The smart building market size is poised to grow by $ 232.23 billion by 2032 from $ 81.19 Billion in 2022, exhibiting a CAGR of 11.0% during the forecast period 2023-2032.
Key Takeaway:
- North America region has dominated the market in 2022 and accounted for revenue share of 34%.
- Asia Pacific is anticipated to grow at a CAGR of 27.4% from 2023 to 2032.
- By solution, safety & security management segment has generated revenue share of 35.5% in 2022.
- The energy solution segment is poised to grow at a CAGR of 26.7% over the forecast period.
- By service, implementation segment has accounted maximum revenue share of over 39.7% in 2022.
- The support and maintenance service segment are expected to grow at a CAGR of 28.6% during the forecast period.
- By end-use, commercial segment has held revenue share of 53.4% in 2022.
- The residential end-use segment is growing at a CAGR of 25.3% over the forecast period.
Smart building applies sensors, microchips, and actuators to control and regulate air-conditioning, ventilation, lighting, heating, and other systems. It leverages integrated and advanced building technologies that include advanced telecommunications systems, building automation, facility management system, and fire safety equipment to improve comfort, safety, productivity of occupants. It can automatically manage the building systems as per the environmental condition, pre-set & variable schedules, and emergency events.Energy efficiency stays at the front of IoT Smart Building trends.
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Report Scope of the Smart Building Market
| Report Coverage | Details |
| Market Size by 2032 | USD 232.23 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 11.0% |
| Base Year | 2022 |
| Historic Data | 2019 to 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Component, Application, System, Technology |
| Regional Scope | North America, Europe, APAC, Latin America, MEAN |
| Companies Mentioned | Siemens AG, Schneider Electric, ABB Ltd., Cisco Systems Ltd., IBM Corp., United Technologies, Delta Controls, Building IQ, Johnson Controls, Honeywell International Inc., Legrand, Hitachi Ltd., Thales Group, Accenture, Emerson Electric Company |
Growth Factors
Several laws and regulations imposed by the government of different countries have encouraged the smart usage of the buildings without compromising their safety and sustainability. The European Commission has submitted its nearly zero-energy buildings national plans, under which it describes its intention to increase the NZEBs by 2020. Furthermore, the UK government has also issued a directive under which it had planned to reduce the energy consumption in government building by 20%.This initiative was mainly focused towards reducing the carbon footprint along with energy consumption in building sector. Similarly, Asian countries and other regions government are take strong initiative for transforming traditional buildings into green building. For instance, Singapore has started zero energy building that is running entirely on solar power.
Regional Snapshots
North America dominated the global smart building market in 2019 and projected to augment the market in the coming years. The prime factor attributed for its growth is technological advancement in the region along with government initiatives supporting smart and sustainable buildings & infrastructure. In addition, rising investment for the smart infrastructure in the region is another important factor accelerating the growth of the region. In March 2019, InnerSpace, an IoT-based smart building solution platform, announced that BDC Capital’s Women in Technology had funded USD 3.2 Mn in the company.
Asia Pacific projected as the most opportunistic region during the forecast period. The prime factor attributed to this is proliferating penetration of smart devices and advanced technologies in the region such as IoT, big data, and other new technologies. In 2019, the Asia Pacific expected to be the global leader in IoT spending with around 36% of the total spending across the globe. This in turn will exhibit the smart building market growth in the region.
Key Players & Strategies
The global smart buildingmarket is highly competitive owing to development and investment by established market players. In March 2019, Advantech Co. Ltd announced to introduce two new routers for smart building solution that are LTE Cat-M1 router and ICR-3211B. These routers are significantly applicable for energy management, building automation, and remote SCADA application. Besides this, market players are also engaged in merger and collaboration to develop next level smart building solutions. For instance, in March 2017, Huawei, a chinese technology provider announced its collaboration with Honeywell for developing smart building solutions using IoT that makes building more secure, sustainable, and energy efficient.
Some of the key players of the market are Siemens AG, Schneider Electric, ABB Ltd., Cisco Systems Ltd., IBM Corp., United Technologies, Delta Controls, Building IQ, Johnson Controls, Honeywell International Inc., Legrand, Hitachi Ltd., Thales Group, Accenture, and Emerson Electric Company among others.
Read Also: Warehouse Automation Market Size to Achieve USD 71,030 Million by 2032
Report Highlights
- North America led the global smart building market in 2019 owing to emergence of smart building offering using advanced technologies such as big data, IoT, data analytics, cloud computing, artificial intelligence, and deep learning. Moreover, the U.S. and Canadian governments are significantly investing in smart building solutions to enhance energy efficiency and deliver smarter, sustainable, and safer buildings.
- Asia Pacific exhibits the fastest growth during the forecast period owing to rapid penetration IoT-enabled smart devices in the region. In addition, rising public awareness towards energy conservation laws and smart and reliable solutions for buildings and infrastructures are driving the market growth.
- Solutions segment led the global smart building market with remarkable revenue share in 2019. Rising popularity for smart building infrastructure management solutions are uplifting the segment growth. For instance, demand for smart and automated elevators and escalators have conquered nearly 60% of the revenue share in building infrastructure management segment.
- By application, commercial building held the major revenue share in the global smart building market in 2019 owing to initiatives taken by real estate sector and builder to modernize the commercial spaces to enhance public experience. On the contrary, residential sector expected to exhibit the fastest growth over the forecast period. The prime factor attributed to this is augmented awareness for energy conservation among public along with aesthetic and smart featured solutions trending in the market.
Some of the prominent players in the smart building market include:
- Siemens AG
- Schneider Electric
- ABB Ltd.
- Cisco Systems Ltd.
- IBM Corp.
- United Technologies
- Delta Controls
- Building IQ
- Johnson Controls
- Honeywell International Inc.
- Legrand
- Hitachi Ltd.
- Thales Group
- Accenture
- Emerson Electric Company
Segments Covered in the Report
By Component
- Solutions
- Safety and security management
- Access control system
- Video surveillance system
- Fire and life safety system
- Energy management
- HVAC control system
- Lighting management system
- Building infrastructure management
- Parking management system
- Smart water management system
- Elevator and escalator management system
- Network management
- Wired technology
- Wireless technology
- IWMS
- Operations and services management
- Real estate management
- Environment and energy management
- Facility management
- Capital project management
- Safety and security management
- Services
- Consulting
- Implementation
- Support and maintenance
By System
- Parking Management System
- Physical Security System
- BEMS
- Others
By Technology
- Wireless Technology
- Bus Technology
- Others
By Application
- Commercial
- Retail
- Hotel
- Healthcare
- Others
- Residential
- Industrial
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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