The global smart building market is predicted to witness an upsurge in demand during the forecast period due to the rising awareness of space utilization, and the increasing adoption of the Internet of Things (IoT) allowed building management system globally. According to the smart building market forecast, the rising awareness regarding energy consumption and the rising number of initiatives associated with environmental concerns will encourage the use of smart building systems to save time, energy, and money. For example, the Public Service and Procurement Canada (PSPC), in 2017, introduced the Smart Building initiative emphasizing on the construction of 100 buildings across Canada. Several economies, including Dubai, have introduced the “Dubai Plan 2021”, focusing on converting the city into a “smart city” by utilizing innovative technology, smart policies, and digital tools. The rapid development of smart cities will support the growth of the smart building market size.
The emerging trend for eco-friendly and green buildings that provide various smart features will lead to an upsurge in demand for the smart building industry. As per a recent survey held by the International Trade Administration, United Kingdom has experienced a 14% increase in the number of players willing to build 60% of their projects as green projects by 2018. The growing security issues, along with the technological advancement and reliability provided by the intelligent security systems, will further stimulate the demand of the market in the upcoming years.
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Based on Solutions, the global smart building market is segmented into Building Infrastructure Management (BIM), Energy Management, Network Management, Security and Emergency Management, and Workforce Management. The Energy Management is expected to dominate the market in the upcoming years due to the rising demand for smart building management solutions obtained from the exceptional features provided, including monitoring and minimization of the total energy utilized by the building. The managers and owners of schools, multi-story buildings, corporate offices, and multiplex shopping malls are having difficulties in reducing the operational expense cost, which can be obtained by the adoption of smart building energy management solutions.
On the basis of Service, the global smart building market is segmented into Consulting, Integration and Deployment, and Support and Maintenance. The Consulting service segment is anticipated to rise at a higher CAGR over the coming years. This is mainly due to the rising demand for smart building systems globally. The target consumers are proactively searching for consulting services that offer a holistic approach to design smart business goals and requirements. The high demand for consulting services will further fuel the growth of the smart building market during the forecast period.
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Based on Building Type, the global smart building market is segmented into Commercial, Residential, and Industrial. The Commercial is projected to grow at a faster CAGR in the upcoming years due to the rising investments in the construction sector across the world. The global giants are emphasizing on developing smart corporate offices to improve the security system, better space usage while saving energy and operational cost, and enhance the productivity of the employees. With the growing competition in the airline industry, the operators are actively looking for smart technologies to incorporate the complex system of processes, infrastructure, businesses, and people to offer a hassle-free passenger experience. Thereby, the emerging trend of smart corporate offices and the smart airport will propel the market growth during the forecast period.
On the basis of the region, North America is expected to dominate the market in the upcoming years. This is mainly attributed to the rise of the latest smart building solution with new technologies that include bid data, IoT, data analytics, cloud computing, deep learning, and artificial intelligence to save energy, decrease operational cost while addressing strict global regulations and sustainability standards. The US companies are investing in smart building measures like building controls and building system incorporation to raise energy efficiency and deliver safer, smarter, and more sustainable buildings. In addition to this, the Canadian government is encouraging numerous initiatives emphasizing on making federal buildings more energy-efficient while decreasing greenhouse gas emissions. The increasing awareness for energy-efficient systems and the growing initiatives by governments will bolster the demand of the market.
Various notable players operating in the global smart building market include Schneider Electric, Cisco, Hitachi, Ltd., Siemens, Honeywell International Inc., Johnson Controls, IBM, Huawei, ABB, and Intel Corporation, among others.
The Global Smart Building market has been segmented based on Component, Solution, Services, Building Type, and Regions. Based on Component, the market is segmented into Solutions and Services. Based on Solution, the market is segmented into Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network Management, and Workforce Management. Based on Services, the market is segmented into Consulting, Integration and Deployment, and Support and Maintenance. Based on Building Type, the market is segmented into Residential, Commercial, and Industrial.
Smart Building Market Segmentation:
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