Smart buildings can utilize the Internet of Things (IoT) devices such as sensors, software, and internet connectivity in order to monitor various building attributes, analyze data, and provide insights about use patterns and trends that may be used to improve the building's environment and operations. The most fundamental feature of a smart building is that the core systems within it are linked. Connecting smart technology, such as real-time IoT occupancy sensors and building management systems together, means you can share information that can be used to automate various processes, including, but not limited to, heating, ventilation, lighting, air conditioning, and security.
The surge in the adoption of smart buildings in multiple regions is driven by the growing need for better utilization of the building (and building premises) and the need for better resource management in urban environments. In addition, the growth in the need for public safety and security is fueling the growth of the smart building market. However, security concerns associated with smart buildings and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in smart buildings and the rise in the IoT market & its application in smart buildings are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global smart building market is segmented into component, solutions type, building type, and region. Depending on the component, the market is divided into solutions and services. Based on solutions type the market is segmented into building infrastructure management (BIM), security & emergency management (SEM), energy management, network management, workforce management, and waste management. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global smart building market is dominated by key players such as ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The surge in the adoption of smart buildings in multiple regions is driven by the growing need for better utilization of the building (and building premises) and the need for better resource management in urban environments. In addition, the growth in the need for public safety and security is fueling the growth of the smart building market. However, security concerns associated with smart buildings and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in smart buildings and the rise in the IoT market & its application in smart buildings are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global smart building market is segmented into component, solutions type, building type, and region. Depending on the component, the market is divided into solutions and services. Based on solutions type the market is segmented into building infrastructure management (BIM), security & emergency management (SEM), energy management, network management, workforce management, and waste management. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global smart building market is dominated by key players such as ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Market Segments
By Component
- Solution
- Services
By Solution Type
- Building Infrastructure Management (BIM)
- Security Emergency Management (SEM)
- Energy Management
- Network Management
- Workforce Management
- Waste Management
By Building Type
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART BUILDING MARKET, BY COMPONENT
CHAPTER 5: SMART BUILDING MARKET, BY SOLUTION TYPE
CHAPTER 6: SMART BUILDING MARKET, BY BUILDING TYPE
CHAPTER 7: SMART BUILDING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Smart Building Market," the smart building market was valued at $69.80 billion in 2021, and is estimated to reach $201.16 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.Smart buildings are characterized by the use of completely integrated systems that communicate critical information and utilize this information to improve the efficiency of the buildings. Smart buildings can help manage almost every aspect of building management using IoT sensors, higher floors, and building automation, including HVAC, lighting, shading, security, and even user-centric tasks like navigation and conference room scheduling. These structures manage and ensure the efficiency, energy, comfort, access, and monitoring of the enterprises that occupy them. Furthermore, the key factors that drive the growth of the smart building market include various government smart infrastructure initiatives, which in turn are fueling the growth of the smart building market. However, security concerns associated with smart buildings and higher investment requirements are limiting the growth of this market. Conversely, the emergence of artificial intelligence technology for smart buildings and the rise in the IoT market & its application in modern smart buildings are anticipated to provide numerous opportunities for the expansion of the smart building market during the forecast period.
Depending on the building type, the commercial segment dominated the smart building market share in 2021, and is expected to continue this trend during the forecast period, owing to the rising need for efficient energy and resources management solutions in commercial buildings. However, the residential segment is expected to witness the highest growth in the upcoming years, as rising standard of living and urbanization trends are fueling the demand for smart buildings. Moreover, the smart infrastructure initiatives are being supported by government and local authorities, which is further empowering the growth of the segment and the smart building market forecast in the coming few years.
Region wise, the smart building market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the presence of a highly developed ICT sector and high spending, aiding the growth of the smart building industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to various government initiatives and digital transformation trends within the region, which is expected to fuel the smart building market trends in this region.
The COVID-19 pandemic had an overall positive impact on the global smart building industry and its opportunities. However, during the initial stages of the pandemic when many businesses (such as retail stores and manufacturing plants) had to halt their operations due to the possible risk of spreading COVID-19 infection. Such factors limited the growth of the smart building solutions market during the period. However, due to the enforcement of remote and work from home policies, many businesses were prompted to adopt intelligent building solutions to enable efficient monitoring and maintenance systems for the upkeep and functioning of crucial buildings while the employees were working remotely. Such factors provided new opportunities for the development and growth of the global intelligent building market, which is expected to grow in the coming few years.
Key Findings of the Study
- By building type, the commercial segment accounted for the largest smart building market share in 2021.
- Region wise, North America generated highest revenue in 2021.
- On the basis of solution type, the security & emergency management (SEM) segment generated the highest revenue in 2021.
- The key players profiled in the smart building market analysis are ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- ABB
- Cisco Systems, Inc.,
- Hitachi, Ltd.
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Intel Corporation
- Johnson Controls
- PTC
- Siemens
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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