Smart Building Market

Global Smart Building Market Size (2024 to 2029)

The global smart building market is anticipated to rise at a CAGR of 15.22% from 2024 to 2029, and its size is estimated to grow from USD 85.03 billion in 2024 to USD 172.67 billion by 2029.

Current Scenario of the Global Smart Building Market

Smart buildings are any type of infrastructure that uses automation to control building operations, which can be something like ventilation, lighting, heating, air conditioning, security, and others. To do this, actuators, sensors, and microchips are used in the building to collect data and, therefore, manage services and functions. This kind of infrastructure aids operators, owners, and managers of various facilities to enhance their asset performance and reliability, which results in space optimization, minimizes energy consumption, and reduces the impact of buildings. Smart buildings transmit useful building administrations that make residents beneficial (for example, light, warm comfort, air quality, security, sanitation, and others) at affordable cost and ecological impact throughout the lifecycle of the building. Achieving this vision requires information from the first starting point of the configuration phase to the end of the building's useful life.

An increasing number of intelligent energy systems are expected to open new horizons in the global smart building market.

The continuous pursuit of improved access, efficiency, durability, and comfort should lead to new advances in the smart building market. IT players are increasingly concentrating on expanding the IoT backbone of smart buildings, which is supposed to pave the way for innovations in the smart building industry. Its objective is to improve the interoperability of intelligent construction technologies. However, a revealing concern for all concerned is the threat of physical and digital stores. The advent of standardized security solutions is a great unmet need. In the coming years, the integration of Internet of Things solutions that consolidate disparate building systems should generate traction in the smart building market.

REPORT COVERAGE

REGIONAL ANALYSIS

North America dominated as the leading regional market for these smart buildings. Europe registered the second-largest share in this market and is expected to grow at a remarkable growth rate over the projection period. The need for smart building solutions is accelerating in Europe due to increased investments by local governments in smart city projects.

Asia Pacific is estimated as the fastest-growing region in the global smart building market with a notable CAGR. The growing initiatives to develop commercial offices, locations, and shopping centers with advanced and intelligent technologies and equipment should offer lucrative growth opportunities for the local smart buildings market. In Asia Pacific, smart construction solution providers are turning towards IoT-compliant building management systems to increase smart construction services in the locale.

The Middle East and Africa markets are determined to experience moderate growth in the smart buildings market in the coming years. The growing demand for more energy-efficient smart building solutions and the trend to reduce greenhouse gas emissions will drive the growth of the smart building business in the vicinity.

KET PLAYERS IN THE GLOBAL SMART BUILDING MARKET

Honeywell (United States), Johnson Controls (Ireland), Cisco (United States), Hitachi (Japan), Siemens (Germany), IBM (United States), Schneider Electric (France), Intel (United States), Huawei (China), ABB (Switzerland), L&T Technology Services (India), 75F (United States), Telit (United Kingdom), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (United States), Avnet (United States), Softdel (United States) and Spaceti (Czech Republic) are some of the notable players in the global smart buildings market.

RECENT HAPPENINGS IN THE GLOBAL SMART BUILDING THE MARKET

• Schneider Electric provides various types of building automation and control systems to deliver optimum energy and operational efficiency to its residents. The company also offers an open innovation platform for buildings, which is considered as an IoT collaboration solution to implement smart buildings for the future.
• Cisco Systems Inc. actively participates in the smart building market through various types of building automation and networking solutions. The company offers a digital construction solution to lay the foundations for new generation smart buildings. Construction solutions that include building automation, optimized lighting and the company's IoT technology help make the building smarter.

DETAILED SEGMENTATION OF THE GLOBAL SMART BUILDING MARKET INCLUDED IN THIS REPORT

This research report on the global smart building market has been segmented and sub-segmented based on component, solution, service, building type, and region.

By Component:

• Solution
• Services

By Solution Type:

• Building Infrastructure Management
• Security and Emergency Management
• Energy Management
• Network Management
• Workforce Management

By Service Type:

• Consulting
• System Integration and Deployment
• Support and Maintenance

By Building Type:

• Residential
• Commercial
• Industrial

By Region:

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America