Surge in adoption of smart buildings because of the growing need for better utilization of a building and better resource management in urban environments, and increasing demand for public safety and security drive the growth of the global Smart Building Market. On the other hand, security concerns associated with intelligent building and lack of funding & adequate infrastructure restrain the growth of the market. However, emergence of artificial intelligence in smart buildings and the growth in the IoT market & its application in smart buildings are expected to create lucrative opportunities in the industry.
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The global smart building industry is analyzed across component, solution type, building type, and region.Based on component, the solution segment was the largest in 2021, accounting for nearly three-fifths of the total market, and is anticipated to rule the roost by the end of 2031. The service segment, however, would cite the fastest CAGR of 12.5% throughout the forecast period.
Based on solution type, the security and emergency management segment contributed to around one-fourth of the total market revenue in 2021. The energy management segment, on the other hand, would grow at the fastest CAGR of 13.5% in 2031.
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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.
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Based on geography, North America held around two-fifths of the global market share in 2021 and would lead the trail during the forecast period. However, Asia-Pacific would cite the fastest CAGR of 13.5% by 2031. The other two provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global smart building market report include ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens.
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Covid-19 Scenario-
- Imposition of lockdown, social distancing measures, and enforcement of remote and work from home policies by the government during the pandemic led to increased demand for advanced home automation and IoT tools for specialized services such as smart energy management, smart heating, and ventilation, among others.
- These factors provide new opportunities for the development and growth of the global intelligent building market.
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