Smart Building Market Set to Soar Past USD 538.45 Billion by 2030
The global Smart Building market size is expected to reach USD 538.45 billion by 2030 and exhibit a CAGR of 25.3% in the forecast period (2023−2030), according to Skyquest’s latest research report. The connectivity and IoT integration, energy efficiency and sustainability, government regulations and incentives, cost savings and operational efficiency, improved occupant experience and comfort, adoption of cloud computing and data analytics, and growing awareness of innovative city initiatives are fueling the Market’s growth.
Westford, USA, Aug. 22, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Smart Building market, increased adoption of Internet of Things (IoT) devices and sensors, integration of artificial intelligence and machine learning, focus on data-driven decision-making, emergence of edge computing for real-time analytics, emphasis on interoperability and standardization, growing demand for cloud-based intelligent building solutions, integration of renewable energy sources and smart grid technologies, implementation of occupant-centric features and personalized experiences, rise of smart workplace solutions for remote work and flexible office environments, integration of intelligent building technologies with smart city initiatives are the trends that aid in the market’s growth.
Browse in-depth TOC on “Smart Building Market”
- Pages – 157
- Tables – 142
- Figures – 77
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A smart building is a building that uses technology to improve efficiency, comfort, and security. It may use sensors, controls, and automation to manage its systems, such as lighting, HVAC, and security.
Prominent Players in Smart Building Market
- Cisco
- IBM
- Honeywell
- Siemens
- Johnson Controls
- Huawei
- Intel
- PTC
- ABB
- Hitachi
- Schneider Electric
- Telit
- Legrand
- Bosch
- KMC Controls
- Verdigris Technologies
- Aquicore
- 75F
- BuildingIQ
- ENTOUCH
- Gaia
- Softdel System
- Mode: Green
- CopperTree Analytics
- Spaceti
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Smart Building Management Software Demand to Grow Substantially in the Forecast Period
Smart building management software dominated the global market because it integrated and controlled various aspects of a smart building, including energy management, security, occupancy monitoring, space utilization, and automation. It also offers a holistic approach to managing different building systems and processes. It provides a unified interface to monitor and control various components, such as HVAC systems, lighting, access control, and energy consumption. This comprehensive control capability makes it an essential software type for optimizing building performance.
Sensor is the Leading Hardware Type Segment
The Sensor is the leading segment in terms of hardware type due to its data collection capabilities. In addition, They provide real-time data to smart building systems for monitoring and control purposes. Sensors enable automation, energy optimization, and occupant comfort, making them an essential hardware type in the smart building ecosystem.
North America is the leading Market Due to the Advanced Infrastructure
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements in infrastructure. The United States, in particular, has witnessed widespread implementation of smart building solutions in commercial buildings, government facilities, and educational institutions. The region’s focus on sustainability, energy management, and improving occupant comfort has contributed to its dominance in the smart building market.
A recent report thoroughly analyzes the major players operating within the Smart Building market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Smart Building.
Key Developments in Smart Building Market
JPMorgan Chase announced the establishment of a new smart headquarters in New York with all-electric operation technologies. It was intended to employ renewable energy generated by a hydroelectric facility in New York state, which would be managed by energy management systems and outfitted with Artificial Intelligence (AI) and Machine Learning (ML).
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Key Questions Answered in Smart Building Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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