Smart Building Market:
The GMI Research’s latest analysis reveals that the Smart Building Market is slated to register a significant CAGR over the coming years. This is mainly attributed to the growing awareness of energy consumption, the growing number of initiatives associated with environmental issues, increasing awareness of space usage.
Smart Building Market’s leading Manufacturers:
- Cisco
- Schneider Electric
- Hitachi, Ltd.
- Honeywell International Inc.
- Johnson Controls
- IBM, Siemens
- Intel Corporation
- Huawei
- ABB
Smart Building Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global smart building market is predicted to witness an upsurge in demand over the coming years due to the increasing awareness of space usage and the strong adoption of the Internet of Things (IoT) allowed building management system. As per the smart building market report, the growing awareness related to energy consumption and the growing number of initiatives associated with environmental issues will further encourage the use of smart building systems to save energy, time, and money. For instance, the Public Service and Procurement Canada (PSPC), in 2017, implemented the Smart Building initiative emphasizing the construction of 100 buildings across Canada. Several economies like Dubai have introduced the “Dubai Plan 2021”, focusing on transforming the city into a “smart city” by utilizing smart policies, innovative technology, and digital tools. The rapid development of smart cities will further stimulate the growth of the smart building market size.
The emerging trend for eco-friendly and green buildings that provide various smart features will further augment the growth of the market during the forecast period. As per the survey held by the International Trade Administration, UK has experienced a 14% growth in the number of organizations willing to construct 60% of their projects as green projects by 2018. The increasing security issues, coupled with the technological improvement and reliability provided by the intelligent security systems, will further fuel the demand of the market in the upcoming years.
Building Type Segment Drivers
Based on building type, the global smart building market is segmented into residential, commercial, and industrial. The commercial is anticipated to rise at a higher CAGR over the coming years due to the rising investments in the construction industry worldwide. The leading players are emphasizing the development of smart corporate offices to improve the security system, improve the productivity of the employees, helps in effectively using small spaces, and saves cost and energy at the same time. With the increasing competition in the airline industry, the operators are proactively searching for smart technologies to integrate the complex system of infrastructure, businesses, processes, and individuals to deliver a hassle-free passenger experience. Thus, the emerging trend of smart corporate offices and the smart airport will increase demand for the smart commercial building market.
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)
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