The growing need for integrated security and safety systems in buildings is one of the key factors expected to drive the growth of the smart building market.
The smart building market is projected to grow from an estimated USD 7.42 billion in 2017 to USD 31.74 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7% during the period forecast period from 2017 to 2022. Factors such as the growing need for integrated security and safety systems in buildings and the implementation of the IoT platform in building automation technology are expected to drive the growth of the market. High initial investments are expected to be restraints in the growth of the smart building market.
Based on type, the building automation software segment is estimated to be the largest segment in the smart building market in 2017.
Based on type, building automation software is estimated to be the largest segment of the smart building market in 2017. This is due to the increase in adoption of building automation for facility and emergency response management, building energy optimization, parking management, and in-building communication systems.
Based on building type, the commercial building segment is estimated to be the largest segment of the market in 2017.
The commercial building segment is estimated to be the largest segment in the smart building market in 2017. Commercial buildings account for a major share of the overall building automation software market, as it includes large office buildings, commercial building parks, retail facilities such as malls and shopping stores, hotels and restaurants, and other non-manufacturing commercial buildings which involve the use of increasingly automated technology with the aim to maintain smart building initiatives. Thereby, the demand for energy conservation and reduction of overall operating costs is the highest in this sector.
The Asia Pacific is expected to grow at a higher CAGR in the smart building market during the forecast period
The smart building market has been studied for North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA), and Latin America. Countries such as China, India, Australia, and Singapore have launched the initial phases of smart building projects. Also, the growing use of cloud based as well as IoT technologies and increasing strategic alliances among technology vendors are encouraging governments towards undertaking initiatives for the development of smart and green buildings.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart building marketplace.
- By Company Type: Tier 1: 17%, Tier 2: 33%, and Tier 3: 50%
- By Designation: C-Level: 35%, Director Level: 60%, and Others: 5%
- By Region: North America: 42%, Europe: 29%, Asia Pacific: 17%, and RoW: 12%
The key vendors profiled in the report:
1. Siemens AG (Germany)
2. Schneider Electric (France)
3. Cisco Systems, Inc. (US)
4. ABB Group (Switzerland)
5. International Business Machines Corporation (US)
6. Honeywell International Inc. (US)
7. United Technologies Corporation (US)
8. Legrand (France)
9. Delta Controls (Canada)
10. Johnson Controls (US)
11. BuildingIQ (US)
The smart building market has been segmented based on by type, building type, and region. Based on type, the smart building market has been segmented into building automation software and services. Based on building type, the market has been segmented into manufacturing facilities, residential buildings, commercial buildings, university, school & hospital buildings, government & public infrastructure facilities, and others. Based on region, the smart building market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Key Benefits of Buying the Report:
- The report will help market leaders and new entrants in the smart building market in the following ways:
- The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues of the smart building market and its subsegments.
- This report will also help stakeholders better understand the competitor landscape, gain more insights to better position their businesses, and implement suitable market strategies.
- The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.