Smart Buildings Market size to grow by USD 46,123.2 million from 2022 to 2027; The growing need for building automation to enhance business outcomes boosts market growth - Technavio

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The smart buildings market size is estimated to increase by USD 46,123.2 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 9.73% during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report

Smart buildings market – Vendor Analysis
Vendor Landscape - The smart buildings market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer smart buildings in the market are ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp. and others.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• ABB Ltd. - The company offers smart building solutions that enhance well-being, efficiency, cost transparency, sustainability, connectivity, etc.
• Advantech Co. Ltd. - The company offers smart building products such as Wzzard, WISE-6610, WISE-DeviceOn, WP/EnSaaS, and Helicon.
• BuildingIQ Inc - The company offers smart building solutions through its 5i Intelligent Energy Platform.
• For details on the vendor and its offerings – Request a sample report

Smart Buildings Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on solution (software, hardware, and services), Product (BMS, HVAC, Lighting control, Security and access control, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The smart building market share growth in the software segment will be significant during the forecast period. Smart buildings are dependent on software due to the need for each component to be connected to analytical tools and other control systems. When every device in a building uses software to understand its surroundings, act, and produce an analytical report, that building is smart Additionally, governments everywhere are concentrating on turning new construction into smart buildings to balance the trade-off. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview
By geography, the global smart buildings market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global smart buildings market.

• APAC is projected to hold a share of 31% by 2027. The growth in the region is due to increased industrial development and marketing activities in developing economies such as India, China, Taiwan, South Korea, Singapore, and Australia. Furthermore, increasing awareness of smart solutions by end users and the efforts of respective governments to reduce emissions and save energy are the main growth drivers of the market in the region.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Smart Buildings Market – Market Dynamics

Key Driver

The growing need for building automation to enhance business outcomes is a key factor driving market growth. Building automation software has several advantages. For example, the software acts as a control system, for automatic adjustment and control of subsystems of the installation, maintaining predefined parameters for various building systems. Considering these advantages, building automation has become an integral part of businesses. The adoption of building automation software significantly improves cost savings for organizations by supporting efficient energy management. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The growing concept of BIoT is a major trend in the market. The integration of all independent automated systems with extra features like cloud integration is known as a "smart building." The idea behind the Internet of Things is to make buildings intelligent so they can automatically respond to information and draw conclusions from it. The sensors and actuators are connected by the cloud architecture, allowing for information sharing and better working conditions. By adding more devices to the current infrastructure, this technology makes it possible to expand automated systems. Hence, the growing concept of BIoT is expected to drive market growth during the forecast period.

Significant Challenges

The high switching and installation cost is a significant challenge restricting market growth. Building automation solutions is becoming more expensive because of the market's many manufacturers creating more advanced features, better functions, compatible features, and creative technologies to enhance operational functionality. Furthermore, the efficient installation of these systems may necessitate several changes to a building's overall wiring. Due to the incredibly high cost of the solution, only major commercial businesses have been able to adopt smart solutions. Hence, the high switching and installation cost is expected to drive market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Smart Buildings Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Smart Buildings Market between 2023 and 2027
• Precise estimation of the size of the Smart Buildings Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Smart Buildings Market industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Smart Buildings Market companies

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Solution

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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