The smart building market is projected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% from 2019 to 2024.
Rising adoption of IoT-enabled building management system and raising awareness of space utilization to drive the growth of the market across the globe. However, the lack of cooperation among standard bodies and uniform technology among smart building solutions is expected to restrict the growth of the market across the globe.
The major vendors covered in the Smart building market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).
Based on solution type, the energy management segment is expected to grow with the fastest growth rate during the forecast period
The energy management segment is projected to grow with the most rapid growth rate from 2019 to 2024. Energy management solutions for smart building help to reduce and monitor the energy consumption of the building. Keeping operational expenses low is a continuous challenge for owners and managers of multistory buildings, schools, or building complexes. Some of the infrastructure available for managing energy in buildings is designed for large systems and not for managers with smaller budgets, resulting in high costs of adoption and integration.
Based on building type, the commercial building segment is expected to lead the Smart building market in 2019
The commercial building segment is expected to lead the smart building market in 2019. Energy performance of commercial buildings is a significant challenge for the commercial sector as these buildings consume higher energy and also generate more waste in the form of carbon and other solid wastes. Therefore, appropriate and tailor-made solutions are needed for optimized energy performance to reduce building energy consumption without compromising comfort or security.
The Asia Pacific (APAC) smart building market is projected to grow at the highest CAGR during the forecast period
The APAC smart building market is projected to grow at the highest CAGR during the forecast period. The growth of the market in the Asia Pacific can be attributed to innovative building technologies that are getting traction in the APAC region due to the presence of various smart building market vendors to use such technology for gaining competitive advantage.
Multiple governments in this region have started promoting smart building practices due to rising environmental concerns and the growing need for energy savings. For instance, China has invested heavily in over 2,500 green building projects, and Singapore has decided to aim for 80% cent of its buildings to be certified as Green, under its Green Mark scheme by 2030.
The market study covers the Smart building market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on components, solutions, service, building type, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Smart building market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Key Topics Covered 1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Smart Building Market 4.2 Market Top 3 Solutions and Regions 4.3 Market By Region 4.4 Market Investment Scenario
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Rising Adoption of IoT-Enabled Building Management System 18.104.22.168 Rising Awareness With Regard to Space Utilization 22.214.171.124 Increased Industry Standards and Regulations 5.2.2 Restraints 126.96.36.199 Lack of Cooperation Among Standard Bodies 5.2.3 Opportunities 188.8.131.52 Emergence of 5G Technology 184.108.40.206 Rising Smart City Trend 5.2.4 Challenges 220.127.116.11 Lack of Technology Alignment and Skilled Professionals 18.104.22.168 Rising Privacy and Security Concerns Owing to IoT-Enabled Devices 5.3 Case Studies
6 Smart Building Market By Component 6.1 Introduction 6.2 Solutions 6.2.1 Solutions Help Solve the Critical Challenges for Building Operations 6.3 Services 6.3.1 Need for Consistent Performance of Solutions to Increase the Demand for Services in the Market
7 Smart Building Market By Solution 7.1 Introduction 7.2 Building Infrastructure Management 7.2.1 Parking Management System 22.214.171.124 Parking Management System Helps to Manage Multiple Parking Facilities at a Time to Reduce Parking Complexities in Buildings 7.2.2 Smart Water Management System 126.96.36.199 Need for Efficiently Managing Water Resources to Increase the Demand for Smart Water Management Systems 7.2.3 Elevators and Escalators Management System 188.8.131.52 Smart Elevators Would Solve Elevator Failures and Increase the Life of Elevators 7.3 Security and Emergency Management 7.3.1 Access Control System 184.108.40.206 Access Control Software Works With Smart Building Automation Systems to Regulate Mechanical Systems and Provide Security Features That Keep Buildings Secure 7.3.2 Video Surveillance System 220.127.116.11 Video Surveillance Systems Provide Increased Visibility for Organizations That Want to Safeguard Their People, Assets, and Buildings 7.3.3 Safety System 18.104.22.168 Safety Systems Help to Control Accidents and Public Safety 7.4 Energy Management 7.4.1 HVAC Control System 22.214.171.124 Smart HVAC Technology Reduces Energy Costs, Lessens the Workload on Facilities Staff, and Provides Better Comfort Conditions 7.4.2 Lighting System 126.96.36.199 Smart Lighting Management Helps Reduce Energy Consumption in Buildings 7.5 Network Management 7.5.1 Network Management Helps to Run the Overall System Smoothly and Without Failure of the Control System 7.6 Workforce Management 7.6.1 Workforce Management Helps to Manage and Monitor the Workforce Within the Facility
8 Smart Building Market By Service 8.1 Introduction 8.2 Consulting 8.2.1 Consulting Services Help Understand the Significance of the Smart Building Solutions 8.3 Integration and Deployment 8.3.1 Need for Integrating Different Components on a Single Platform to Increase the Demand for Integration and Deployment Services 8.4 Support and Maintenance 8.4.1 Need for Efficient and Seamless Operations of the Smart Building Solutions to Increase the Demand for Support and Maintenance Services
9 Smart Building Market By Building Type 9.1 Introduction 9.2 Residential 9.2.1 Increasing Awareness of Safety and Security to Drive the Demand for Smart Solutions in Residential Buildings 9.3 Commercial 9.3.1 Office Buildings 188.8.131.52 Growing Demand for Smart Building Solutions to Provide Safe and Efficient Operations in Office Buildings 9.3.2 Retail and Public Assembly Buildings 184.108.40.206 Higher Demand for Smart Building Solutions in Commercial Buildings to Efficiently Manage Commercial Facilities and Track Public Across the Facility 9.3.3 Hospital and Healthcare Facilities 220.127.116.11 Smart Building Solution Helps in Patient Monitoring and Better Management of Hospital Facilities 9.3.4 Airports and Railway Stations 18.104.22.168 Smart Building Solutions Help to Keep the Airports and Railway Stations Safe and More Efficient 9.3.5 Others 9.4 Industrial 9.4.1 Smart Building Solutions Help Industries Become More Efficient and Productive
10 Smart Building Market By Region 10.1 Introduction 10.2 North America 10.2.1 United States 10.2.1.1 Supportive Government Plans for Energy Optimization to Fuel the Growth of the Smart Building Market in the US 10.2.2 Canada 10.2.2.1 Government Initiatives to Support the Green Building Initiatives to Fuel the Growth of Smart Building in Canada 10.3 Europe 10.3.1 United Kingdom 10.3.1.1 Initiatives of Smart Cities to Fuel the Growth of Smart Buildings in the UK 10.3.2 Germany 10.3.2.1 Increasing Adoption of IoT to Fuel the Growth of Smart Buildings in Germany 10.3.3 Rest of Europe 10.4 Asia Pacific 10.4.1 China 10.4.1.1 Government Initiatives for the Adoption of Building Automation Solution Fueling the Growth of Smart Buildings in China 10.4.2 Japan 10.4.2.1 Technology Advancements in Various Sectors to Fuel the Growth of the Smart Building Market in Japan 10.4.3 Australia 10.4.3.1 Growing Investment From Commercial Property Owners and Government for the Development of Smart Cities Leading to Adoption of Smart Building in Australia 10.4.4 Rest of Asia Pacific 10.5 Middle East and Africa 10.5.1 Israel 10.5.1.1 Rise in Adoption of Connected Technologies to Increase the Demand for Smart Buildings in Israel 10.5.2 United Arab Emirates 10.5.2.1 Government Initiatives to Fuel the Growth of Smart Buildings in the UAE 10.5.3 Rest of Middle East and Africa 10.6 Latin America 10.6.1 Brazil 10.6.1.1 Growing Initiatives of the Government for Technological Adoption to Fuel the Growth of Smart Building in Brazil 10.6.2 Mexico 10.6.2.1 Growing Initiatives of Green Buildings to Fuel the Growth of Smart Building in Mexico 10.6.3 Rest of Latin America