Global Smart Building Market Size study & Forecast, by Component (Solution, Services) by Solution Type (Building Infrastructure Management (BIM), Security & Emergency Management (SEM), Energy Management, Network Management, Workforce Management, Waste Man

Global Smart Building Market Size study & Forecast, by Component (Solution, Services) by Solution Type (Building Infrastructure Management (BIM), Security & Emergency Management (SEM), Energy Management, Network Management, Workforce Management, Waste Management), by Building Type (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Global Smart Building Market is valued approximately at USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Smart building is a structure that uses advanced technology and integrated systems to enhance its overall functionality, efficiency, and sustainability. The goal of smart buildings is to create environments that are more comfortable, secure and energy-efficient for occupants, while also providing better management and control for building owners and operators. Various technologies and applications contribute to the smart building concept, making them more adaptable and responsive to the needs of both users and the environment. Moreover, the growing emphasis on energy conservation and sustainability, rising adoption of IoT-enabled BMS, growing awareness of space utilization, rising urbanization and population growth that anticipated to create the lucrative demand for the market during forecast period 2023-2030.

Additionally, the global trend of urbanization, coupled with population growth, is leading to increased demand for infrastructure and buildings. Smart building technologies offer solutions for managing urban challenges such as energy consumption, traffic, and resource utilization. According to The World Bank, in 2020, or approximately 4.38 billion people that are around 55% of the world's population were living in the urban areas. In addition, it is predicted that by 2045, there are around 6 million people living in cities, an increase of 1.5 times annually. As a result, the growing urbanization is anticipated to support the market growth. Moreover, the rise in the smart city trend, and advancement in field of IoT and its growing awareness is anticipated to create the lucrative opportunity for the market. However, the higher installation costs and infrastructure requirements, and user concerns about data privacy stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Building Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the supportive government Initiatives and regulations, growing awareness about environmental sustainability and a desire to reduce energy consumption, businesses and building owners, and widespread adoption of the Internet of Things (IoT) and the availability of high-speed connectivity. Whereas, the Asia Pacific region is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the high level of urbanization and population density, robust economic growth in countries such as China, India, and Southeast Asian nations and growing smart city initiatives.


Major market player included in this report are:
ABB (formerly ASEA Brown Boveri)
Cisco Systems, Inc.
Hitachi, Ltd.
Honeywell International Inc.
Huawei Technologies Co., Ltd.
International Business Machines Corporation (IBM)
Intel Corporation
Johnson Controls International plc
PTC Inc.
Siemens AG

Recent Developments in the Market:
 In April 2022, ABB has recently entered into a collaborative venture with the South Korean electronics manufacturer, Samsung Electronics Co., Ltd. This partnership aims to coalesce efforts in advancing energy-saving initiatives, creating energy management solutions, and developing intelligent Internet of Things (IoT) solutions tailored for residential and commercial buildings.

Global Smart Building Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Component, Solution Type, Building Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Component:
Solution
Services

By Solution Type:
Building Infrastructure Management (BIM)
Security & Emergency Management (SEM)
Energy Management
Network Management
Workforce Management
Waste Management

By Building Type:
Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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