NEW YORK, Nov. 5, 2023 /PRNewswire/ — The smart buildings market size is estimated to increase by USD 46.12 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 9.73% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. An emerging trend in the smart buildings market is the growing concept of BIoT. Smart building is the integration of all standalone automated systems with additional support features such as cloud integration. BIoT is the new vision of making the building intelligent to take insights from the information and react automatically. The cloud infrastructure connects the sensors and actuators to exchange information among themselves and improve the working conditions. In addition, BIoT enables the integration of handheld devices such as mobile phones and tablets with building control to manage the process remotely. Moreover, the analytical reports help managers to optimize energy efficiency and the working environment further. Vendors are also making continuous efforts to integrate smart buildings with cyber security and connected buildings technology. Thus, the rising adoption of BIoT in smart building solutions will drive the growth of the market in focus during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Smart Buildings Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
Smart Buildings Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 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. are among some of the major market participants.
- 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.
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Smart Buildings Market 2023-2027 – Market dynamics
The growing need for building automation to enhance business outcomes is a major factor driving the smart buildings market growth. There are various benefits to building automation software. For Instance, the software acts as a control system, for the automatic regulation and control of facility subsystems, by maintaining the predefined parameters for different systems in a building. However, this software permits industrial, residential, and commercial buildings to manage, control, and operate the functioning of their buildings easily and more efficiently. Building automation has become an integral aspect of businesses these days and the adoption of building automation software enhances the cost savings of organizations significantly by enabling efficient energy management. For instance, all the parts of an HVAC system, including the different components, are connected to building management systems, and an alarm is generated if the value for any of these sub-systems surpasses the predefined limits. Such factors play an imperative role in driving the growth of the market in focus.
Major challenges –
- A key challenge that impedes the market growth of smart buildings is the high switching and installation cost.
- Building automation provides enhanced visibility of energy utilization in a building at the sub-meter level, paving the way for more efficient facility management.
- The high costs associated with these installations, in combination with the cost of the products and software, make the solution extremely expensive and have restricted the acceptance of smart solutions to large commercial enterprises.
- In addition, the integration of buildings automation with business systems and cybersecurity further raises the cost of installation multifold, which hampers smart buildings adoption rate in a few sectors.
- Implementation of this process takes time, delaying mission-critical events that prevent end users from making up their minds to adopt an integrated approach.
- Hence, it is expected that such challenges will reduce during the forecast period as many new and existing buildings implement cost and energy-saving smart building solutions.
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Smart Buildings Market 2023-2027: Segmentation
Smart Buildings Market is segmented as below:
- Lighting Control
- Security And Access Control
- North America
- South America
- Middle East And Africa
The market share growth by the software segment will be significant during the forecast period. Software plays an important role in smart buildings as every element needs to be supplied with a realistic solution integrating the analysis tools and all other control systems. A building is smart when all the devices are capable of understanding and analyzing the environment, taking action, and generating an analytical report, which is achieved through software. Software plays an integral role in smart buildings through integrated building management systems. Moreover, the information collected is then processed and used to analyze and arrive at the best course of action, which is then spread to the appropriate sub-system or device for further corrective or preventive action. Growing commercialization in emerging economies has led to growth in new buildings, and rising energy consumption has created a need to save energy. Globally, governments are largely focusing on converting new construction into smart buildings to balance the trade-off. Thus, the software market is expected to show high growth during the forecast period.
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Smart Buildings Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist smart buildings market growth during the next five years
- Estimation of the smart buildings market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behaviour
- The growth of the smart buildings market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the smart buildings market, vendors
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Table of Content
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 Company Landscape
12 Company Analysis
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