2023 Smart Building Market Update: Research and Analysis

Smart Building Market Overview

The Competitive Scenario provides an outlook analysis of the various business growth strategies the sellers adopt. The news covered in this section deliver valuable thoughts at different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The areas included in the report are made by using the data of the key business sector. It also provides region-wise and country-wise growth rates of the Smart Building Market. It also covers breakdown by product and application by incorporating details of the market size depending on development and applications. The report provides insights on Market Penetration, Market Development, Market Diversification, Competitive Assessment and intelligence, and Product Development and innovation.

Smart Building Market by Component (Solution, Service), by Solution Type (Building Infrastructure Management, Security and Emergency Management, Energy Management, Network Management, Workforce Management, Waste Management), by Building Type (Residential, Commercial, Industrial) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

The global smart building market size was estimated at USD 88.0 billion in 2023 and is projected to reach USD 178.2 billion in 2030 at a CAGR of 10.5% during the forecast period 2023-2030.

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A smart building is a technologically advanced structure that leverages the power of the Internet of Things (IoT) and automated systems to efficiently manage various building functions. These functions include heating, ventilation, air conditioning, lighting, security, and more. By incorporating sensors, actuators, and microchips, a smart building can collect and analyze data, enabling organizations or households to optimize their operations and services. This intelligent infrastructure empowers building owners, operators, and facility managers to enhance asset reliability, boost performance, reduce energy consumption, optimize space utilization, and minimize the environmental impact of buildings.

The widespread adoption of smart buildings across different regions is primarily driven by the growing demand for improved building efficiency and resource management in urban settings. Additionally, the increasing focus on public safety and security also contributes to the expansion of the smart building market. However, challenges such as security concerns related to intelligent buildings and the lack of adequate funding and infrastructure hinder the market's growth. On the other hand, the emergence of artificial intelligence within smart buildings and the continued growth of the IoT market, along with its applications in smart buildings, present numerous opportunities for the further development and expansion of the intelligent building market throughout the forecast period. The increasing focus of governments on reducing energy consumption has played a significant role in driving the adoption of smart building solutions. For example, according to the U.S.-China Economic and Security Review Commission, China is projected to spend USD 38.92 billion on smart city initiatives by 2023, highlighting the nation's commitment to energy efficiency measures.

Similarly, the Canadian government has placed significant emphasis on energy conservation, particularly in the context of smart buildings for both residential and commercial spaces. Additionally, the United Kingdom has made substantial efforts in implementing smart building solutions to address the carbon footprint associated with the building sector and achieve energy efficiency targets.

Delvens Industry Expert's Standpoint

The market is experiencing significant growth, driven by the expansion of smart cities and the growing demand for energy-efficient buildings. The increasing adoption of IoT-based remote monitoring devices has also contributed to the rising demand for smart buildings. Additionally, the market is expanding due to the increasing popularity of building automation systems, which are used for various purposes such as security, entertainment, telecommunications, and facility management. Rapid urbanization and government initiatives to develop smart infrastructure in both developed and developing countries are further propelling the industry. Advancements in digital technology, sensors, and telecommunications have enabled more effective monitoring and control of buildings compared to previous methods.

Smart Building Market Key Findings

·        The component segment is categorized into different segments, solutions and services. The solutions encompass various technological elements and tools that contribute to the smart building ecosystem. On the other hand, services pertain to the support, maintenance, and expertise required to ensure the smooth functioning of smart building solutions. These distinct segments provide a comprehensive framework for understanding and analyzing the diverse aspects of the global smart building industry, allowing for a more nuanced examination of its growth and potential.

·        solutions type segment encompass a range of functionalities, including building infrastructure management (BIM), security and emergency management (SEM), energy management, network management, workforce management, and waste management. Additionally, the market is analyzed across different regions, namely North America, Europe, Asia-Pacific, and LAMEA. Leading the global smart building market are 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 industry leaders have implemented various strategies to enhance their market presence, expand their customer base, and solidify their position in the smart building industry. Their proactive approaches contribute to the overall growth and advancement of the market.

·        In the coming years, the energy management sector is projected to experience significant growth due to the increasing need for environmentally friendly and sustainable building management solutions. The market is benefiting from the growing demand for green practices. Moreover, the implementation of smart energy solutions is being bolstered by various government initiatives, which are anticipated to drive the expansion of the smart energy market segment.

·        The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, remote monitoring and risk management are considered highly effective by most organizations and verticals.

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Smart Building Market Regional Analysis

North America to Dominate the Market

·        North America emerged as the leading region in the smart building market in 2021 and is projected to maintain its dominance throughout the forecast period. This can be attributed to the region's advanced information and communication technology (ICT) sector and substantial investments that contribute to the growth of the smart building market. However, Asia-Pacific is expected to experience substantial growth in the coming years.

·        The region is witnessing significant government initiatives and a strong focus on digital transformation, which are expected to drive the analysis and development of the smart building market in this area.

Smart Building Market Competitive Landscape

·        Cisco

·        IBM

·        Honeywell

·        Siemens

·        Johnsons Controls

·        Huawei

·        Intel

·        PTC

·        ABB

·        Hitachi

·        Scheinder Electric

·        Telit

·        Legrand

·        Bosch

·        KMC Controls

·        Verdigris Technologies

·        Aquicore

·        75F

·        BuildingIQ

·        ENTOUCH

·        Gaia

·        Softdel System

·        ModeGreen

·        CopperTree Analytics

·        Spaceti

·        Igor

·        eFACILITY

·        Spacewell

Recent Developments in The Smart Building Market

·        In August 2022, Johnson Controls collaborated with Microsoft Beijing Campus to implement building retrofit and optimization measures, resulting in a remarkable energy savings of 37.8% and ensuring an impressive equipment uptime of 98%.

·        In February 2022, Legrand joined forces with URC, a prominent provider of smart home automation and control systems, to enhance and extend the capabilities of smart home control. This strategic collaboration enables the two companies to work together closely, ensuring seamless control of Legrand's Vantage lighting and climate systems, delivering an enhanced user experience and greater convenience.

Reasons to Acquire Smart Building Market Report

·        Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

·        Gain authentic and granular data access for the Smart Building Market to understand the trends and the factors involved in changing market situations.

·        Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

·        In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Frequently Asked Questions?

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