The global smart building market is expected to witness significant growth owing to the increasing need for public safety and security, the growing adoption of smart buildings due to the increasing need for better utilization of a building, and better resource management. Based on the component, the solution segment generated the highest market share in 2021. Regionally, the Asia-Pacific region is predicted to rise at the fastest CAGR by 2031.
Wilmington, DE, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global smart building market is predicted to hit $201.16 billion by 2031. The market accounted for $69.80 billion in 2021 and is predicted to rise at a CAGR of 11.3% during the analysis timeframe from 2022 to 2031. The report provides a comprehensive analysis of the drivers & opportunities, market size & estimations, top investment pockets, competitive scenario, top winning strategies, and varying market trends.
The global smart building market is attributed to the rising demand for public safety and security, and the surging adoption of smart buildings owing to the increasing need for better utilization of a building and better resource management in urban areas. Moreover, the rising incorporation of artificial intelligence in smart buildings and the rapid growth in the IoT market & its application in smart buildings are predicted to bring expansive growth opportunities for the market over the analysis period. However, the security concerns associated with intelligent building and the lack of funding & adequate infrastructure may impede the growth of the market.
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Report coverage & details:
|Market Size in 2021||$69.80 Billion|
|Market Size in 2031||$201.16 Billion|
|No. of Pages in Report||275|
|Segments covered||By Component, Solution Type & Building Type|
|Drivers||Need for efficient resource utilization.
Minimize energy costs and promote sustainability
|Opportunities||The emergence of artificial intelligence in smart buildings and the rise in the IoT market & its application in smart buildings are anticipated to provide numerous opportunities for the expansion of the smart and intelligent building market during the forecast period.|
The global smart building market is divided based on component, solution type, building type, and region.
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By component, the solution segment held the highest market share in 2021, contributing to nearly three-fifths of the entire market, and is anticipated to hold the lion’s share by 2031. On the contrary, the service segment is predicted to showcase the fastest CAGR of 12.5% throughout the forecast period.
By solution type, the security and emergency management segment accounted for around one-fourth of the total market revenue in 2021. On the other hand, the energy management segment is expected to manifest the highest CAGR of 13.5% in 2031.
By geography, North America accounted for nearly two-fifths of the global market share in 2021 and is predicted to rule the roost during the analysis timeframe. On the other hand, the Asia-Pacific region is predicted to exhibit the fastest CAGR of 13.5% by 2031. The report also includes the regional analysis of Europe and LAMEA.
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The leading market players evaluated in the global smart building market report include Siemens, ABB, PTC, Cisco Systems, Inc., Johnson Controls, Hitachi, Ltd., Johnson Controls, Honeywell International Inc., Intel Corporation, IBM Corporation, and Huawei Technologies Co.
Key Industry Development –
In April 2022, ABB made a partnership with Samsung Technology Electronics it helps to provide jointly developed technologies for energy savings, energy management, and the smart Internet of Things (IoT) connection of both residential and commercial buildings.
In May 2022, Cisco Systems, Inc. announced the release of the Cisco Cloud Controls Framework (CCF) to the public, it empowers teams to make sure cloud products and services meet security and privacy requirements thanks to a simplified rationalized compliance and risk management strategy, saving significant resources.
In May 2022, IBM AI adoption for business study and society standards the adoption and acceptance of AI adoption aim to enhance and reach challenges with greater social and environmental impact and help companies address labor and skills shortages by automating repetitive tasks.
In May 2022, Siemens deployed AI-integrated data center management software at the largest and most energy-efficient data center in the Baltic region. The building management software (BMS), the energy and power management software (EPMS), and the White Space Cooling Optimization (WSCO) help Greenergy Data Centers to lower energy usage, ensure thermal protection, and manage reliable operation of the critical infrastructure.
In January 2021, PTC acquired Arena Solutions the industry-leading software as a services (SaaS) product life cycle management (PLM) solution. This acquisition made product development market and broadly extended PTC presence in an attractive mind market and SaaS solutions became standard.
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