Smart Building Market Will Reach Nearly USD 189.05 billion, Expanding at a CAGR of 11.2% during the Forecast Period of 2030
The global smart building market size reached USD 72.6 Billion in 2021 and is expected to reach USD 189.05 billion in 2030 and register a CAGR of 11.2% over the forecast period, according to the latest report by Reports and Data. Rapid expansion of commercial and residential sectors and rising popularity of green and smart buildings are some key factors driving market revenue growth. Other factors driving revenue growth of the market include shift towards more technologically advanced solutions for management, security, operations, and energy and cost savings of buildings, residences, and commercial properties, and the trend is expected to continue going ahead.
Increasing traction of property management software, systems, and solutions, which are designed to enable streamlined and more efficient operations and management of various aspects of buildings are driving rising popularity of smart buildings. The several advantages offered by smart buildings such as benefits of design, which enables reduced energy/electricity/power consumption, improved building efficiency and performance, better use of resources, predictive maintenance, and enhanced productivity and thermal comfort of occupants are other key factors driving market revenue growth.
Besides extensive integration of cloud-based solutions and services and advantages and convenience of remote access and operation, scalability, easy accessibility, and automatic backups of necessary data are other factors driving demand for property management software and supporting market revenue growth to a significant extent.
Some key factors expected to hamper market revenue growth to a major extent include high cost of implementation and increasing incidence of cyberattacks. IoT and other smart technologies, when connected to building systems and other devices, are vulnerable to cyberattacks or external or remote manipulation.
Some of the major companies included in the global market report are Cisco, IBM, Honeywell, Siemens, Johnson Controls, Huawei, Intel, PTC, ABB, Hitachi, Schneider Electric, Telit, Legrand, Bosch, KMC Controls, Verdigris Technologies, Aquicore, 75F, BuildingIQ, ENTOUCH, and Softdel System.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Smart Building Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Smart Building Market.
Further key findings from the report suggest
- The global smart building market landscape is expected to remain highly competitive and fairly fragmented comprising a number of small start-ups, medium-sized enterprises, and large firms accounting for majority market revenue.
- Mergers and acquisitions, technological advancements, development and launch of more efficient solutions and devices, and innovations across products and services being developed and offered are expected to open up high-profit opportunities for major players in the market.
- Around mid-January 2022, Johnson Controls, which is the global leader for smart, healthy, and sustainable buildings, completed acquisition of FogHorn, which is the leading developer of Edge AI software for the industrial and commercial Internet of Things (IoT) solutions. The acquisition expands Johnson Controls’ leadership in Smart and Autonomous Buildings going ahead.
- Honeywell, in late 2021, launched a Smart Building Score, which is a tool to evaluate a building’s use of 15 technology asset groups that make a building green, safe, and productive more productive than conventional buildings and existing infrastructure, and technologies. The company improved 15 elements including flexible cooling/heating, power supply, wired communication, surveillance, use of natural resources, among others.
- Among the offering type segments, the access control system segment accounted for relatively larger revenue share than other segments in 2021, and the trend is expected to continue over the forecast period.
- Robust revenue growth of the abovementioned segment can be attributed to sheer demand for such systems across industries and sectors, to ensure access is restricted to unauthorized individuals
- Among the service type segments, the consulting segment is expected to account for largest revenue share contribution to the global market over the forecast period. Although the smart building concept is fairly new, it continues to gain traction owing to various benefits offered through consulting.
- North America accounted for largest revenue share in 2020 end and is expected to account for largest revenue share in 2030. Among the countries in the region, the U.S. accounted for largest revenue share contribution to the North America market in 2021.
- Companies are adopting strategic alliances and contracts and expanding reach in the market to access and provide more advanced solutions to cater to rising demand for more modernized and automated products, devices, systems, sensors, and solutions and to expand their respective product portfolios and improve position in the market.
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This global report includes historical data and forecasts revenue growth at global, regional, and country levels and justifies analysis of industry trends for each segment and sub-segment from 2019 to 2030. For the purpose of this report, Reports and Data has segmented the global smart buildings market on the basis of offering type, technology type, service type, building type, and region:
Offering Type Outlook (Revenue, USD Billion; 2019-2030)
Solution Type Outlook (Revenue, USD Billion; 2019-2030)
- 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
- Workforce Management
Technology Type Outlook (Revenue, USD Billion; 2019-2030)
Service Type Outlook (Revenue, USD Billion; 2019-2030)
- System Integration and Deployment
- Support and Maintenance
Building Type Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Key Advantages of Smart Building Market Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Building industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Smart Building Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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