Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Building Market Overview, 2024-29" report has been added to ResearchAndMarkets.com's offering.
Global Smart Building Market is anticipated to cross USD 165 Billion by 2029, increasing from USD 91.19 Billion in 2023. The market is expected to grow at a 10.80% CAGR by 2024-29
Innovation in smart building solutions is being driven by rapid improvements in technology, including cloud computing, data analytics, artificial intelligence (AI), and the Internet of Things (IoT). By enabling intelligent automation, predictive maintenance, and real-time monitoring of building systems, these technologies improve security, comfort, and efficiency. Global population expansion and increasing urbanisation are driving up demand for smart buildings.
Infrastructure that is sustainable, effective, and linked is required as more people migrate into cities in order to support economic growth and urban lifestyles. With growing concerns about climate change and resource depletion, there is a heightened focus on energy efficiency and sustainability in building design and operations. Smart building technologies help optimise energy usage, reduce carbon emissions, and minimise environmental impact, aligning with global sustainability goals and driving demand for smart buildings. Governments around the world are implementing regulations and incentives to promote energy-efficient and sustainable building practices.
Policies such as energy performance standards, green building certifications, and financial incentives for renewable energy adoption incentivize building owners and developers to invest in smart building technologies. Smart building solutions offer opportunities for cost savings and operational efficiency through improved resource management, reduced energy consumption, and predictive maintenance. Building owners and operators recognise the long-term financial benefits of investing in smart building technologies, driving demand for solutions that optimise building performance and reduce operating expenses.
Market Drivers
Enhanced Occupant Experience: Improving tenant experience is one of the main factors propelling the global smart building industry. A multitude of features and facilities provided by smart building technology help to make the living and working environments of building inhabitants more convenient, pleasant, and productive.
The requirements and preferences of building residents are given priority in smart buildings, which have personalised lighting and temperature controls, smart security systems, and integrated facilities like fitness centres and common areas. Smart buildings raise overall pleasure and well-being by giving residents more control over their surroundings and access to cutting-edge services. This improves tenant retention rates, productivity, and quality of life.
Integration of Cloud-Based Technologies and Automation: Automation and cloud-based technology integration are key factors propelling the global smart building industry. Real-time analytics, centralised data storage, and remote access to building systems and data from any location at any time are all made possible by cloud computing. Smart building systems may gather, process, and distribute data more effectively by utilising cloud-based platforms.
Market Challenges
Cooperation Lacking Between Government Bodies and Cybersecurity Threat Risks: The absence of collaboration among governmental entities and the cybersecurity hazards linked to smart building technology provide a noteworthy obstacle to the worldwide smart building industry. Smart buildings are more vulnerable to cybersecurity risks, including malware assaults, hacking, and data breaches, as they become more digitally integrated and dependent. However, there is frequently a lack of cooperation and coordination between the government organisations in charge of enforcing cybersecurity laws and those in charge of managing construction codes and standards. This lack of collaboration leads to disjointed cybersecurity strategies and an inability to adequately handle new threats.
High Cost of Implementation: The high implementation costs of implementing smart building technologies provide a major obstacle for the global smart building industry. When adding smart technologies to an existing structure, there may be a significant upfront cost associated with the hardware, software, installation, and integration of the system. Financial obstacles and budgetary restrictions may prevent building owners and developers from investing in smart building solutions, particularly in areas where finance is scarce or the return on investment is uncertain. Further driving up costs and delaying rollout timeframes is the intricacy of integrating smart building technology, which includes interoperability problems, customisation needs, and technical difficulties.
Competitive Landscape
- Competitive Dashboard
- Business Strategies Adopted by Key Players
- Key Players Market Share Insights and Analysis, 2022
- Key Players Market Positioning Matrix
- Porter's Five Forces
Company Profiles
- Honeywell International Inc.
- Company Snapshot
- Company Overview
- Financial Highlights
- Geographic Insights
- Business Segment & Performance
- Product Portfolio
- Key Executives
- Strategic Moves & Developments
- Siemens AG
- Schneider Electric SE
- The International Business Machines Corporation
- ABB Ltd
- Cisco Systems, Inc
- Hitachi, Ltd.
- Legrand S.A.
- Intel Corporation
- Johnson Controls International
By Component
- Solutions
- Services
By Solution
- Safety and security management
- Energy management
- Building infrastructure management
- Network management
- Integrated Workplace Management System (IWMS)
By Services
- Implementation
- Consulting
- Support and maintenance
By Application
- Commercial
- Residential
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/vthba4
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