The Smart Building Market size is expected to grow from USD 80.10 billion in 2023 to USD 136.19 billion by 2028, at a CAGR of 11.20% during the forecast period (2023-2028).
Moreover, the consumer's propensity to adopt security solutions is on the rise due to the pandemic scenario and the uncertainty of going back into normal life. The aspect of a ‘smart building' is looking more practical in the new normal post-COVID-19.
The smart building market is currently fragmented, with the presence of established global and domestic players across the globe. The market will be mainly driven by modern technologies and customizations to attract end-users. Vendors are concentrating primarily on offering innovative products and solutions that can optimize energy consumption and serve a high degree of building automation.
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