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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Building Market Trends
Rapid urbanisation is compelling governments across the globe to invest in smart city projects and intelligent infrastructures to enhance the relationship between the government and its citizens. With rising investments in smart city projects, the smart building market outlook is expected to turn out favourable during the forecast period.
Moreover, rapid technological advancements focused on providing safety to building occupants and environmental sustainability are expected to further boost the market growth. While rising cybercrimes may hamper the market growth during the forecast period, many building owners are investing in robust cybersecurity measures, such as encryption, network monitoring, and regular security assessments to protect sensitive data and ensure data integrity and privacy.
Smart Building Market Report Snapshots
Smart Building Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global smart building market attained a value of nearly USD 86.39 billion.
The market is expected to grow at a CAGR of 10.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 210.46 billion by 2032.
The rapid urbanisation, stringent government regulations aimed at environmental sustainability, rising demand for occupant’s safety, investments in smart city projects, and need to reduce energy consumption and costs are factors expected to aid the market growth.
Key trends aiding market expansion include the growing technological advancements, favourable government initiatives, and rising smart city projects.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of smart building are commercial, residential, and industrial.
The major components considered within the market report are building infrastructure management solution, energy management solution, workforce management solution, network management solution, and services.
Key players in the market are Honeywell International Inc., Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Schneider Electric SE, and Huawei Technologies Co., Ltd., among others.
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