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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Building Market Analysis by Region
North American market is driven by the high adoption of smart technologies and the presence of major players
North America dominates due to rising use of technologies, such as IoT, big data analytics, AI, and cloud computing to develop smart solutions for buildings and increase the safety of the occupants. The government of US is also working towards protecting the country’s environment and resources by increasing the energy efficiency of buildings by adopting smart technologies. For example, Duke Energy Centre in North Carolina boasts the highest green certification of LEED Platinum. It features 450,000 LED lights and reuses approximately 10 million gallons of water each year, harvested from groundwater, rainwater, and HVAC condensation.
Asia Pacific is also augmenting the smart building market growth by increasingly adopting smart technologies in public spaces, such as shopping centres, neighborhoods, and workplaces. Moreover, the rising urban population and the increasing disposable income are compelling consumers in the region to invest in smart building infrastructures. The Asia Pacific region is also home to several smart city projects, such as Songdo International Business District in South Korea and GIFT City in India, which are expected to drive the demand for smart building solutions.
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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