Smart Building Market Size, Share, and Growth Analysis

Global Smart Building Market

Global Smart Building Market Size, Share & Trends Analysis Report, By Component (Solutions, Services), By Building Type (Residential, Commercial, Industrial), By Solution, By Region - Industry Forecast 2025-2032


Report ID: SQMIG45H2056 | Region: Global | Published Date: March, 2025
Pages: 157 |Tables: 142 |Figures: 77

Format - word format excel data power point presentation

Smart Building Market Insights

Global Smart Building Market size was valued at USD 105.0 billion in 2023 and is poised to grow from USD 132.3 billion in 2024 to USD 840.47 billion by 2032, growing at a CAGR of 26.0% during the forecast period (2025-2032).

High demand for energy efficiency, rising adoption of (Internet of Things) IoT technologies, growing investments in infrastructure development, demand for integrated security systems, and emphasis on improving occupant comfort and productivity are slated to boost revenue generation going forward. 

The global focus on reducing energy consumption and carbon emissions is driving the adoption of smart buildings. The integration of Internet of Things (IoT) and Artificial Intelligence (AI) technologies is transforming traditional buildings into intelligent environments. Rapid urbanization and growing infrastructure investments, particularly in emerging economies, are propelling demand for smart buildings. Launch of new smart city initiatives and projects is also expected to propel smart building market growth in the future. Security remains a top priority in both commercial and residential buildings. Smart buildings incorporate advanced, integrated security systems including biometric access, surveillance cameras, motion sensors, and real-time alerts.  

On the contrary, high initial investment requirements, data privacy and cybersecurity concerns, technical complexity, integration challenges,  and limited awareness in certain regions are anticipated to impede the smart building market penetration across the study period and beyond.  

How is Digital Twin Technology Transforming Smart Building Adoption? 

Digital twin technology is revolutionizing smart building management by creating real-time, virtual replicas of physical structures. These models integrate data from IoT sensors, BIM (Building Information Modeling), and operational systems to simulate, analyze, and predict building performance. Facility managers can visualize energy usage, occupant behavior, and equipment conditions to optimize efficiency and maintenance strategies. Digital twins enable proactive issue resolution, scenario planning, and lifecycle management, significantly reducing operational costs. The growing availability of cloud computing and AI analytics is accelerating this trend. As smart buildings evolve, digital twins are becoming essential tools for sustainable, data-driven decision-making and building optimization.

Market snapshot - 2025-2032

Global Market Size

USD 105.0 billion

Largest Segment

Commercial

Fastest Growth

Residential

Growth Rate

26.0% CAGR

Global Smart Building Market ($ Bn)
Country Share for North America Region (%)

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Smart Building Market Segments Analysis

Global smart building market is segmented by component, solution, building type, and region. Based on component, the market is segmented into solutions and services (consulting, implementation, support and maintenance). Based on solution, the market is segmented into building infrastructure management (parking management system, smart water management system, elevators and escalators management system), safety and security management (access control system, video surveillance system, fire and life safety system), energy management (HVAC control system, lighting management system), network management (wired technology, wireless technology), integrated workplace management system (operations and services management, real estate management, environmental and energy management, facility management, capital project management). Based on building type, the market is segmented into residential, commercial and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Which Building Type Leads the Adoption of Smart Technologies? 

The commercial segment is slated lead the global smart building market revenue generation potential in the long run. Launch of new corporate sustainability initiatives and emphasis on compliance with energy efficiency mandates are promoting the demand for smart buildings in commercial segment. High investments in commercial infrastructure development are also slated to create new opportunities for market players focused on this segment  

Meanwhile, the demand for smart buildings via residential segment is slated to rise at a robust pace across the study period. High consumer preference for smart technologies and emphasis on offsetting high energy costs are promoting adoption of smart technologies in residential buildings around the world.  

Which Smart building Solution is Highly Sought-after Among End Users? 

The safety and security management segment is slated to hold a prominent smart building market share going forward. Imposition of stringent regulations by government to improve safety of buildings and advancements in safety technologies are helping this segment maintain its high share. Emphasis on improving occupant well-being and comfort is also helping this segment generate new opportunities. 

On the other hand, the demand for energy management solutions is slated to rise at a robust pace over the coming years as per this smart building industry analysis. Increasing emphasis on improving energy efficiency to comply with sustainability regulations and surging costs of energy make this segment a highly lucrative one for market players through 2032 and beyond. 

Global Smart Building Market By Building Type

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Smart Building Market Regional Insights

Why North America Leads Smart Building Adoption on a Global Level? 

Early adoption of advanced technologies, a mature IoT ecosystem, and high awareness of energy management make North America the top region for smart building companies. A well-developed IT sector, presence of leading market players, and increasing demand for integrated building solutions for safety, comfort, and efficiency are cementing the dominance of this region on a global level. Emphasis on cybersecurity, energy optimization, and workplace wellness in commercial real estate is also expected to bolster the high share of this region in terms smart building adoption.  

Smart Building Market in United States 

Early technology adoption, strong regulatory support, and high energy efficiency awareness are helping United States emerge as the top country for smart buildings. ENERGY STAR and LEED certification initiatives are actively promoting the demand for smart building in residential and commercial applications. The presence of tech giants and mature IoT and AI ecosystems accelerate smart building innovation. Retrofits of aging infrastructure and focus on ESG compliance ensure continued expansion across urban and suburban regions. 

Smart Building Market in Canada 

Energy cost concerns and supportive policies like the National Energy Code for Buildings are helping make Canada a lucrative market for smart building providers. Provincial governments and cities are investing in smart infrastructure as part of climate action plans. Commercial real estate is expected to be a strong adopter of smart building technologies in the country. Although the market is smaller than the United States, increasing retrofitting projects and technology adoption across public infrastructure are boosting national smart building deployments. 

Why are Smart Building Companies Eyeing Investments in Asia Pacific? 

Rapid urbanization, increasing smart city initiatives, and robust infrastructure development investments in developing economies are helping make Asia Pacific the fastest growing market for smart building companies. Prioritization of energy efficiency and sustainability by governments is driving adoption of smart technologies in commercial and residential projects. Public-private partnerships and favorable regulations are accelerating smart building deployments across both emerging and developed economies in the region. 

Smart Building Market in Japan 

High emphasis on energy efficiency, disaster resilience, and aging population needs are expected to influence the demand for smart buildings in Japan. The government’s “Society 5.0” vision emphasizes digital transformation in infrastructure, which further boosts smart technology adoption in buildings. Tokyo and Osaka are expected to be highly attractive prefectures in the country for smart building adoption. Earthquake-resilient smart technologies and occupancy management solutions are highly popular in the country. High automation culture and advanced electronics industry are further cementing Japan’s stance as a key innovator of smart building technologies on a global level and not just in the Asia Pacific.  

Smart Building Market in South Korea 

Strong digital infrastructure, government-led smart city projects, and presence of a tech-forward population are helping make South Korea a highly rewarding country. Seoul and Busan are emerging as leading cities deploying AI-driven energy management, security, and smart mobility within buildings. The government’s Green New Deal includes smart building investments for carbon reduction. Integration of 5G, BIM, and smart grid technologies further enhances market scalability across residential and commercial developments. 

How will Adoption of Smart Building Solutions Rise in Europe? 

Stringent environmental regulations and aggressive climate targets make Europe a mature market for smart buildings. Initiatives such as the European Green Deal and the Energy Performance of Buildings Directive are actively promoting smart technology integration in buildings and infrastructure. Growing retrofitting projects, emphasis on reducing emissions, and a tech-savvy population ensure continued momentum in smart building adoption across both commercial and public infrastructure. 

Smart Building Market in Germany 

Energy efficiency, automation, and climate policy are key factors governing the demand for smart buildings in Germany. The country’s strong commitment to sustainability under the Energiewende initiative fuels smart technology deployment in both new and retrofitted buildings. Smart buildings play a central role in Germany’s transition to a carbon-neutral economy. The market benefits from advanced engineering, a strong construction sector, and growing public-private partnerships promoting intelligent infrastructure across cities and industries. 

Smart Building Market in United Kingdom 

Net-zero carbon targets, aging infrastructure, and commercial demand for energy-efficient offices are key factors driving smart building demand in the United Kingdom. London spearheads innovation with large-scale smart office, mixed-use, and public building projects. Retrofitting old infrastructure with IoT, BMS, and energy analytics tools is a key opportunity for smart building companies in the country. Private investment coupled with public sector support, continues to drive innovation, sustainability, and digital transformation for smart building providers operating in the United Kingdom.  

Smart Building Market in France 

Regulatory frameworks and national energy transition goals are primarily helping promote the popularity of smart buildings in France. The RE2020 regulation mandates high energy performance and encourages smart technology use in new buildings. Paris leads adoption with smart office complexes and public infrastructure upgrades. Strong public sector involvement and collaboration with tech firms drive innovation. ESG compliance and tenant wellness trends in commercial real estate are also creating new business scope for market players.

Global Smart Building Market By Region
  • Largest
  • Fastest

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Smart Building Market Dynamics

Smart Building Market Drivers 

High Emphasis on Energy Efficiency 

  • Rising emphasis on sustainability to reduce carbon emissions from the energy sector are helping bolster the demand for smart buildings on a global level. Smart buildings use advanced automation systems to monitor and control lighting, HVAC, and other utilities, improving energy efficiency. Governments are introducing stringent regulations and offering incentives to promote green building practices. Smart technologies help track energy usage in real time, allowing for data-driven decisions that lower costs and enhance sustainability. 

Government Regulations and Incentives 

  • Launch of new building codes, energy regulations, and incentive programs by governments to promote smart and sustainable building practices are slated to bolster smart building market outlook. These policies encourage the use of automated systems for energy management, water conservation, and safety monitoring. Financial incentives such as tax breaks, subsidies, and grants make it economically feasible for developers to invest in smart infrastructure. For example, regulations like the European Union’s Energy Performance of Buildings Directive (EPBD) mandate smart readiness indicators in buildings. 

Smart Building Market Restraints 

Technical Complexity and Integration Challenges 

  • Smart building systems often involve the integration of diverse technologies such as IoT devices, AI platforms, building management systems, and cloud services. Achieving seamless interoperability among these systems can be technically complex, especially in retrofitted or multi-vendor environments. The lack of standardized protocols may result in compatibility issues and fragmented operations, which could hinder the adoption of smart building on a global level in the future.  

Data Privacy and Cybersecurity Concerns 

  • Smart buildings generate and process vast amounts of sensitive data, including occupancy patterns, personal preferences, and security information. All of this data could be put at risk in the case of cyberattacks or data breaches. Unauthorized access to building systems can lead to privacy violations, operational disruptions, or even physical harm. The complexity and interconnectivity of smart devices increase vulnerabilities. Concerns about data ownership, compliance with privacy regulations like GDPR, and the risk of breaches act as major barriers to smart building adoption. 

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Smart Building Market Competitive Landscape

Smart building providers should invest in developing affordable solutions to improve application across different types of buildings. Targeting countries with high number of smart cities and developed internet infrastructure also helps boost business scope for companies as per this smart building market analysis.

Integration of multiple building systems into one is a key trend that new companies are focusing on. Use of IoT and AI technologies is also helping startups stand out from competition.  

  • Spaceti: The Czech Republic-based startup offers an integrated smart building platform focused on workplace analytics, indoor environmental monitoring, and space utilization. The 2016-founded company’s platform combines IoT sensors, mobile apps, and AI-driven analytics to optimize how buildings are used, enhancing occupant comfort and operational efficiency. Spaceti’s solutions are used in corporate offices, commercial real estate, and universities across Europe and beyond. 
  • PassiveLogic: The 2016-founded company develops autonomous building control systems using digital twin technology. The United States-based company’s platform enables real-time, self-managing building operations, reducing energy use and enhancing sustainability. The startup uses AI to model and control HVAC, lighting, and other systems without relying on cloud connectivity. PassiveLogic is redefining smart building automation with an emphasis on full-stack, decentralized intelligence.

Top Players in Smart Building Market

  • Cisco (US)  
  • IBM (US)  
  • Honeywell (US)  
  • Siemens (Germany)  
  • Johnson Controls (Ireland)  
  • Huawei (China)  
  • Intel (US)  
  • PTC (US)  
  • ABB (Switzerland)  
  • Hitachi (Japan)  
  • Schneider Electric (France)  
  • Telit (UK)  
  • Legrand (France)  
  • Bosch (Germany)  
  • KMC Controls (US)  
  • Verdigris Technologies (US)  
  • 75F (US)  
  • ENTOUCH (US)  
  • Gaia (India)  
  • Softdel System (US)

Smart Building Market Recent Developments

  • In December 2024, Butlr, a leading provider of smart building software announced the Heatic 2+, a wireless and anonymous AI sensor. The new sensor offers multi-year battery life, scalability, and real-time ultra precise insights to enhance the human experience while improving operational efficiency of indoor spaces.  
  • In September 2024, UnaBiz, a top name in the massive IoT business announced the launch of its new innovations targeting smart building at the BEX Asia 2024 event. UBZ310 is an innovative 3-in-1 IoT Fan Coil Unit (FCU) Monitoring solution by UnaBiz and two other energy monitoring and occupancy solutions from Milesight.  
  • In January 2024, Honeywell, a renowned multinational conglomerate announced the launch of a new platform to automate building management processes. Advance Control for Buildings is designed to make buildings smarter, safer and more sustainable. 

Smart Building Key Market Trends

Smart Building Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.  

As per SkyQuest analysis, growing emphasis on sustainability and availability of incentives for smart technology adoption are slated to primarily drive the demand for smart building going forward. However, cybersecurity risks, data privacy concerns, and complexity in integration are expected to slow down the sales of smart building in the future. North America is forecasted to emerge as the leading market for smart building providers backed by a mature IoT ecosystem and high awareness of energy management. use of automation and emphasis on ESG compliance are projected to emerge as indispensable smart building market trends for the future.

Report Metric Details
Market size value in 2023 USD 105.0 billion
Market size value in 2032 USD 840.47 billion
Growth Rate 26.0%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Solution
    • Building Infrastructure Management
    • Safety And Security Management
    • Energy Management
    • Network Management
    • Integrated Workplace Management System
  • Component
    • Solutions
    • Services
  • Building Type
    • Residential
    • Commercial
    • Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cisco (US)  
  • IBM (US)  
  • Honeywell (US)  
  • Siemens (Germany)  
  • Johnson Controls (Ireland)  
  • Huawei (China)  
  • Intel (US)  
  • PTC (US)  
  • ABB (Switzerland)  
  • Hitachi (Japan)  
  • Schneider Electric (France)  
  • Telit (UK)  
  • Legrand (France)  
  • Bosch (Germany)  
  • KMC Controls (US)  
  • Verdigris Technologies (US)  
  • 75F (US)  
  • ENTOUCH (US)  
  • Gaia (India)  
  • Softdel System (US)
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Smart Building Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Smart Building Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Smart Building Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Building Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Building Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Smart Building Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Smart Building Market size was valued at USD 89.08 Billion in 2023 and is poised to grow from USD 98.88 Billion in 2024 to USD 227.88 Billion by 2032, growing at a CAGR of 11% during the forecast period (2025-2032).

Increased strategic acquisitions and collaborations to strengthen key players' market position, as to increase their market share, the leading companies in the smart building industry are proactively entering into partnerships and alliances. To assure the safety and quality of smart solutions, the players also collaborate with various rating and evaluation certification providers. The players are acquiring local players across nations to boost their worldwide reach. Furthermore, industry participants are constantly investing in the development and introduction of new intelligent systems and services for controlling commercial and residential building operations. 'Cisco (US) ', 'IBM (US) ', 'Honeywell (US) ', 'Siemens (Germany) ', 'Johnson Controls (Ireland) ', 'Huawei (China) ', 'Intel (US) ', 'PTC (US) ', 'ABB (Switzerland) ', 'Hitachi (Japan) ', 'Schneider Electric (France) ', 'Telit (UK) ', 'Legrand (France) ', 'Bosch (Germany) ', 'KMC Controls (US) ', 'Verdigris Technologies (US) ', 'Aquicore (US) ', '75F (US) ', 'BuildingIQ (US) ', 'ENTOUCH (US) ', 'Gaia (India) ', 'Softdel System (US) ', 'Mode: Green (New Jersey) ', 'CopperTree Analytics (Canada) ', 'Spaceti (Netherlands) ', 'Igor (US) ', 'eFACiLiTY (India) ', 'Spacewell (Belgium)'

Consumers' increased interest in building technology that saves running costs, as well as individuals' growing knowledge of the need for energy consumption are the major drivers driving the industry's revenue development. 

Increasing urbanisation to fuel the adoption of smart building industry: Rapid urbanisation is predicted to fuel the growth of the global smart building industry in the coming years. According to a high-level ExpForum 2019 assessment, 70% of the world's population is predicted to migrate to cities by 2050. This aspect will increase the need for structures and places to support livelihood and employment needs.

The North American region held sway over the market, capturing a significant revenue share of 32.9%. This regional supremacy can be attributed to the upsurge in both public and private investments, accompanied by the rapid trajectory of digitalization. Additionally, the burgeoning government initiatives to bolster digital infrastructure, aimed at propelling the United States toward a robust digital economy, are casting a favorable outlook on smart buildings within the U.S. context. A focal point of the U.S. administration involves digitizing commercial buildings to heighten citizen experiences and instill transparency in services. These pivotal drivers collectively fuel the demand for smart building solutions across the region. 

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Global Smart Building Market
Smart Building Market

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