Smart Building Market: Summary
The Global Smart Building Market is projected to reach a value of over USD 145.3 billion by 2027 at a CAGR of around 11.5%
A smart building is refers to a structure which uses automated processes to automatically control the building operations. It uses sensors, microchips, and actuators to collect the data and manage as per the business services and functions. Whereas, it benefit the owners as well as the operators to enhance the performance by minimizing the use of energy, and reduce the environmental impact of buildings. Moreover, it also helps 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: Drivers & Restraints
- Implementation of IoT Platform In The Building Automation Technology
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 to automate the building, technology, as well as energy systems to enhance the facility. Also, it can advance with the features such as operation cost reduction, enhance occupancy service as well as help to reduce the building impact on environments.
Furthermore, it also helps to provide access to real-time monitoring of electric, water and gas meters. As well as the IoT also facilitates asset digitization at the building or at the individual asset level. Moreover, the IoT smart building leverage sensors, cloud technology, control range of building system from air conditioning to lighting as well as security system. Hence, these will lead to fuel the grow the of the 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. However, the smart building concept is lead to the implementation of the technology growth in the construction sector worldwide. As the deployment of this concept is except to create a heavy initial cost which is the challenging factor for the market growth.
Hence, the high initial investments required for constructing a smart building is the major factor which may restraining the growth of smart building market.
Smart Building Market: Key Segments
- Segmentation based on Component: Hardware, Software and Services.
- Segmentation based on Solution: Building Infrastructure Management, Security and Emergency Management and Energy Management.
- Segmentation based on End-User: Residential, Commercial and Industrial.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Smart Building Market: Report Scope
The report on the smart building market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Component, Solution, End-User, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Cisco Systems, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- IBM Corporation
- Hitachi, Ltd.
- Honeywell International Inc.
- Schneider Electric
- Intel Corporation
- Huawei Technologies Co., Ltd.
- Johnson Controls International PLC
- Other Key Companies
- PointGrab Inc.
- SPACEWELL INTERNATIONAL
Smart Building Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Building Market, by Component
- System Integration and Deployment
- Support and Maintenance
Smart Building Market, by Solution
- Building Infrastructure Management
- Smart Water Management System
- Parking Management System
- Security and Emergency Management
- Access Control System
- Video Surveillance System
- Energy Management
- HVAC Control System
- Lighting Control System
Smart Building Market, by End-User
Smart Building Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Smart Building Market Providers
- Smart Building Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Smart Building Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Smart Building Market STUDY