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Smart Building Market By Component, Solution type, and Building Type: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 283 Pages
  • November 2023
  • Region: Global
  • Allied Market Research
  • ID: 5670854
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.

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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

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: SMART BUILDING MARKET, BY COMPONENT
4.1. Overview
4.1.1. Market size and forecast
4.2. Solution
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Service
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
CHAPTER 5: SMART BUILDING MARKET, BY SOLUTION TYPE
5.1. Overview
5.1.1. Market size and forecast
5.2. Building Infrastructure Management
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Security and Emergency Management
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Energy Management
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
5.5. Network Management
5.5.1. Key market trends, growth factors and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market share analysis by country
5.6. Workforce Management
5.6.1. Key market trends, growth factors and opportunities
5.6.2. Market size and forecast, by region
5.6.3. Market share analysis by country
5.7. Waste Management
5.7.1. Key market trends, growth factors and opportunities
5.7.2. Market size and forecast, by region
5.7.3. Market share analysis by country
CHAPTER 6: SMART BUILDING MARKET, BY BUILDING TYPE
6.1. Overview
6.1.1. Market size and forecast
6.2. Residential
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Commercial
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
6.4. Industrial
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market share analysis by country
CHAPTER 7: SMART BUILDING MARKET, BY REGION
7.1. Overview
7.1.1. Market size and forecast By Region
7.2. North America
7.2.1. Key trends and opportunities
7.2.2. Market size and forecast, by Component
7.2.3. Market size and forecast, by Solution Type
7.2.4. Market size and forecast, by Building Type
7.2.5. Market size and forecast, by country
7.2.5.1. U.S.
7.2.5.1.1. Key market trends, growth factors and opportunities
7.2.5.1.2. Market size and forecast, by Component
7.2.5.1.3. Market size and forecast, by Solution Type
7.2.5.1.4. Market size and forecast, by Building Type
7.2.5.2. Canada
7.2.5.2.1. Key market trends, growth factors and opportunities
7.2.5.2.2. Market size and forecast, by Component
7.2.5.2.3. Market size and forecast, by Solution Type
7.2.5.2.4. Market size and forecast, by Building Type
7.3. Europe
7.3.1. Key trends and opportunities
7.3.2. Market size and forecast, by Component
7.3.3. Market size and forecast, by Solution Type
7.3.4. Market size and forecast, by Building Type
7.3.5. Market size and forecast, by country
7.3.5.1. U.K.
7.3.5.1.1. Key market trends, growth factors and opportunities
7.3.5.1.2. Market size and forecast, by Component
7.3.5.1.3. Market size and forecast, by Solution Type
7.3.5.1.4. Market size and forecast, by Building Type
7.3.5.2. Germany
7.3.5.2.1. Key market trends, growth factors and opportunities
7.3.5.2.2. Market size and forecast, by Component
7.3.5.2.3. Market size and forecast, by Solution Type
7.3.5.2.4. Market size and forecast, by Building Type
7.3.5.3. France
7.3.5.3.1. Key market trends, growth factors and opportunities
7.3.5.3.2. Market size and forecast, by Component
7.3.5.3.3. Market size and forecast, by Solution Type
7.3.5.3.4. Market size and forecast, by Building Type
7.3.5.4. Italy
7.3.5.4.1. Key market trends, growth factors and opportunities
7.3.5.4.2. Market size and forecast, by Component
7.3.5.4.3. Market size and forecast, by Solution Type
7.3.5.4.4. Market size and forecast, by Building Type
7.3.5.5. Spain
7.3.5.5.1. Key market trends, growth factors and opportunities
7.3.5.5.2. Market size and forecast, by Component
7.3.5.5.3. Market size and forecast, by Solution Type
7.3.5.5.4. Market size and forecast, by Building Type
7.3.5.6. Rest of Europe
7.3.5.6.1. Key market trends, growth factors and opportunities
7.3.5.6.2. Market size and forecast, by Component
7.3.5.6.3. Market size and forecast, by Solution Type
7.3.5.6.4. Market size and forecast, by Building Type
7.4. Asia-Pacific
7.4.1. Key trends and opportunities
7.4.2. Market size and forecast, by Component
7.4.3. Market size and forecast, by Solution Type
7.4.4. Market size and forecast, by Building Type
7.4.5. Market size and forecast, by country
7.4.5.1. China
7.4.5.1.1. Key market trends, growth factors and opportunities
7.4.5.1.2. Market size and forecast, by Component
7.4.5.1.3. Market size and forecast, by Solution Type
7.4.5.1.4. Market size and forecast, by Building Type
7.4.5.2. India
7.4.5.2.1. Key market trends, growth factors and opportunities
7.4.5.2.2. Market size and forecast, by Component
7.4.5.2.3. Market size and forecast, by Solution Type
7.4.5.2.4. Market size and forecast, by Building Type
7.4.5.3. Japan
7.4.5.3.1. Key market trends, growth factors and opportunities
7.4.5.3.2. Market size and forecast, by Component
7.4.5.3.3. Market size and forecast, by Solution Type
7.4.5.3.4. Market size and forecast, by Building Type
7.4.5.4. South Korea
7.4.5.4.1. Key market trends, growth factors and opportunities
7.4.5.4.2. Market size and forecast, by Component
7.4.5.4.3. Market size and forecast, by Solution Type
7.4.5.4.4. Market size and forecast, by Building Type
7.4.5.5. Australia
7.4.5.5.1. Key market trends, growth factors and opportunities
7.4.5.5.2. Market size and forecast, by Component
7.4.5.5.3. Market size and forecast, by Solution Type
7.4.5.5.4. Market size and forecast, by Building Type
7.4.5.6. Rest of Asia-Pacific
7.4.5.6.1. Key market trends, growth factors and opportunities
7.4.5.6.2. Market size and forecast, by Component
7.4.5.6.3. Market size and forecast, by Solution Type
7.4.5.6.4. Market size and forecast, by Building Type
7.5. LAMEA
7.5.1. Key trends and opportunities
7.5.2. Market size and forecast, by Component
7.5.3. Market size and forecast, by Solution Type
7.5.4. Market size and forecast, by Building Type
7.5.5. Market size and forecast, by country
7.5.5.1. Latin America
7.5.5.1.1. Key market trends, growth factors and opportunities
7.5.5.1.2. Market size and forecast, by Component
7.5.5.1.3. Market size and forecast, by Solution Type
7.5.5.1.4. Market size and forecast, by Building Type
7.5.5.2. Middle East
7.5.5.2.1. Key market trends, growth factors and opportunities
7.5.5.2.2. Market size and forecast, by Component
7.5.5.2.3. Market size and forecast, by Solution Type
7.5.5.2.4. Market size and forecast, by Building Type
7.5.5.3. Africa
7.5.5.3.1. Key market trends, growth factors and opportunities
7.5.5.3.2. Market size and forecast, by Component
7.5.5.3.3. Market size and forecast, by Solution Type
7.5.5.3.4. Market size and forecast, by Building Type
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1. ABB
9.1.1. Company overview
9.1.2. Key Executives
9.1.3. Company snapshot
9.2. Cisco Systems, Inc.
9.2.1. Company overview
9.2.2. Key Executives
9.2.3. Company snapshot
9.3. Hitachi, Ltd.
9.3.1. Company overview
9.3.2. Key Executives
9.3.3. Company snapshot
9.4. Honeywell International Inc.
9.4.1. Company overview
9.4.2. Key Executives
9.4.3. Company snapshot
9.5. Huawei Technologies Co., Ltd.
9.5.1. Company overview
9.5.2. Key Executives
9.5.3. Company snapshot
9.6. IBM Corporation
9.6.1. Company overview
9.6.2. Key Executives
9.6.3. Company snapshot
9.7. Intel Corporation
9.7.1. Company overview
9.7.2. Key Executives
9.7.3. Company snapshot
9.8. Johnson Controls
9.8.1. Company overview
9.8.2. Key Executives
9.8.3. Company snapshot
9.9. Ptc Inc
9.9.1. Company overview
9.9.2. Key Executives
9.9.3. Company snapshot
9.10. Siemens AG
9.10.1. Company overview
9.10.2. Key Executives
9.10.3. Company snapshot
List of Tables
Table 01. Global Smart Building Market, by Component, 2021-2031 ($Billion)
Table 02. Smart Building Market for Solution, by Region, 2021-2031 ($Billion)
Table 03. Smart Building Market for Service, by Region, 2021-2031 ($Billion)
Table 04. Global Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 05. Smart Building Market for Building Infrastructure Management, by Region, 2021-2031 ($Billion)
Table 06. Smart Building Market for Security and Emergency Management, by Region, 2021-2031 ($Billion)
Table 07. Smart Building Market for Energy Management, by Region, 2021-2031 ($Billion)
Table 08. Smart Building Market for Network Management, by Region, 2021-2031 ($Billion)
Table 09. Smart Building Market for Workforce Management, by Region, 2021-2031 ($Billion)
Table 10. Smart Building Market for Waste Management, by Region, 2021-2031 ($Billion)
Table 11. Global Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 12. Smart Building Market for Residential, by Region, 2021-2031 ($Billion)
Table 13. Smart Building Market for Commercial, by Region, 2021-2031 ($Billion)
Table 14. Smart Building Market for Industrial, by Region, 2021-2031 ($Billion)
Table 15. Smart Building Market, by Region, 2021-2031 ($Billion)
Table 16. North America Smart Building Market, by Component, 2021-2031 ($Billion)
Table 17. North America Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 18. North America Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 19. North America Smart Building Market, by Country, 2021-2031 ($Billion)
Table 20. U.S. Smart Building Market, by Component, 2021-2031 ($Billion)
Table 21. U.S. Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 22. U.S. Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 23. Canada Smart Building Market, by Component, 2021-2031 ($Billion)
Table 24. Canada Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 25. Canada Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 26. Europe Smart Building Market, by Component, 2021-2031 ($Billion)
Table 27. Europe Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 28. Europe Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 29. Europe Smart Building Market, by Country, 2021-2031 ($Billion)
Table 30. U.K. Smart Building Market, by Component, 2021-2031 ($Billion)
Table 31. U.K. Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 32. U.K. Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 33. Germany Smart Building Market, by Component, 2021-2031 ($Billion)
Table 34. Germany Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 35. Germany Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 36. France Smart Building Market, by Component, 2021-2031 ($Billion)
Table 37. France Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 38. France Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 39. Italy Smart Building Market, by Component, 2021-2031 ($Billion)
Table 40. Italy Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 41. Italy Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 42. Spain Smart Building Market, by Component, 2021-2031 ($Billion)
Table 43. Spain Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 44. Spain Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 45. Rest of Europe Smart Building Market, by Component, 2021-2031 ($Billion)
Table 46. Rest of Europe Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 47. Rest of Europe Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 48. Asia-Pacific Smart Building Market, by Component, 2021-2031 ($Billion)
Table 49. Asia-Pacific Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 50. Asia-Pacific Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 51. Asia-Pacific Smart Building Market, by Country, 2021-2031 ($Billion)
Table 52. China Smart Building Market, by Component, 2021-2031 ($Billion)
Table 53. China Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 54. China Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 55. India Smart Building Market, by Component, 2021-2031 ($Billion)
Table 56. India Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 57. India Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 58. Japan Smart Building Market, by Component, 2021-2031 ($Billion)
Table 59. Japan Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 60. Japan Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 61. South Korea Smart Building Market, by Component, 2021-2031 ($Billion)
Table 62. South Korea Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 63. South Korea Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 64. Australia Smart Building Market, by Component, 2021-2031 ($Billion)
Table 65. Australia Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 66. Australia Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 67. Rest of Asia-Pacific Smart Building Market, by Component, 2021-2031 ($Billion)
Table 68. Rest of Asia-Pacific Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 69. Rest of Asia-Pacific Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 70. LAMEA Smart Building Market, by Component, 2021-2031 ($Billion)
Table 71. LAMEA Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 72. LAMEA Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 73. LAMEA Smart Building Market, by Country, 2021-2031 ($Billion)
Table 74. Latin America Smart Building Market, by Component, 2021-2031 ($Billion)
Table 75. Latin America Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 76. Latin America Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 77. Middle East Smart Building Market, by Component, 2021-2031 ($Billion)
Table 78. Middle East Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 79. Middle East Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 80. Africa Smart Building Market, by Component, 2021-2031 ($Billion)
Table 81. Africa Smart Building Market, by Solution Type, 2021-2031 ($Billion)
Table 82. Africa Smart Building Market, by Building Type, 2021-2031 ($Billion)
Table 83. ABB: Key Executives
Table 84. ABB: Company Snapshot
Table 85. Cisco Systems, Inc.: Key Executives
Table 86. Cisco Systems, Inc.: Company Snapshot
Table 87. Hitachi, Ltd.: Key Executives
Table 88. Hitachi, Ltd.: Company Snapshot
Table 89. Honeywell International Inc.: Key Executives
Table 90. Honeywell International Inc.: Company Snapshot
Table 91. Huawei Technologies Co. Ltd.: Key Executives
Table 92. Huawei Technologies Co. Ltd.: Company Snapshot
Table 93. IBM Corporation: Key Executives
Table 94. IBM Corporation: Company Snapshot
Table 95. Intel Corporation: Key Executives
Table 96. Intel Corporation: Company Snapshot
Table 97. Johnson Controls: Key Executives
Table 98. Johnson Controls: Company Snapshot
Table 99. Ptc Inc.: Key Executives
Table 100. Ptc Inc.: Company Snapshot
Table 101. Siemens AG: Key Executives
Table 102. Siemens AG: Company Snapshot
List of Figures
Figure 01. Smart Building Market, 2021-2031
Figure 02. Segmentation of Smart Building Market, 2021-2031
Figure 03. Top Investment Pockets in Smart Building Market (2022-2031)
Figure 04. Porter Five-1
Figure 05. Porter Five-2
Figure 06. Porter Five-3
Figure 07. Porter Five-4
Figure 08. Porter Five-5
Figure 09. Drivers, Restraints and Opportunities: Globalsmart Building Market
Figure 10. Smart Building Market, by Component, 2021(%)
Figure 11. Comparative Share Analysis of Smart Building Market for Solution, by Country 2021 and 2031(%)
Figure 12. Comparative Share Analysis of Smart Building Market for Service, by Country 2021 and 2031(%)
Figure 13. Smart Building Market, by Solution Type, 2021(%)
Figure 14. Comparative Share Analysis of Smart Building Market for Building Infrastructure Management, by Country 2021 and 2031(%)
Figure 15. Comparative Share Analysis of Smart Building Market for Security and Emergency Management, by Country 2021 and 2031(%)
Figure 16. Comparative Share Analysis of Smart Building Market for Energy Management, by Country 2021 and 2031(%)
Figure 17. Comparative Share Analysis of Smart Building Market for Network Management, by Country 2021 and 2031(%)
Figure 18. Comparative Share Analysis of Smart Building Market for Workforce Management, by Country 2021 and 2031(%)
Figure 19. Comparative Share Analysis of Smart Building Market for Waste Management, by Country 2021 and 2031(%)
Figure 20. Smart Building Market, by Building Type, 2021(%)
Figure 21. Comparative Share Analysis of Smart Building Market for Residential, by Country 2021 and 2031(%)
Figure 22. Comparative Share Analysis of Smart Building Market for Commercial, by Country 2021 and 2031(%)
Figure 23. Comparative Share Analysis of Smart Building Market for Industrial, by Country 2021 and 2031(%)
Figure 24. Smart Building Market by Region, 2021
Figure 25. U.S. Smart Building Market, 2021-2031 ($Billion)
Figure 26. Canada Smart Building Market, 2021-2031 ($Billion)
Figure 27. U.K. Smart Building Market, 2021-2031 ($Billion)
Figure 28. Germany Smart Building Market, 2021-2031 ($Billion)
Figure 29. France Smart Building Market, 2021-2031 ($Billion)
Figure 30. Italy Smart Building Market, 2021-2031 ($Billion)
Figure 31. Spain Smart Building Market, 2021-2031 ($Billion)
Figure 32. Rest of Europe Smart Building Market, 2021-2031 ($Billion)
Figure 33. China Smart Building Market, 2021-2031 ($Billion)
Figure 34. India Smart Building Market, 2021-2031 ($Billion)
Figure 35. Japan Smart Building Market, 2021-2031 ($Billion)
Figure 36. South Korea Smart Building Market, 2021-2031 ($Billion)
Figure 37. Australia Smart Building Market, 2021-2031 ($Billion)
Figure 38. Rest of Asia-Pacific Smart Building Market, 2021-2031 ($Billion)
Figure 39. Latin America Smart Building Market, 2021-2031 ($Billion)
Figure 40. Middle East Smart Building Market, 2021-2031 ($Billion)
Figure 41. Africa Smart Building Market, 2021-2031 ($Billion)
Figure 42. Top Winning Strategies, by Year
Figure 43. Top Winning Strategies, by Development
Figure 44. Top Winning Strategies, by Company
Figure 45. Product Mapping of Top 10 Players
Figure 46. Competitive Dashboard
Figure 47. Competitive Heatmap: Smart Building Market
Figure 48. Top Player Positioning, 2021

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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