Smart Building Market to Reach USD 145.3 Billion by 2027 | CAGR 11.5% – Forencis Research

Smart Building Market - Global Industry Analysis and Forecast 2020 to 2027

Global Smart Building Market: Key Highlights

  • According to the new market research report Smart Building Market by Component (Hardware, Software, Services), by Solution (Building Infrastructure Management, Security and Emergency Management and Energy Management), by End-User (Residential, Commercial and Industrial), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Smart Building Market is estimated to reach USD 145.3 Billion by 2027 at a CAGR of around 11.5% during the review period.
  • The smart building use sensors, microchips and actuators to collect the data and manage as per the business services and functions.
  • Moreover, it also help to provide the most cost effective way to design and deployment of building technology system. These advancement will boost the growth of the market in the forecast period.

Smart Building Market

Global Smart Building Market: Key Market Dynamics

  • With the implementation of IoT platform in the building automation technology is witness to boost the growth of the market in the forecast period. Whereas, it helps to enable connect and automate the building, technology, as well as energy systems to enhance the facility.
  • Growing demand for smart cities project across the globe, increasing awareness about energy consumption and emergence of 5G technology is create a significant opportunities for the growth of the smart building market in the forecast period.
  • One of the major key concern of the market is the high initial investment which may hamper the market growth. Whereas, the high initial cost is being need for developing, installing and designing systems combine with the technical knowledge, which may hamper the market growth.
  • Lack of skilled professional act as major challenging factor for the growth of the market in the forecast period.

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Global Smart Building Market: Regional Overview

  • North America:

The North America regional is had projected that the tremendous growth with the rising developed technological infrastructure. Whereas, with the rising of new smart building solution with new technologies such as IoT, big data, cloud computing and artificial intelligence, to help in save energy, minimized the operational and sustainability standards.

Hence, the US companies is making a large investing in smart building measures such as building controls as well as the building system integration to boost the energy efficiency and to deliver the secure, smart, and sustainable building. These trend will lead to enhance the growth of the market in the forecast period.

  • Asia-Pacific:

The Asia-Pacific is projected of play a leading role for the growth and developments of the market in the forecast period. The countries such as India, China, South Korea and Japan will lead to enhance the market growth with the rising supportive government initiatives, and industrial development activities. Also, the various steps taken by the government for the smart city projects is projected to fuel the market growth over the forecast period.

Hence, the rapid growing information and communications technology platform in the countries such as China and India, lead to fuel the growth of the market in the forecast period.

Global Smart Building Market: Key Players Overview

  • Cisco Systems, Inc.:

The company develops, sells as well as manufacture the networking hardware, software, and telecommunications equipment. The company helps to make smart building with the optimized lighting, building automation, and Internet of Things (IoT) technology. In 2019, the company has completed its acquisition of Sentryo, which provides asset visibility and cybersecurity solutions for industrial control systems (ICS). Whereas, this acquisition enables Cisco to offer control system engineers deeper visibility into assets for optimizing, detecting anomalies, and securing their networks.

  • Hitachi, Ltd.

Hitachi, Ltd. is a Japanese multinational conglomerate company, which manufactures communications and electronic equipment, and consumer electronics. The company is now majorly focused on the growth of a smart building ecosystem with the big data, IoT, AI, and various other technologies.in 2019, Hitachi Vantara, a wholly owned subsidiary of Hitachi, has launched Lumada Video Insights, an end-to-end, intelligent, and adaptable suite of applications which delivers operational safety and business intelligence using IoT, video, artificial intelligence (AI), and analytics.

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Published : 2020-09-23