The GMI Research forecasts that the smart building market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rising adoption of the Internet of Things (IoT), which enabled the usage of building management system and the increasing awareness of space utilization globally.
Introduction of the Smart Building Market:
Smart Building is any structure that uses automated processes for the management of several operations of the building, such as security, air conditioning, heating, ventilation, lighting, and other systems as per the changing conditions. A smart building is particularly designed to make human lives simple by using smart and complex technology. It uses information technology during the operation process to connect to multiple subsystems to share and collect data information for improving the building’s performance. The core systems are interconnected for reducing energy consumption, improves efficiency, and enhances safety & comfort levels.
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Smart Building Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The global smart building market is expected to witness growth in the market during the forecast period due to the rising adoption of the Internet of Things (IoT), which enabled the increased usage of building management system and the rising awareness of space utilization globally. According to smart building market forecast, the growing awareness related to energy consumption and the rising number of initiatives associated with environmental concerns will encourage the usage of smart building systems to save money, time, and energy. For example, in 2017, the Public Service and Procurement Canada (PSPC) executed the Smart Building initiative, emphasizing 100 buildings across Canada. Several economies such as Dubai has introduced the “Dubai Plan 2021”, focusing on converting the city into a “smart city” by using innovative technology, smart policies, and digital tools. The rapid development of smart cities will fuel the growth of the smart building market size.
The emerging trend for eco-friendly and green buildings that provide various smart features will lead to an upsurge in demand for the smart building market during the forecast period. As per a recent survey held by the International Trade Administration, the United Kingdom has witnessed a 14% increase in the number of companies willing to build 60% of their projects as green projects by 2018. The increasing security concerns, along with the technological enhancement and reliability provided by the intelligent security systems, will further boost the demand of the market in the upcoming years.
Key Players of the Global Smart Building Market:
- Cisco
- Schneider Electric
- Hitachi, Ltd.
- Honeywell International Inc.
- Johnson Controls
- IBM, Siemens
- Intel Corporation
- Huawei
- ABB
Smart Building Market Segmentation:
Segmentation by Component:
- Solutions
- Services
Segmentation by Solution:
- 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 Management
- Workforce Management
Segmentation by Services:
- Consulting
- Integration and Deployment
- Support and Maintenance
Segmentation by Building Type:
- Residential
- Commercial
- Office Buildings
- Retail and Public Assembly Buildings
- Hospital and Healthcare Facilities
- Airports and Railway Stations
- Others
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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