Global Smart Building Market

Global Smart Building Market Size, Share, Growth Analysis, By Component(Solutions, ( Safety), By System(Parking Management System, Physical Security System), By Technology(Wireless Technology, Bus Technology), By Application(Commercial (Retail, Hotel) - Industry Forecast 2024-2031

Report ID: SQMIG45H2056 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 142 | Figures: 77

Global Smart Building Market Dynamics

Smart Building Market Drivers

Consumer interests and vendor investments for technology to encourage the market growth

  • 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. 
  • Furthermore, various prominent vendors' investments in progressive smart home solutions are boosting the market growth during the projection period.

Smart Building Market Restraints

Increase in number of cyberattacks and security leaks to impede the adoption

  • The escalating number of cyberattacks in connected buildings will stymie market growth. Growing cyber-attacks are a serious impediment to market expansion. Every building system and gadget is linked via intelligent technology. It may occasionally disclose private and personal information when hacked. 
  • According to the Kaspersky research, four out of every ten connect buildings are vulnerable to cyber-attacks. This elevated danger of cyber-attack is projected to stifle future market growth. As a result, operational contingency plans must be implemented to safeguard the safety of connected structures from such assaults.
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Smart Building Market size was valued at USD 82.77 billion in 2019 and is poised to grow from USD 103.91 billion in 2023 to USD 538.45 billion by 2031, growing at a CAGR of 25.3% in the forecast period (2024-2031).

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. 'Siemens AG', 'Honeywell International Inc.', 'Schneider Electric SE', 'Johnson Controls International plc', 'ABB Ltd.', 'Cisco Systems, Inc.', 'United Technologies Corporation', 'IBM Corporation', 'Delta Controls Inc.', 'Crestron Electronics, Inc.', 'Lutron Electronics Co. Inc.', 'Legrand SA', 'BuildingIQ Inc.', 'Hitachi, Ltd.', 'Huawei Technologies Co. Ltd.', 'Panasonic Corporation', 'Philips Lighting Holding B.V.', 'Siemens Building Technologies', 'Toshiba Corporation', 'Emerson Electric Co.'

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.

North America dominated the global market in 2022, accounting for 33.3% of the total market share. The expanding governmental and private investments, as well as the developing digitization, can be contributed to regional growth. Furthermore, numerous end-use segments in the United States are turning their present workplaces into smart offices. Because of increased expenditures in green building technologies, the United States dominated the regional market. For example, the Duke Energy Center in the United States, a 51-story tower skyscraper, obtained the highest green rating from LEED Platinum after implementing intelligent building infrastructure. 

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Global Smart Building Market

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