Smart Buildings Market size is set to grow by USD 64.84 bn from 2024-2028,growing need for building automation to enhance business outcomes boost the market- Technavio

NEW YORK, April 8, 2024 /PRNewswire/ -- The global smart buildings market  size is estimated to grow by USD 64.84 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.61%  during the forecast period.  Smart buildings market incorporates IoT-enabled devices, 5G technology, and building automation software. This technology facilitates efficient energy management in commercial buildings by regulating HVAC systems, power supplies, and lighting control. Building management systems monitor energy usage, generate alerts for exceeding predefined limits, and offer security & emergency management solutions. AI, IoT, VR, and cloud computing enhance building infrastructure management, while energy-efficient systems and PoE solutions reduce greenhouse gas emissions. OEMs focus on energy management segment, offering smart connected devices like elevators, thermostats, and CCTVs. 

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This smart buildings market report extensively covers market segmentation by Product (BMS, HVAC, Lighting control, Security and access control, Others) Component (Software, Hardware, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa)

Market segmentation by Product

The Smart Buildings Market is experiencing significant growth due to the increasing adoption of advanced technologies such as 5G technology and IoT-enabled devices. The GSMA predicts that 5G networks will become the backbone of future smart buildings, enabling seamless connectivity for an array of smart connected devices, including sensors, CCTVs, passenger lifts, and power supplies. However, with the increased use of IoT devices comes the risk of cyber-attacks. Commercial buildings are integrating energy management, security & emergency management, and building infrastructure management systems, utilizing AI and IoT to optimize energy usage and reduce greenhouse gas emissions. OEMs are developing energy-efficient systems, such as smart glass, thermostats, elevators, and HVAC, powered by PoE solutions. Building management systems are leveraging cloud computing, data analytics, VR, and home automation to enhance user experience and improve waste management solutions. Despite these advancements, concerns regarding energy consumption and the potential impact on the environment remain.

The Smart Buildings Market in North America is expected to dominate the global scene, driven by the US and Canada. The region's industrial and commercial growth, particularly in Brazil, Colombia, and Mexico, will fuel the deployment of IoT-enabled devices and sensors. In the US, residential sector growth is significant due to 5G technology integration, enabling two-way communication among smart appliances like washing machines, air conditioners, and refrigerators. However, cyber-attacks pose a threat to 5G networks and IoT devices, necessitating robust security measures. Commercial buildings are adopting Energy management, Security & emergency management, and Building infrastructure management solutions, integrating AI, VR, Cloud computing, and Data analytics. OEMs are developing energy-efficient systems, including PoE solutions, Intelligent glass, Smart thermostats, and Smart elevators, to reduce energy consumption and greenhouse gas emissions. HVAC, lighting control systems, and automated building controls are essential components of smart building solutions. The Energy management segment leads, focusing on energy savings and building maintenance. 

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• The smart buildings market is experiencing growth due to IoT integration, enabling advanced IP-based connectivity and centralized control of multiple systems. Key technologies include 5G, IoT devices, sensors, AI, VR, cloud computing, and data analytics. Building automation sectors like energy management, security, and infrastructure management benefit, with energy savings and improved efficiency. 5G networks enhance connectivity, reducing lead times and operational costs for commercial buildings. IoT solutions include smart devices (lifts, CCTVs, power supplies), energy-efficient systems, and PoE solutions. OEMs offer building management systems, HVAC, and lighting control systems, contributing to greenhouse gas emissions reduction.
• Smart buildings market encompasses advanced technologies like 5G, IoT, AI, and VR for integrating complex building automation systems. These systems manage multiple subsystems, including power supplies, CCTVs, and passenger lifts, using interfacing software for efficient communication. Integrating legacy systems with new technologies may pose challenges, increasing security risks and potential installation issues. Key solutions include energy management, IoT sensors, PoE solutions, and building analytics for energy savings and improved infrastructure management.

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The Smart Buildings Market is experiencing significant growth due to the increasing adoption of energy-efficient systems and IoT technologies. PoE solutions are becoming increasingly popular for building management systems, enabling energy usage optimization and reducing greenhouse gas emissions. Commercial buildings are embracing Smart building solutions, integrating 5G technology, AI, VR, and cloud computing for advanced energy management, security & emergency management, and building infrastructure management. Intelligent glass, Smart thermostats, and Smart elevators are just a few examples of the innovative technologies enhancing the efficiency and sustainability of modern buildings. Additionally, home automation and waste management solutions are gaining traction, further contributing to the market's expansion.

The Smart Buildings Market is experiencing significant growth, driven by the integration of technology and energy efficiency. Systems such as HVAC, lighting, and security are being connected and optimized through IoT and AI. Consumptive technologies like solar and wind power are also playing a crucial role in the sector. Devices and controls are becoming more sophisticated, with features like real-time analytics, predictive maintenance, and automation. The industry is also focusing on interoperability and standardization to ensure seamless integration of various systems. The market is expected to continue expanding, with a strong emphasis on sustainability, cost savings, and enhancing occupant comfort. The use of advanced technologies like 5G, machine learning, and edge computing is also expected to transform the sector. Overall, the Smart Buildings Market is poised for continued growth and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• BMS
• HVAC
• Lighting Control
• Security And Access Control
• Others
• Component
• Software
• Hardware
• Services
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio