Smart Building Market by Component (Services, Solution), Building Type (Commercial, Industrial, Residential) - Global Forecast 2024-2030

Smart Building Market by Component (Services, Solution), Building Type (Commercial, Industrial, Residential) - Global Forecast 2024-2030

The Smart Building Market size was estimated at USD 32.68 billion in 2023 and expected to reach USD 39.54 billion in 2024, at a CAGR 23.01% to reach USD 139.38 billion by 2030.

The smart building market encompasses integrating advanced technology systems, automation solutions, and IoT devices to optimize the performance, efficiency, and functionality of modern infrastructure. The primary applications of smart building technologies include energy management, lighting control, HVAC control, safety and security management, predictive maintenance, waste management, and space optimization. The increasing government initiatives for smart infrastructure development and the growing need for energy-efficient and sustainable buildings globally are major factors enhancing the market growth. The surge in IoT-enabled building management systems (BMS) adoption is also improving the demand for smart building solutions worldwide. However, the capital-intensive implementation and privacy concerns associated with the smart building infrastructure may limit the product adoption in the forecast period. The limited technological expertise and alignment issues also pose challenges for market growth. Furthermore, the emerging advancements of smart cities worldwide are expected to enhance the demand for smart building solutions. The ongoing development and adoption of 5G technology in smart buildings are also unlocking new opportunities to enhance overall building performance.

Regional Insights

The Americas region has highly developed infrastructure for smart buildings due to increased focus on energy efficiency, building automation, and evolving IoT technologies. Countries, including the United States and Canada, are promoting stringent energy-efficiency regulations and government incentives to promote sustainable development, contributing to the market growth in the region. European Union (EU) countries have adopted policies that support the deployment of smart buildings as part of their commitment to promote energy-efficient housing and commercial facilities. The Middle East region is witnessing significant investments in smart city projects emphasizing sustainability and digitalization. In the APAC region, important countries such as China, Japan, and India invest massively in building infrastructure and rapid urbanization, driving the demand for smart building solutions. The growing focus on energy conservation and sustainability in new construction projects in the region also enhances the demand for smart building solutions in the APAC region.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Building Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing government initiative for the development of smart infrastructure
    • Increasing need for energy-efficient and sustainable buildings globally
    • Surge in adoption of IoT enabled building management system (BMS)
    • Market Restraints
      • Capital intensive implementation and privacy concerns
      • Market Opportunities
        • Ongoing development and adoption of 5G technology in smart buildings
        • Introduction of advanced & innovative smart building solutions
        • Market Challenges
          • Limited expertise and interoperability issues associated with smart building solutions
          • Market Segmentation Analysis
            • Component: Significant adoption of advanced smart building solutions
            • Building Type: Extensive use of smart building solutions for commercial building management
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Building Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Building Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Siemens Smart Buildings Portfolio Accredited by WiredScore
              
              Siemens obtained accreditation from WiredScore for its Smart Building portfolio. This accreditation is a testament to the company's commitment to digital preparedness and infrastructure. Siemens is dedicated to delivering cutting-edge and industry-leading digital solutions for buildings. This recognition underscores the excellence and quality of Siemens' smart building offerings.
              
              Smart Building Platform Andorix Raises USD 40 Million in Debt and Equity
              
              Andorix, a Toronto-based neutral host network provider and smart building systems integrator for real estate properties, recently secured USD 40 million in debt and equity financing. With the funding obtained, Andorix plans to expedite the deployment of its fiber-based converged network across more than 250 buildings in North America. Additionally, the equity funding aims to support the expansion of the company's operations and the growth of its workforce.
              
              SmartCon Solutions Acquires Sentient Buildings, Expanding Its Leadership in Smart Building Technology
              
              SmartCon Solutions, a smart building solutions provider, has recently acquired Sentient Buildings, an intelligent building management system company. This strategic acquisition combines SmartCon Solutions' extensive expertise with Sentient Buildings' state-of-the-art technology and loyal customer base. With this acquisition, SmartCon Solutions aims to solidify its position as a trusted industry player, offering unparalleled smart building solutions to meet the evolving needs of its clients.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Building Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Building Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aquicore, Inc. by Information Grid Ltd., Arup Group Limited, Buildings IOT Inc., Cisco Systems, Inc., CohesionIB, Inc., CopperTree Analytics Inc. by Dar Al-Handasah Consultants Shair and Partners Holdings Limited, EcoEnergy Insights by Carrier Global Corporation, Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, Johnson Controls International PLC, KMC Controls, Inc., L&T Technology Services Limited, Legrand S.A., Metrikus Limited, Microsoft Corporation, Mitsubishi Corporation, Mode Green Integrated Building Technology, mySmart Pty Ltd., Nippon Telegraph and Telephone Corporation, PointGrab Inc., PTC Inc., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, SMART Building Specialists Pty Ltd, Verdigris Technologies, Inc., Verizon Communications Inc., and Wipro Limited.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Building Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Services
                • Consulting
                • Support & Maintenance
                • System Integration & Deployment
                • Solution
                  • Building Infrastructure Management
                    • Elevators & Escalators Management System
                    • Parking Management System
                    • Smart Water Management System
                    • Energy Management
                      • HVAC Control System
                      • Lighting System
                      • Network Management
                      • Security & Emergency Management
                        • Access Control System
                        • Safety System
                        • Video Surveillance System
                        • Workforce Management
                        • Building Type
                          • Commercial
                          • Industrial
                          • Residential
                          • Region
                            • Americas
                              • Argentina
                              • Brazil
                              • Canada
                              • Mexico
                              • United States
                                • California
                                • Florida
                                • Illinois
                                • New York
                                • Ohio
                                • Pennsylvania
                                • Texas
                                • Asia-Pacific
                                  • Australia
                                  • China
                                  • India
                                  • Indonesia
                                  • Japan
                                  • Malaysia
                                  • Philippines
                                  • Singapore
                                  • South Korea
                                  • Taiwan
                                  • Thailand
                                  • Vietnam
                                  • Europe, Middle East & Africa
                                    • Denmark
                                    • Egypt
                                    • Finland
                                    • France
                                    • Germany
                                    • Israel
                                    • Italy
                                    • Netherlands
                                    • Nigeria
                                    • Norway
                                    • Poland
                                    • Qatar
                                    • Russia
                                    • Saudi Arabia
                                    • South Africa
                                    • Spain
                                    • Sweden
                                    • Switzerland
                                    • Turkey
                                    • United Arab Emirates
                                    • United Kingdom
                                    
                                    
                                    Please Note: PDF & Excel + Online Access - 1 Year