Smart Building Market 33.7% CAGR Led by Building Automation Software to 2022, Says a New Research Report at ReportsnReports
Aug 24, 2017, 06:00 ET
PUNE, India, August 24, 2017 /PRNewswire/ --
The smart building market is forecast to reach $31.74 billion by 2022 from $7.42 billion in 2017 at a CAGR of 33.7% during (2017-2022) driven by the growing need for integrated security and safety systems in buildings and the implementation of the IoT platform in building automation technology.
Browse 73 Market Data Tables and 33 Figures spread through 126 Pages and in-depth TOC on "Smart Building Market - Global Forecast to 2022" http://www.reportsnreports.com/reports/267717-smart-building-market-building-automation-systems-physical-security-building-energy-management-systems-bems-building-communication-systems-parking-management-water-management-networking-worldwide-market-forecasts-and-analysis-2013-2018-.html .
The Asia Pacific is expected to grow at a higher CAGR in the smart building market during the forecast period. The smart building market has been studied for North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA), and Latin America. Countries such as China, India, Australia, and Singapore have launched the initial phases of smart building projects. Also, the growing use of cloud based as well as IoT technologies and increasing strategic alliances among technology vendors are encouraging governments towards undertaking initiatives for the development of smart and green buildings.
Based on type, the building automation software segment is estimated to be the largest segment in the smart building market in 2017. This is due to the increase in adoption of building automation for facility and emergency response management, building energy optimization, parking management, and in-building communication systems.
Order a copy of Smart Building Market by Type (Building Automation Software, Services), Building Type (Intelligent Security System, Building Energy Management System, Infrastructure Management, and Network Management System), and Region - Global Forecast to 2022 research report at http://www.reportsnreports.com/purchase.aspx?name=267717 .
The smart building market ecosystem includes key players, such as the ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric (France), Cisco Systems, Inc. (US), International Business Machines Corporation (US), Delta Controls (Canada), Johnson Controls (US), Honeywell International Inc. (US), United Technologies Corporation (US), Legrand (France), and BuildingIQ (US) that provide solutions and services required for smart buildings.
The commercial building is estimated to be the largest segment in the smart building market in 2017. Commercial buildings account fora major share of the overall building automation software market, as it includes large office buildings, commercial building parks, retail facilities such as malls and shopping stores, hotels and restaurants, and other non-manufacturing commercial buildings which involve the use of increasingly automated technology with the aim to maintain smart building initiatives. There by, the demand for energy conservation and reduction of overall operating costs is the highest in this sector.
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In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (17%), Tier 2 (33%) and Tier 3 (50%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (35%), Directors (60%) and others (5%) from various key organizations operating in the smart building market. The primary interviews were conducted worldwide covering regions such as North America (42%), Europe (29%), Asia Pacific (17%), and RoW (12%).
Research Coverage: The smart building market has been segmented based on by type, building type, and region. Based on type, the smart building market has been segmented into building automation software and services. Based on building type, the market has been segmented into manufacturing facilities, residential buildings, commercial buildings, university, school & hospital buildings, government & public infrastructure facilities, and others. Based on region, the smart building market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Another research titled Building Management System Market Global Forecast to 2023 says, building management system (BMS) market was valued at $6.65 billion in 2016 and is expected to reach $19.25 billion by 2023, at a CAGR of 16.71% between 2017 and 2023. Professional services continue to hold the largest share of the building management system market during the forecast period. Europe to hold the largest share of the building management system market during the forecast period. Companies such as Honeywell International Inc. (US), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (US), IBM Corporation (US), Ingersoll-Rand Plc (Ireland), Delta Controls (Canada) have been profiled in this 137 pages research report available at http://www.reportsnreports.com/reports/1092858-building-management-system-market-by-software-facility-security-energy-emergency-infrastructure-management-service-professional-managed-application-residential-commercial-industrial-and-geography-g-st-to-2023.html .
Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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