Smart Building Market Size, Growth, Demand, Top Companies and Forecast 2024-2032
IMARC Group, a leading market research company, has recently released a report titled “ Smart Building Market Report by Component (Hardware, Software, Service), Technology (Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network & Communication Management, Workforce Management, and Others), End User (Commercial, Residential, Government & Public Infrastructure, Healthcare, Education, Transport, Manufacturing & Industrial, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the Smart building market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global smart building market size reached US$ 974 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,004 Billion by 2032, exhibiting a growth rate (CAGR) of 8.32% during 2024-2032.
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What is the Smart Building Market?
Smart buildings refer to technologically advanced structures that integrate various systems to monitor, manage, and optimize the performance of the building's operations. They use the Internet of Things (IoT) devices, sensors, and software to control heating, ventilation, air conditioning (HVAC), lighting, security, and other essential systems.
Smart buildings are designed to enhance occupant comfort, reduce energy consumption, and improve operational efficiency. They are constructed using materials such as smart glass, energy-efficient insulation, and advanced HVAC components. Smart buildings find applications in residential, commercial, industrial, healthcare, education, retail, hospitality, and government sectors. They are offering various benefits, such as energy efficiency, cost savings, enhanced security, improved occupant comfort, better indoor air quality, streamlined maintenance, increased property value, and reduced environmental impact.
Smart Building Market Trends:
The increasing demand for energy-efficient solutions as energy costs rise is one of the major factors bolstering the market growth.
Moreover, the growing environmental concerns across the globe, encouraging businesses and governments to seek ways to reduce energy consumption and lower carbon footprints, are favoring the market growth. Smart buildings provide an effective solution by utilizing advanced technologies to optimize energy use, resulting in substantial cost savings and environmental benefits.
Additionally, the burgeoning utilization of smart buildings that are equipped with advanced HVAC systems, smart lighting, and air quality sensors to create a comfortable and healthy indoor environment is fueling the market growth.
In addition to this, the widespread integration of the Internet of Things (IoT) technology and sensors that enable real-time monitoring and control of various building systems, thereby providing valuable data that optimizes performance and enhances operational efficiency, is strengthening the market growth.
Furthermore, the imposition of several government initiatives and regulations to promote energy efficiency and sustainable building practices is driving the market growth. Along with this, the increasing adoption of smart building solutions in the commercial sector, as businesses recognize the benefits of smart buildings in terms of cost savings, energy efficiency, and improved workplace environments, is contributing to the market growth.
Smart Building Market Segmentation:
Breakup by Component:
- Hardware
- Software
- Service
- Professional Service
- Managed Service
Breakup by Technology:
Building Infrastructure Management (BIM)
- Parking Management System
- Smart Water Management System
- Elevators and Escalators Management System
Security and Emergency Management
- Access Control System
- Video Surveillance System
- Safety System
Energy Management
- HVAC Control System
- Lighting System
Network & Communication Management
Workforce Management
Others
Breakup by End User:
- Commercial
- Residential
- Government & Public Infrastructure
- Healthcare
- Education
- Transport
- Manufacturing & Industrial
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape With Key Players:
The competitive landscape of the smart building market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- ABB Ltd
- Cisco Systems Inc.
- Hitachi Ltd.
- Honeywell International Inc
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Johnson Controls International Public Limited Company
- Schneider Electric SE
- Siemens AG
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
· Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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