Global Smart Building Market to Grow at a CAGR of 10.4% During 2024-2032, Driven by the Growing Technological Advancements and Favourable Government Initiatives

The global market for smart building is being driven by the rising technological advancements, increase in governmental regulations to protect the environment, demand for energy efficient systems, growing urbanisation, and an increase in consumer disposable income and improving standards of living. The market is expected to witness a demand for energy management solutions owing to the need of owners and building occupants to lower their expenses. The use of smart technology in the commercial sector is expected to gain traction owing to the rising government policies to reduce energy consumption. Further, the industrial segment is expected to witness a healthy growth due to a rise in demand for a safe office environment post-pandemic as smart technologies may be utilised to manage the sanitisation of the workplace, optimise the space for physical distancing, and facilitate proper office ventilation.

North America is anticipated to hold a significant market share due to the rising investments in the development of advanced building infrastructures and favourable government initiatives. Meanwhile, Europe is expected to witness an increase in adoption of industrial and commercial smart building solutions post-pandemic to facilitate employee well-being and lower energy consumption. The Asia Pacific region, on the other hand, is expected to observe an exponential growth owing to the rising smart city projects and the growing population scenario in India and China, thus, boosting the growth of the smart building industry.

Market participants are actively investing in R&D to develop solutions that can help customers effectively manage smart building environments. For instance, in May 2021, Cisco Systems Inc. (NASDAQ: CSCO) launched smart building solutions designed to help its customers manage their smart building infrastructures and help organisations increase the safety and effectiveness of the workforce post the COVID-19 pandemic. The company has integrated advanced analytics and machine learning analytics to its Meraki MV line of smart cameras and IoT Gateway on both Catalyst 9000 switches and access points, thus, providing a secure foundation for smart buildings.

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Market Analysis by Component, Building Type, and Region:

• The market on the basis of component can be divided into building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services.

• Based on building type, the industry can be divided into commercial, residential, and industrial.

• The regional markets for smart building include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing urbanisation is driving the demand for smart building infrastructure across the globe.

• Favourable government initiatives aimed at environmental sustainability are further contributing to the market expansion.

• The industry is receiving a further impetus with the rising consumer disposable incomes and improved standards of living, focussed on reducing energy consumption.

• Growing investments in smart city projects are further expected to boost the industry growth.

• Advancements in technologies such as AI, IoT, and cloud computing are further assisting in the industry growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for smart building for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, types, and regions of smart building.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart building market are Honeywell International Inc, Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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