Smart Building Market By Component (Solution and Services), Solution type Building Infrastructure Management (BIM), Security & Emergency Management (SEM), Energy Management, Network Management, Workforce Management, and Waste Management), and Building Type (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032
Smart buildings can utilize the Internet of Things (IoT) devices such as sensors, software, and internet connectivity in order to monitor various building attributes, analyze data, and provide insights about use patterns and trends that may be used to improve the building's environment and operations. The most fundamental feature of a smart building is that the core systems within it are linked. Connecting smart technology, such as real-time IoT occupancy sensors and building management systems together, means you can share information that can be used to automate various processes, including, but not limited to, heating, ventilation, lighting, air conditioning, and security.
The surge in the adoption of smart buildings in multiple regions is driven by the growing need for better utilization of the building (and building premises) and the need for better resource management in urban environments. In addition, the growth in the need for public safety and security is fueling the growth of the smart building market. However, security concerns associated with smart buildings and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in smart buildings and the rise in the IoT market & its application in smart buildings are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global smart building market is segmented into component, solutions type, building type, and region. Depending on the component, the market is divided into solutions and services. Based on solutions type the market is segmented into building infrastructure management (BIM), security & emergency management (SEM), energy management, network management, workforce management, and waste management. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global smart building market is dominated by key players such as ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Market SegmentsBy ComponentSolution
Services
By Solution TypeBuilding Infrastructure Management (BIM)
Security Emergency Management (SEM)
Energy Management
Network Management
Workforce Management
Waste Management
By Building TypeResidential
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
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