The global intelligent building market was valued at $12,371 million in 2017, and is projected to reach at $42,649 million by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
Rise in need for new energy efficient interventions, increased market for Building automation and control systems, supportive industry standards and regulations toward smart buildings, and extensive IoT penetration in building management systems drive the growth of the global intelligent building market. However, high initial investment and complex interoperability between various systems and devices deployed for managing infrastructure hampers the intelligent building market growth.
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Based on type, the intelligent security system segment led the intelligent building market in 2017 and is projected to maintain its dominance in the future. However, the building energy management system segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission and for energy conservation.
Europe generated the highest revenue in 2017; however, the Asia-Pacific segment is anticipated to witness the fastest growth registering a CAGR of 23.2% during the forecast period.
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The intelligent building industry is rapidly evolving, and some of the major trends that are shaping the industry include:
- Sustainability: Sustainability is a key trend in the intelligent building industry, with building owners and managers increasingly looking for ways to reduce energy consumption and minimize their carbon footprint. The use of renewable energy sources such as solar and wind power, energy-efficient building designs, and the integration of green building materials are some of the ways in which the industry is addressing this trend.
- Smart building automation: Smart building automation is becoming increasingly popular as building owners and managers look to optimize building operations and enhance occupant comfort. This involves the integration of various building systems, such as lighting, HVAC, security, and fire safety, into a centralized control system, which can be managed through a single platform.
- Internet of Things (IoT): The integration of IoT technologies is another major trend in the intelligent building industry. IoT devices such as sensors, actuators, and smart appliances are being used to collect and transmit data from various building systems, which can be analyzed to optimize building operations and improve energy efficiency.
- Enhanced occupant experience: The intelligent building industry is also focused on enhancing the occupant experience by providing personalized services and amenities. This includes features such as smart lighting, temperature control, and security systems, as well as services such as mobile apps and personalized notifications.
- Data-driven decision making: Finally, the use of data analytics is becoming increasingly important in the intelligent building industry. Building owners and managers are using data to make informed decisions about building operations, energy consumption, and occupant satisfaction. This involves the use of advanced analytics tools, machine learning algorithms, and predictive modeling techniques.
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Some of the key players operating in the intelligent building market that are profiled in the report include ABB, Cisco Systems, Inc., Delta Controls, Honeywell International Inc., Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.
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