ID: MRFR/SEM/1328-CR | February 2020 | Region: Global | 282 pages
Smart Building Market Overview
Smart Building Market is experiencing a huge impact because of the significant rise of the internet of things in the commercial real estate sector. Owing to these trends, the smart building market is expected to grow at a 13.29% CAGR rate for the Forecast 2025. By the end of the period in 2025, industry experts are predicting the market to be valued at USD 25,725.0 Million.
The real estate industry is growing because of the advent of technology ad efficiency in building operations backed with other features like improved landlord and tenant relationships, alongside the availability of large-scale revenue generation opportunities. The government is pushing for the ideal concept of smart cities that gives the toom for direct conversations and fruitful relationships amongst the users and tenants. There are many layers in building management and each of them has a different requirement for operating systems and more which are being catered by the product portfolios on a large scale. Hence, the market has an excellent future prospect.
The arrival of the pandemic was nothing less than a huge health challenge for the global healthcare infrastructure and facilities. The frontline warriors are working day and night to keep up with the rising demand and also, maintaining a proper service flow and mechanism in the global market. However, due to the lockdown, most of the business, production, and management activities were on halt, and hence, the functional units were facing new kinds of challenges and cover their costs during the pandemic that lowered the demand below normalcy. Also, some of the global regions lack the required technology and related advancements for the smart building market and hence, have a long way to go with the efforts in the right direction.
For instance, countries like Israel alongside Iran, have experienced major backlash due to the arrival of the pandemic. The governments have been open to the adoption and implementation of decisive measures that will reduce the effects of the pandemic and help in reviving the economy. With the industries reopening, the players are opting for technology that will help in reorganizing the workspace and also opt for smart workflows for a long-term advantage. The technological advancements are also helping for the management of facilities in a proactive manner beneficial for the global competition.
The internet of things is a technology that helps the owners by providing them with an opportunity to have conversations with the building users and establish strong relationships. For example, the sensors installed at various places in the shopping malls aim for direct owner connectivity with the customers and the required services. This has a major role to play when it comes to strengthening tenant management. Hence, the smart building market uses technology to enhance services and establish strong and professional relations.
Smart building market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the commercial segment will be the fastest growing and also contribute towards smart building market growth more than any other segment. As the government of different countries is formulating many policies and implementing them properly for the establishment of commercial buildings equipped with smart technologies. For an amplifying use the market has been segmented into the following on different bases:
The smart building market movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate this market, and the reason attributed to it is raising awareness of security, safety, energy, and water management. Also with increasing technological advancements and adoption of such technologies such as cloud computing, big data analytics, deep learning, artificial intelligence, and IoT; there is the reduction of maintenance costs which is one of the major factors which will boost the growth of the smart building market in this region.
Europe will also witness significant growth in smart building market due to more number of service providers present in this region. Also the increasing investments by the government in projects like the development of the smart city. Also, the power saving and increasing occupancy comfort feature associated with these smart infrastructures is another element that will enhance the expansion of this market in this region. Asia Pacific region is anticipated to experience noteworthy growth during the assessment period due to increasing government initiatives in developing commercial offices, residential localities, and shopping malls with the use of advanced and smart technology equipment. In the Middle East and African region, the smart building market will also grow at a constant rate due to the rising demand for more energy-efficient buildings which in turn will also decrease greenhouse emissions.
Detailed and profound idea about the smart building market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of smart building market include:-
The smart building market report considers the viewpoints related to the market trends as laid down by the industry leaders and market experts. The smart building market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The smart building market report helps the investors by discussing the trend of the market and the expected rate at which the market will grow during the period and also, the final market valuation when the period ends in 2028. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the smart building market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
|Market Size||USD 25,725.0 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Automation, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Control4 Corporation (US), United Technologies Corporation (US), HCL Technologies Limited (India), Panasonic Corporation (Japan), Advantech Co. Ltd (Taiwan), Johnson Controls International PLC (Ireland), Hitachi Ltd (Japan), Sony Corporation (Japan), IBM Corporation (US), Cisco Systems (US), Honeywell International, Inc. (US), Emerson Electric Co. (US), GEZE GmbH (Germany), Overkiz (France), ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Legrand SA (France), and Huawei Technologies Co. Ltd, (China)|
|Key Market Opportunities||Growing need for energy-efficient buildings and increasing government initiatives to encourage smart infrastructure.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Global Smart Buildings Market was valued at USD 8,540.3 Million in 2018 and is projected to surpass the USD 25,725.0 Million by 2025 with a CAGR of 17.44%.
The segment is expected to maintain its dominance over the forecast period while the network management system segment is projected to grow at the fastest CAGR of 17.44%.
The smart building market leading players is ABB Group, Cisco Systems, Inc., Siemens AG, Control4 Corporation, Schneider Electric, Johnson Controls International PLC, IBM Corporation, Emerson Electric Co., United Technologies Corporation, Legrand SA
North America, Europe, Asia Pacific, and the Rest of the World are the key markets for smart building. North America is the largest market for smart buildings and was valued at USD 8,540.3 Million in 2018.