Smart Building is defined as any structure which uses automated processes for the management of various operation of the building including heating, air conditioning, lighting, ventilation, security, and other systems according to the changing conditions. A smart building is designed to make human lives easier by using complex and smart technology. The smart building uses information technology during the operation process to connect to different subsystems to collect and share data information for optimization of the building’s performance. The core systems are interlinked for better efficiency, minimizes the energy consumption, and improves safety & comfort level.

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The accelerated adoption of the Internet of Things (IoT) enabled building management system and the growing awareness of space utilization at the global level are the key factors contributing to the growth of the Global Smart Building market. The rising awareness about energy consumption and the increasing number of initiatives regarding environmental concerns will promote the usage of the smart building systems to save energy, time, and money. For instance, in 2017, the Public Service and Procurement Canada (PSPC) implemented the Smart Building initiative focusing on the construction of 100 building across Canada. Various countries such as Dubai has launched the “Dubai Plan 2021”, aiming to convert the city into a “smart city” by using innovative technology, digital tools, and smart policies. Continuous development of smart cities will have a positive impact on the growth of the market.

The growing trend for eco-friendly and green building that offer numerous smart features will contribute towards the rising demand for smart building market over the coming years. According to a recent survey conducted by the International Trade Administration, United Kingdom has witnessed a 14% rise in the number of companies willing to build 60% of their projects as green projects by the end of 2018. The rising security concerns followed by the technological enhancement and reliability offered by the intelligent security systems will further strengthen the demand of the market during the forecast period.

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On the basis of Solutions, the Global Smart Building market is segmented into Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network Management, and Workforce Management. The Energy Management segment is anticipated to lead the market during the forecast period attributed to the strong demand for smart building management solutions derived from the remarkable features offered, such as minimization and monitoring of the total energy consumed by the building. The owners and managers of multi-storey building, schools, corporate offices, and multiplex shopping malls are facing a continuous challenge to minimize the operational expense cost, which can be attained by the adoption of smart building energy management solutions.

Based on Service, the Global Smart Building market is segmented into Consulting, Integration and Deployment and Support and Maintenance. The Consulting service segment is projected to grow at a higher CAGR during the forecast period due to the drastic increase in the demand of the Smart Building systems across the globe. The target customers are actively looking for consulting services that provides a holistic approach to design smart building and integrate the building systems with the latest technologies as per their specific business goals and needs. This strong demand for consulting services will further propel the growth of the Global Smart Building market over the coming years.

Based on Building Type, the Global Smart Building market is segmented into Residential, Commercial and Industrial. The Commercial segment is expected to grow at a higher CAGR during the forecast period owing to the increasing investments in the construction sector at the global level. The global giants are focusing on the establishment of smart corporate offices to enhance the security system, boost the productivity of the employees, better space utilization while saving energy and operational cost. With the rising competition in the airline sector, the operators are increasingly looking for smart technologies to integrate the complex system of infrastructure, processes, businesses, and people to deliver a hassle-free passenger experience. Thus, the rising trend of smart corporate offices and smart airport will surge the demand of the smart commercial building market over the coming years.

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Based on the region, North America is anticipated to lead the market during the forecast period owing to the emergence of latest smart building solution with new technologies such as IoT, big data, cloud computing, data analytics, deep learning and artificial intelligence to save energy, reduce operational cost while addressing stringent global regulations and sustainability standards. The US organizations are heavily investing in smart building measures such as building controls and building system integration to increase energy efficiency and deliver the smarter, safer, and more sustainable building. Moreover, the Canadian government is promoting various initiatives focusing on making federal building more energy efficient while reducing greenhouse gas emissions. The rising awareness for energy efficient systems and the increasing initiatives by governments will drive the demand of the smart building market in these regions.

Various notable players operating in the Global Smart Building market include Cisco, Schneider Electric, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, IBM, Siemens, Intel Corporation, Huawei, and ABB, among others.

Key Developments

• • In 2020, Johnson Control launched a New York Rooftop line, specially designed to improve the energy efficiency and to meet the current and future needs of end users and contractors.

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.

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Key questions answered in this research report:

• • At what pace is the global Smart Building market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Smart Building market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Building market?
  • Which components generated maximum revenues in 2019 and identify the most promising components during the forecast period?
  • What are the various solution areas of the global Smart Building market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Component, By Solution, By Services, By Building Type, By Regions
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cisco, Schneider Electric, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, IBM, Siemens, Intel Corporation, Huawei, and ABB, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Smart Building Market by Component

• • Solutions
  • Services

Global Smart Building Market by Solution

• • Building Infrastructure Management (BIM)
    • Parking Management System
    • Smart Water Management System
    • Elevators and Escalators Management System
  • Security and Emergency Management
    • Access Control System
    • Video Surveillance System
    • Safety System
  • Energy Management
    • HVAC Control System
    • Lighting System
  • Network Management
  • Workforce Management

Global Smart Building Market by Services

• • Consulting
  • Integration and Deployment
  • Support and Maintenance

Global Smart Building Market by Building Type

• • Residential
  • Commercial
    • Office Buildings
    • Retail and Public Assembly Buildings
    • Hospital and Healthcare Facilities
    • Airports and Railway Stations
    • Others
  • Industrial

Global Smart Building Market by Region

• • North America Smart Building Market
    (Option 1: As a part of the free 25% customization)
    • North America Market by Component
    • North America Market by Solution
    • North America Market by Services
    • North America Market by Building Type
    • United States of States Market All-Up
    • Canada Market All-Up
  • Europe Smart Building Market
    (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Solution
    • Europe Market by Services
    • Europe Market by Building Type
    • United Kingdom Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Building Market
    (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Solution
    • Asia-Pacific Market by Services
    • Asia-Pacific Market by Building Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Building Market
  • (Option 4: As a part of the free 25% customization)
    • RoW Market by Component
    • RoW Market by Solution
    • RoW Market by Services
    • RoW Market by Building Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Building Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cisco
  • IBM
  • Hitachi, Ltd.
  • Honeywell International Inc.
  • Siemens
  • Schneider Electric
  • Intel Corporation
  • Johnson Controls
  • Huawei
  • ABB