Global Smart Building Market, By Component (Solutions, Services), By Building Type (Residential, Commercial, Industrial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive M
Description
Global Smart Building Market, By Component (Solutions, Services), By Building Type (Residential, Commercial, Industrial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Smart Building Market to Witness Double Digit Growth through 2028
The global smart building market is growing at a high CAGR because of the increasing demand for energy-efficient technologies. Moreover, the increasing penetration of advanced technologies, such as artificial intelligence (AI), Internet of Things (IoT), machine learning, etc., is also driving the market forward…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global smart building market was worth USD 88.6 billion in the year 2021. The market is projected to grow at a CAGR of 11.20%, with revenues reaching USD 185.4 billion by 2028. The global smart building market is flourishing at a high rate owing to the increasing demand for energy-efficient technologies, along with expanding penetration of advanced technologies, such as artificial intelligence (AI), Internet of Things (IoT), machine learning, etc. Furthermore, rapid urbanization and rising public and private investments in the establishment of smart buildings are anticipated to boost the overall market growth during the forecast period. However, the high risk of cyberattacks may act as a huge restraining factor for the global smart building market.
Rising Adoption of Automation and Advanced Technologies Driving the Global Smart Building Market
The increasing penetration of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), machine learning, etc., is significantly driving the growth of the global smart building market. The IoT sensors and devices used in smart buildings are increasingly being used to monitor building characteristics. Such technologies are capable of analyzing data as well as generating insights that can be leveraged for optimizing the building’s environment and operations. These technologies also help to completely automate the functions of a smart building, thereby driving the overall market growth.
Increasing Development in Device Connectivity Offering Lucrative Growth Opportunities to the Market
The IoT device and component manufacturers are significantly investing in improving device connectivity to boost the implementation in smart buildings. Furthermore, increasing penetration of 5G technology is also projected to present lucrative growth opportunities to the smart building market in the forecast period. The increased internet connectivity improves the data transfer, interpretation, and controllability in smart buildings, further driving the growth of the smart building market.
Smart Building Market - By Component
Based on components, the smart building market is segmented into solutions and services. The services segment holds the largest share in the smart building market. This segment is further classified into consulting, implementation, and support and maintenance. The solutions segment is also classified into building infrastructure management, safety and security management, energy management, network management, and integrated workplace management system. Due to the growing demand for smart buildings, consulting and implementation services have been in high demand, as has assistance with deployment based on the requirements.
Smart Building Market - Regional Insights
Geographically, the smart building market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the smart building market, followed by Europe. However, the Asia-Pacific region is projected to register the highest growth rate during the forecast period. Strong and flourishing economies, such as Singapore, China, Japan, etc., are emerging as the prime markets for smart buildings. The Capital Tower in Singapore is among the oldest smart buildings in the world that was built in 2000. The developing countries are also deploying energy efficiency and connectivity tools into their infrastructure, which is driving the market growth.
Impact of COVID-19 on the Global Smart Building Market
The growth of the smart building market was tremendously affected by the unprecedented COVID-19 pandemic outbreak. As a result of a lack of investment in infrastructure, construction of commercial and residential spaces was hindered, lowering the demand for smart buildings. However, the market is projected to gain significant growth opportunities in the upcoming years owing to the increasing consciousness regarding energy conservation and the adoption of advanced technologies to achieve sustainability.
Global Smart Building Market - Competitive Landscape
The leading players in the global smart building market are ABB Ltd., Softdel, Honeywell International Inc., Hitachi Ltd., Siemens AG, Avnet Inc., Schneider Electric SE, Legrand SA, Huawei Technologies Co. Ltd, Johnson Controls Inc, IBM Corporation, Cisco Systems Inc., Verdigris Technologies, BuildingIQ, Mode: Green, ENTOUCH, Wirepath Home Systems LLC, Pointgrab Inc., PTC Inc., and other prominent players.
The smart buildings market is fragmented due to the presence of several global as well as regional market players. Many startups are also emerging with smart building solutions to exploit the growing market opportunities. The companies significantly focus on offering a wide range of products and solutions and often launch new products equipped with advanced technologies to gain a competitive edge. Furthermore, they also adopt strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
Smart Building Market to Witness Double Digit Growth through 2028
The global smart building market is growing at a high CAGR because of the increasing demand for energy-efficient technologies. Moreover, the increasing penetration of advanced technologies, such as artificial intelligence (AI), Internet of Things (IoT), machine learning, etc., is also driving the market forward…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global smart building market was worth USD 88.6 billion in the year 2021. The market is projected to grow at a CAGR of 11.20%, with revenues reaching USD 185.4 billion by 2028. The global smart building market is flourishing at a high rate owing to the increasing demand for energy-efficient technologies, along with expanding penetration of advanced technologies, such as artificial intelligence (AI), Internet of Things (IoT), machine learning, etc. Furthermore, rapid urbanization and rising public and private investments in the establishment of smart buildings are anticipated to boost the overall market growth during the forecast period. However, the high risk of cyberattacks may act as a huge restraining factor for the global smart building market.
Rising Adoption of Automation and Advanced Technologies Driving the Global Smart Building Market
The increasing penetration of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), machine learning, etc., is significantly driving the growth of the global smart building market. The IoT sensors and devices used in smart buildings are increasingly being used to monitor building characteristics. Such technologies are capable of analyzing data as well as generating insights that can be leveraged for optimizing the building’s environment and operations. These technologies also help to completely automate the functions of a smart building, thereby driving the overall market growth.
Increasing Development in Device Connectivity Offering Lucrative Growth Opportunities to the Market
The IoT device and component manufacturers are significantly investing in improving device connectivity to boost the implementation in smart buildings. Furthermore, increasing penetration of 5G technology is also projected to present lucrative growth opportunities to the smart building market in the forecast period. The increased internet connectivity improves the data transfer, interpretation, and controllability in smart buildings, further driving the growth of the smart building market.
Smart Building Market - By Component
Based on components, the smart building market is segmented into solutions and services. The services segment holds the largest share in the smart building market. This segment is further classified into consulting, implementation, and support and maintenance. The solutions segment is also classified into building infrastructure management, safety and security management, energy management, network management, and integrated workplace management system. Due to the growing demand for smart buildings, consulting and implementation services have been in high demand, as has assistance with deployment based on the requirements.
Smart Building Market - Regional Insights
Geographically, the smart building market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the smart building market, followed by Europe. However, the Asia-Pacific region is projected to register the highest growth rate during the forecast period. Strong and flourishing economies, such as Singapore, China, Japan, etc., are emerging as the prime markets for smart buildings. The Capital Tower in Singapore is among the oldest smart buildings in the world that was built in 2000. The developing countries are also deploying energy efficiency and connectivity tools into their infrastructure, which is driving the market growth.
Impact of COVID-19 on the Global Smart Building Market
The growth of the smart building market was tremendously affected by the unprecedented COVID-19 pandemic outbreak. As a result of a lack of investment in infrastructure, construction of commercial and residential spaces was hindered, lowering the demand for smart buildings. However, the market is projected to gain significant growth opportunities in the upcoming years owing to the increasing consciousness regarding energy conservation and the adoption of advanced technologies to achieve sustainability.
Global Smart Building Market - Competitive Landscape
The leading players in the global smart building market are ABB Ltd., Softdel, Honeywell International Inc., Hitachi Ltd., Siemens AG, Avnet Inc., Schneider Electric SE, Legrand SA, Huawei Technologies Co. Ltd, Johnson Controls Inc, IBM Corporation, Cisco Systems Inc., Verdigris Technologies, BuildingIQ, Mode: Green, ENTOUCH, Wirepath Home Systems LLC, Pointgrab Inc., PTC Inc., and other prominent players.
The smart buildings market is fragmented due to the presence of several global as well as regional market players. Many startups are also emerging with smart building solutions to exploit the growing market opportunities. The companies significantly focus on offering a wide range of products and solutions and often launch new products equipped with advanced technologies to gain a competitive edge. Furthermore, they also adopt strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
Table of Contents
198 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Key Market Segments
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
- 3. Executive Summary
- 4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Rising Focus Towards Energy Conservation
- 4.2.1.2. Growth Potential in Emerging Economies
- 4.2.2. Market Restraints
- 4.2.2.1. High Risk of Potential Cyberattacks
- 4.2.3. Market Challenges
- 4.2.3.1. Negative Impact of the COVID-19 Pandemic Outbreak
- 4.2.4. Market Opportunity
- 4.2.4.1. Rising adoption of automation and advanced technologies
- 4.2.4.2. Growing Demand for Convenient and Comfortable Lifestyle
- 4.3. Recent Developments
- 4.4. Porter’s Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
- 5. Smart Building Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Component
- 5.2.1.1. Solutions
- 5.2.1.1.1. Building Infrastructure Management
- 5.2.1.1.2. Safety and Security Management
- 5.2.1.1.3. Energy Management
- 5.2.1.1.4. Network Management
- 5.2.1.1.5. Integrated Workplace Management System
- 5.2.1.2. Services
- 5.2.1.2.1. Consulting
- 5.2.1.2.2. Implementation
- 5.2.1.2.3. Support and Maintenance
- 5.2.2. By Building Type
- 5.2.2.1. Residential
- 5.2.2.2. Commercial
- 5.2.2.3. Industrial
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East & Africa
- 6. North America Smart Building Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2018-2028
- 6.2. Market Share and Forecast
- 6.2.1. By Component
- 6.2.2. By Building Type
- 6.2.3. By Country
- 6.2.3.1. US
- 6.2.3.2. Canada
- 7. Europe Smart Building Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2018-2028
- 7.2. Market Share and Forecast
- 7.2.1. By Component
- 7.2.2. By Building Type
- 7.2.3. By Country
- 7.2.3.1. Germany
- 7.2.3.2. U.K.
- 7.2.3.3. Russia
- 7.2.3.4. France
- 7.2.3.5. Italy
- 7.2.3.6. Spain
- 7.2.3.7. Rest of Europe
- 8. APAC Smart Building Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2018-2028
- 8.2. Market Share and Forecast
- 8.2.1. By Component
- 8.2.2. By Building Type
- 8.2.3. By Country
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of APAC
- 9. LATAM Smart Building Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2018-2028
- 9.2. Market Share and Forecast
- 9.2.1. By Component
- 9.2.2. By Building Type
- 9.2.3. By Country
- 9.2.3.1. Mexico
- 9.2.3.2. Brazil
- 9.2.3.3. Rest of LATAM
- 10. MEA Smart Building Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2018-2028
- 10.2. Market Share and Forecast
- 10.3. By Component
- 10.4. By Building Type
- 10.5. By Country
- 10.5.1. Saudi Arabia
- 10.5.2. UAE
- 10.5.3. South Africa
- 10.5.4. Rest of MEA
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2021)
- 11.3. Competitive Benchmarking by Operating Parameters
- 12. Impact of COVID-19 on Smart Building Market
- 13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. ABB Ltd.
- 13.2. Softdel
- 13.3. Honeywell International Inc.
- 13.4. Hitachi Ltd.
- 13.5. Siemens AG
- 13.6. Avnet Inc.
- 13.7. Schneider Electric SE
- 13.8. Legrand SA
- 13.9. Huawei Technologies Co. Ltd
- 13.10. Johnson Controls Inc
- 13.11. IBM Corporation
- 13.12. Cisco Systems Inc.
- 13.13. Verdigris Technologies
- 13.14. BuildingIQ
- 13.15. Mode:Green
- 13.16. ENTOUCH
- 13.17. Wirepath Home Systems LLC
- 13.18. Pointgrab Inc.
- 13.19. PTC Inc.
- 13.20. Other Prominent Players
- 14. Key Strategic Recommendations
- List of Figures
- Figure 1: Smart Building Market Segmentation
- Figure 2: Smart Building Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2021
- Figure 4: Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 5: Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 6: Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 7: Smart Building Market Share (%), By Region, By Value, 2018-2028
- Figure 8: North America Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 9: North America Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 10: North America Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 11: North America Smart Building Market Share (%), By Country, By Value, 2018-2028
- Figure 12: Europe Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 13: Europe Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 14: Europe Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 15: Europe Smart Building Market Share (%), By Country, By Value, 2018-2028
- Figure 16: Asia-Pacific Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 17: Asia-Pacific Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 18: Asia-Pacific Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 19: Asia-Pacific Smart Building Market Share (%), By Country, By Value, 2018-2028
- Figure 20: Latin America Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 21: Latin America Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 22: Latin America Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 23: Latin America Smart Building Market Share (%), By Country, By Value, 2018-2028
- Figure 24: Middle East & Africa Smart Building Market Size, By Value (USD Billion), 2018-2028
- Figure 25: Middle East & Africa Smart Building Market Share (%), By Component, By Value, 2018-2028
- Figure 26: Middle East & Africa Smart Building Market Share (%), By Building Type, By Value, 2018-2028
- Figure 27: Middle East & Africa Smart Building Market Share (%), By Region, By Value, 2018-2028
- List of Tables
- Table 1: Smart Building Market Size, By Component, By Value, 2018-2028
- Table 2: Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 3: Smart Building Market Size, By Region, By Value (USD Billion), 2018-2028
- Table 4: North America Smart Building Market Size, By Component, By Value (USD Billion), 2018-2028
- Table 5: North America Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 6: North America Smart Building Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 7: Europe Smart Building Market Size, By Component, By Value (USD Billion), 2018-2028
- Table 8: Europe Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 9: Europe Smart Building Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 10: Asia-Pacific Smart Building Market Size, By Component, By Value (USD Billion), 2018-2028
- Table 11: Asia-Pacific Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 12: Asia-Pacific Smart Building Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 13: Latin America Smart Building Market Size, By Component, By Value (USD Billion), 2018-2028
- Table 14: Latin America Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 15: Latin America Smart Building Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 16: The Middle-East & Africa Smart Building Market Size, By Component, By Value (USD Billion), 2018-2028
- Table 17: The Middle-East & Africa Smart Building Market Size, By Building Type, By Value (USD Billion), 2018-2028
- Table 18: The Middle-East & Africa Smart Building Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 19: ABB Ltd. Financial Analysis
- Table 20: ABB Ltd. Business Overview
- Table 21: Softdel Financial Analysis
- Table 22: Softdel Business Overview
- Table 23: Honeywell International Inc. Corporation Financial Analysis
- Table 24: Honeywell International Inc. Corporation Business Overview
- Table 25: Hitachi Ltd. Financial Analysis
- Table 26: Hitachi Ltd. Business Overview
- Table 27: Siemens AG Financial Analysis
- Table 28: Siemens AG Business Overview
- Table 29: Avnet Inc. Financial Analysis
- Table 30: Avnet Inc. Business Overview
- Table 31: Schneider Electric SE Financial Analysis
- Table 32: Schneider Electric SE Business Overview
- Table 33: Legrand SA Financial Analysis
- Table 34: Legrand SA Business Overview
- Table 35: Huawei Technologies Co. Ltd Financial Analysis
- Table 36: Huawei Technologies Co. Ltd Business Overview
- Table 37: Johnson Controls Inc Financial Analysis
- Table 38: Johnson Controls Inc Business Overview
- Table 39: IBM Corporation Financial Analysis
- Table 40: IBM Corporation Financial Analysis
- Table 41: Cisco Systems Inc. Financial Analysis
- Table 42: Cisco Systems Inc. Financial Analysis
- Table 43: Verdigris Technologies Financial Analysis
- Table 44: Verdigris Technologies Financial Analysis
- Table 45: BuildingIQ Financial Analysis
- Table 46: BuildingIQ Financial Analysis
- Table 47: Mode:Green Financial Analysis
- Table 48: Mode:Green Financial Analysis
- Table 49: ENTOUCH Financial Analysis
- Table 50: ENTOUCH Financial Analysis
- Table 51: Wirepath Home Systems LLC Financial Analysis
- Table 52: Wirepath Home Systems LLC Financial Analysis
- Table 53: Pointgrab Inc. Financial Analysis
- Table 54: Pointgrab Inc. Financial Analysis
- Table 55: PTC Inc. Financial Analysis
- Table 56: PTC Inc.Financial Analysis
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