives and spending on the projects further influence the market. Additionally, urbanization and digitization, digital transformations driving smart cities, awareness of space utilization and adoption of IoT-enabled BMS positively affect the smart building market. Furthermore, emergence of the 5G technology and rise in the smart city trend extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, high cost associated with implementation and lack of cooperation among standard bodies are expected to obstruct the market growth. Lack of technology alignment and skilled professionals, and rise in privacy and security concerns due to IoT-enabled devices are projected to challenge the smart building market in the forecast period of 2022 to 2029.
This smart building market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart building market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Smart Building Market Scope and Market Size
The smart building market is segmented on the basis of component, solution, service and building type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the smart building market is segmented into solutions and services.
- On the basis of solution, the smart building market is segmented into building infrastructure management (BIM), security and emergency management, energy management, network management and workforce management. Building infrastructure is sub-segmented into parking management system, smart water management system and elevators and escalators management system. Security and emergency management is sub-segmented into access control system, video surveillance system and safety system. Energy management is sub-segmented into HVAC control system and lighting system.
- On the basis of service, the smart building market is segmented into consulting, integration and deployment and support and maintenance.
- On the basis of building type, the smart building market is segmented into residential, commercial and industrial. Commercial is sub-segmented into office buildings, retail and public assembly buildings, hospital and healthcare facilities, airports and railway stations and others.
Smart Building Market Country Level Analysis
The smart building market is analysed and market size, volume information is provided by country, component, solution, service and building type as referenced above.
The countries covered in the smart building market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the smart building market due to the rise in energy costs and environmental awareness within the region. Asia-Pacific is expected to witness high growth during the forecast period of 2022 to 2029 because of the emergence of latest smart building solutions that leverage new technologies in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Building Market Share Analysis
The smart building market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to smart building market.
Some of the major players operating in the smart building market report are Honeywell International Inc., Johnson Controls, Cisco System Inc., Siemens, IBM, Schneider Electric, Intel Corporation, Huawei Technologies Co. Ltd., ABB, L&T Technology Services Ltd., 75F, Telit, Pointgrab Inc., Logicladder, Spacewell International, PTC, Avnet Inc., Softdel, Wirepath Home Systems LLC, and HCL TECHNOLOGIES LIMITED, among others.
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