Global Smart Building Market

Smart Buildings Market Size, Share, Growth Analysis, By Component (Solution and Services), By Solution (Safety & Security Management, Energy Management), By Building Type (Residential, Commercial), By Region - Industry Forecast 2024-2031


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

Smart Building Market Insights

Global Smart Buildings Market size was valued at USD 80.25 billion in 2022 and is poised to grow from USD 89.08 billion in 2023 to USD 205.3 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).

A complex control system manages building activities such as ventilation, air conditioning, heating, lighting, and other systems made up of sensors, actuators, and microchips in smart buildings. A smart building employs technology to simplify complex things to make it easier to maintain, more efficient, and safer. The growing trend of smart cities plays an important role in creating new chances for the smart building business. Because of advancements in digital technology, sensors, and telecommunications, buildings can now be monitored and controlled significantly more effectively than in the past. 

Smart buildings rely on a variety of IoT sensors and computer networks to automate solutions like lighting, heating, and elevator management, as well as fire detection, video surveillance, and badge access. Building Automation Systems (BAS) and these sensors collaborate to provide a wealth of informative and useful information on building safety and performance. BAS and IoT sensors, on the other hand, are vulnerable to intrusions because they usually lack essential cybersecurity skills.

Furthermore, buildings have increased chances to play a significant part in self-generation or grid-supplied energy, boosting the demand for non-carbon or low-carbon building energy management systems. Artificial Intelligence (AI) and Machine Learning (ML) may be used to analyse building data in order to improve the performance of various building activities as well as the building's income production capabilities. In today's fast-changing world driven by uncertainty, these systems can acquire the required data to translate it into meaningful information, and apply the new knowledge to the aims of companies.

According to the United States-China Economic and Security Review Commission, Chinese government investment in smart city programmes would top $38.92 billion by 2031. These developments also reflect a country's tendency to employ energy-saving technology. 

US Smart Building Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Smart Buildings Market size was valued at USD 80.25 billion in 2022 and is poised to grow from USD 89.08 billion in 2023 to USD 205.3 billion by 2031, growing at a CAGR of 11% 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. '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

Report ID: SQMIG45H2056

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