According to IMARC Group’s latest report, titled “Smart Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global smart building market is expected to exhibit a CAGR of 11.24% during 2022-2027. A smart building uses automated processes to control several building operations, including air conditioning, lighting, heating, ventilation, security, and other systems. They include actuators, sensors, and microchips to collect and manage data as per the business services and functions. It helps operators, owners, and facility managers improve asset performance and reliability, further optimizing the space used, reducing energy use, and minimizing the environmental impact of buildings. A smart building employs various mechanisms and robotics to optimize and control its performance, including the Internet of Things (IoT) sensors, building management systems (BMS), artificial intelligence (AI), and augmented reality (AR). It also efficiently manages the humidity rate, air purification, and temperature of buildings to create ideal living conditions for the residents.
Market Trends and Drivers:
The growing energy demand, rapid urbanization, and the launch of several cloud-based platforms are factors primarily driving the smart building market growth. In line with this, the increasing number of smart cities and the widespread adoption of the Internet of Things (IoT)-enabled BMS are accelerating the market growth. Additionally, governments of several nations are heavily investing in smart city projects with advanced infrastructure, cleaner transportation, and intelligent buildings, which is creating a positive outlook for the market. Besides this, the surging popularity of automation systems relating to telecommunications, entertainment, facility management, and security, along with rapid technological advancements, is providing an impetus to market growth.
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Smart Building Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the smart building market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ABB Ltd
- Cisco Systems Inc.
- Hitachi Ltd.
- Honeywell International Inc
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Johnson Controls International Public Limited Company
- Schneider Electric SE
- Siemens AG
Key Market Segmentation:
The report has segmented the global smart building market based on technology, component, end user and region.
Breakup by Technology:
- Building Infrastructure Management (BIM):
- Parking Management System
- Smart Water Management System
- Elevators and Escalators Management System
- Security and Emergency Management:
- Access Control System
- Video Surveillance System
- Safety System
- Energy Management:
- HVAC Control System
- Lighting System
- Network & Communication Management
- Workforce Management
Breakup by Component:
- Professional Service
- Managed Service
Breakup by End User:
- Government & Public Infrastructure
- Manufacturing & Industrial
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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