Smart Building Market: Global Industry Analysis and Forecast (2023-2029)

Smart Building Market was valued at US$ 80.92 Bn. in 2022. Global Smart Building Market size is estimated to grow at a CAGR of 10.89 %.
Smart Building Market Overview:
A smart building is also called an automated building which integrates smart technology. Smart building signifies the build environments such as university campuses, offices, apartments, hospitals, museums, schools, malls, and outside areas. A smart building includes real-time systems for handling the operative of a building through a single interface. A smart building used technology for making buildings more efficient, safer, sustainable, and reduce costs.To know about the Research Methodology :- Request Free Sample Report

Predictions For Smart Building Technology:

The electrification of buildings-

Building electrification will increase momentum, over corporate energy management strategies. The trend is being attributed by country-level CO2 reduction targets, the increase of EVs and solar, and regulation in the U.S. cities for instance Brookline, in Massachusetts, and Berkeley, banning gas hook-ups in new construction.

By 2022, the trend will increase new momentum, as organizations accelerate programmes to decarburize their heating systems and look to advantage from the strong business case for heat pumps to heat their buildings.

Investment of edge computing for building IoT programmes-

Investment of edge computing will be the new focus of building IoT-programmes. Edge computing offers data processing closer to the data source, with reduced bandwidth load, improved response times, increased data security and lower energy consumption. IoT platform providers have started to boost their offerings around edge-computing and will remain to do so.

IBM announced its Cloud Satellite service, which can run the IBM Cloud from any edge location In May 2020. The development of 5G, mainly private 5G networks, will also increase edge computing, with these networks providing greater reliability and improving connectivity for IoT solutions.
Smart Building Market Dynamics:
Growing Energy Consumption-

The growing global demand for energy has caused concerns about energy sources. The energy management allowed by new technologies helps in reducing the utilization of electricity consumption at intervals between households and building facilities. For instance, as per IoT and smart building report in 2019 published by IBM Corporation, 50% of water and energy is consumed by commercial and real estate buildings. The report further mentions that, by the end of 2025, buildings are expected to consume maximum energy.

The Energy Department of the U.S. is concentrated on emerging energy efficiency standards to expand HVAC products likely to increase the energy efficiency of novel commercial units by nearly 15% by 2023. The use of energy is growing at a rapid rate, therefore, making it necessary to find efficient ways to use it wisely. The Ongoing research and invention for optimizing energy consumption and serving a high degree of automation in buildings represent the growing demand for the global market for smart buildings.

Development of 5G technology;

The introduction of 5G-technology improves new and powerful intelligent building capabilities and plays a vital role in the growth of IoT-enabled devices by providing efficient real-time operational. 5G significantly develops the user experience, while providing various other creative and useful AI-enabled innovations and BIoT (Building Internet of Things).

In August 2022, IBM announced the growth of the abilities of the 5G industry 4.0 testbed at IBM’s Industry Solution Lab in Coppell, Texas, with the aid of collaboration with Verizon to permit enterprise customers at the lab to test and advance innovations in 5G-enabled use cases for Industry-4.0 applications.

Remote Building Management:

The COVID-19 lockdown has highlighted the need for remote management technologies. A cloud-connected building management system allows off-site engineers to accept alerts such as water leaks from sensors or security risks over video analytics. With a building management system, remote personnel can optimize, monitor, and even fix buildings remotely.

COVID-19 has changed how persons interact with each other and the buildings they work in or live in. Various business owners have understood the need for remote working. This trend will remain at least for the short term. Nevertheless, various industry leaders feel that this trend will continue to rise for years to come. Siemens Company lately announced a new work standard that permits employees to be in the office only 2 or 3 days a week. Owing to this, the need to manage buildings remotely is a surprise.

Government Supportive Laws and Regulations:

The governments of various economies are imposing laws and regulations to boom current and future construction, operation, and usage of buildings more logically, without compromising sustainability. Many directives have been established by the EU to boost the energy performance of buildings and to meet their aim of constructing NZEB (new zero-energy buildings).

The government of the UK focus has been removed towards constructing smart buildings to decrease carbon footprint and control energy consumption. Furthermore, the government is recognising the profits of incorporating IoT into smart cities. The detailed countrywide laws and regulations are thoroughly studied and explained in the MMR report.

Trends for IoT-Smart Buildings:

Smart Energy Management

Projecting Maintenance and Asset Digitization:

Data -Driven Digital Services:

Agile Smart Workspace

Smarter Building Data Analytics Will Emerge Through IoT and AI Convergence
Smart Building Market Segment Insight:
Smart Building Market Segment Analysis: Global Smart Building Market is segmented into Component, and Building Type.

Based on the component, the solution segment is expected to grow at the largest CAGR of nearly 12.84% during the forecast period. This growth is attributed to the growing demand for smart infrastructures through the real estate sector. Also, the increase in the use of IoT-based smart building solutions and the growing awareness among industries about implementing energy-efficient solutions offers new opportunities for market players.

By building type, the commercial segment is projected to grow at the highest CAGR of 13% to reach US$ XX n. by 2029. The growth of the commercial segment can be driven by the need for suitable and perfect solutions for optimised energy efficiency to minimise the energy consumption of buildings without forgoing safety or comfort and improve the energy performance of commercial buildings.
Smart Building Market Regional Insights:
North America is anticipated to account for the largest nearly 52% share of the smart building market in 2022. The region is considered a technologically advanced and developed country, which is a major reason for regional market growth. North America is experiencing growth because of the use of the latest technology solutions including, cloud computing, data analytics, IoT, big data, deep learning, and AI, for growing occupancy comfort, saving energy, reducing operational spendings. The governments of prominent economies including the U.S. and Canada are investing in safer, smarter, and more sustainable buildings solutions that are further driving the regional market value. Furthermore, the government of Canada is taking initiatives for protecting the environment and its resources are further supporting the regional smart building market growth.

Industry Developments:

The research study includes the profiles of leading companies operating in the global smart building market.

In May 2022, Siemens Company collaborated with Telefonica Tech to grow intelligent building services and solutions in the Spanish market. By this collaboration, both companies are also focusing on other projects like predictive maintenance, smart lighting, de-escalation monitoring, smart parking, and environmental occupancy, monitoring, and capacity management to offer users an enhanced living experience.

In September 2022, Cisco renewed its contract by signing a new 5-year SaaS agreement with Telstra to provide business added insights and visibility to monetize IoT, allowing Telstra to raise new revenue streams and advance its business aims.

The objective of the report is to present a comprehensive analysis of the global Smart Building Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Building Market dynamic, structure by analyzing the market segments and projecting the Smart Building Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Building Market make the report investor’s guide.
Global Smart Building Market Scope: Inquiry Before Buying



Smart Building Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 80.92 Bn.


Forecast Period 2023 to 2029 CAGR:
10.89 %.
Market Size in 2029:
US $ 166.85 Bn.


 Segments Covered:
by Component
Solutions
Building infrastructure Management
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 Management
  IWMS
Services
Consulting
 Implementation
  Support and Maintenance


by Building Type
Residential
Commercial
Industrial



Global Smart Building Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Global Smart Building Market, Key Players are
1. CISCO
2. HONEYWELL
3. JOHNSON CONTROLS
4. SIEMENS
5. IBM
6. HITACHI
7. SCHNEIDER ELECTRIC
8. INTEL
9. HUAWEI
10. ABB
11. LEGRAND
12. BOSCH
13. TELIT
14. PTC
15. KMC CONTROLS
16. VERDIGRIS TECHNOLOGIES
17. ACQUICORE
18. 75F
19. BUILDINGIQ
20. ENTOUCH
21. SOFTDEL
22. MODE:GREEN
23. COPPERTREE ANALYTICS
24. SPACETI
25. IGOR

Frequently Asked Questions:

1] What segments are covered in the Smart Building Market report?
Ans. The segments covered in the Smart Building Market report are based on Component, and Building Type.

2] Which region is expected to hold the highest share in the Smart Building Market?
Ans. North America region is expected to hold the highest share in the Smart Building Market.

3] What is the market size of the Smart Building Market by 2029?
Ans. The market size of the Smart Building Market by 2029 is US$ 166.85 Bn.

4] What is the forecast period for the Smart Building Market?
Ans. The forecast period for the Smart Building Market is 2023-2029.

5] What was the market size of the Smart Building Market in 2022?
Ans. The market size of the Smart Building Market in 2022 was US$ 80.92 Bn.