Global Smart Building Market estimated to Reach US$ +33,547.3 Mn by 2029, Due to Increasing Demand for Integrated Security & Safety Systems. Integrated communication and control systems provide a flexible, effective, comfortable, and secure building environment for operators and occupants. Integrated communication increases building functionality by allowing operators to use a single interface to control an entire network of building automation systems. Intelligent building technology utilizes building automation systems to improve and control many operations. 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 smart building market.
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Smart Building Market Participants include Siemens AG, ABB Group, Cisco Systems, Schneider SE, United Technologies Corporation, Building, Inc., Honeywell International, IBM Corporation, Johnson controls, Delta Controls, among others. For instance, On Oct 1, 2017, Schneider Electric launched EcoStruxure Building, a new platform designed to support the management of smart buildings. This new solution integrates both system and application data covering an entire building operation into one single interface. IoT enables the connectivity of devices and data to deliver better insight on operations and equipment to direct changes for corporate goals. Furthermore, IoT is a significant concept when considering energy management and operational efficiency for business, because these technologies give new insight into smaller facilities as it is a pathway to cost-effective technology deployment.
Commercial buildings include office buildings, retail infrastructures such as malls, shopping stores, and others. All these buildings have huge utilization of energy and require high-tech security systems and thus commercial buildings have increased utilization of the automated systems. It also helps to create and maintain a safer and more secure, productive and comfortable environment as cost-effectively as possible. The commercial buildings segment accounted for the largest share in 2017 and is expected to retain its dominance throughout the forecast period 2018-2026.
Key Market Segments of Smart Building Market:
By Automation Type
- Energy Management
- Intelligent Security Systems
- Infrastructure Management
- Network & Communication Management
By Services
- Professional Services
- Managed Services
By Application
- Commercial
- Residential
- Government
- Airports
- Hospitals
- Institutes
- Manufacturing & Industrial Facilities
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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