Smart Building Market Anticipated to Hit $570.02 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 30, 2023 /PRNewswire/ -- The global smart building market size is expected to reach USD 570.02 billion by 2030, registering a CAGR of 26.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. Governments worldwide are making significant investments in smart city initiatives, propelling the adoption of smart buildings in different regions. The governing bodies are predicted to be the strongest promoters of smart and cutting-edge solutions that facilitate adaptive regulations and enable disruptive entries, safeguarding the interests of the public and the city. For instance, the Energy Conservation Building Code (ECBC), developed by the Indian government, established minimal energy performance requirements for structures, covering the building exterior and heating, cooling, and air conditioning.
Key Industry Insights & Findings from the report:
Read 120-page market research report, "Smart Building Market Size, Share & Trends Analysis Report By Service (Implementation, Consulting), By Solution (Energy Management, Safety & Security Management), By End-use (Residential, Commercial), And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Smart Building Market Growth & Trends
Therefore, the country's increasing use of smart lighting systems may assist in energy conservation. These initiatives would further supplement the growth of the market. Smart buildings depend on several IoT sensors and computer networks to automate functions, such as managing lighting, heating, and elevators; fire detection; video surveillance; and badge access. BAS and IoT sensors are vulnerable to cyberattacks because they frequently lack fundamental cybersecurity capabilities. Business continuity is affected by cyberattacks on smart buildings since data breaches prevent them from functioning and can lead to severe damages resulting in operational interruption for a long duration, data loss, financial losses, and reduced public safety. Most cyberattacks on smart buildings result from malicious hackers trying to access the BAS control systems.
Businesses are now concentrating on segregating the BAS system from the entire network system and the intenet to secure it. These solutions offer real-time monitoring and identification of new threats and respond autonomously. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period. Smart buildings have more opportunities to play a major role in self-generation or grid-supplied energy, increasing the demand for non-carbon or low-carbon solutions for managing building energy. In the past, according to the recent reports of Grand View Research, Inc., smart building management systems have been utilized to minimize energy costs and successfully serve the functional requirements of buildings. Due to the high implementation costs, these systems have typically been proprietary and have primarily been used in huge buildings or large groups of buildings.
Artificial Intelligence (AI) and Machine Learning (ML) can provide ways to examine building data to enhance the effectiveness of numerous building operations as well as the building's capacity for revenue generation. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period. Key players have an extended operating history, a large customer base, and significant competitive strengths. For instance, in February 2022, Cisco Systems, Inc. launched new solutions, including Private 5G and Wi-Fi 6E, for hybrid work. The company also planned to collaborate with campuses, branches, and offices of various sectors to integrate these products and convert them into smart buildings. This helped the company in increasing its market revenue and attracting key business clients from the telecommunication sector.
Smart Building Market Segmentation
Grand View Research has segmented the global smart building market based on solution, service, end-use, and region
Smart Building Market - Solution Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Building Market - Service Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Building Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Building Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players in Smart Building Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.