Dublin, June 17, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Buildings Market 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart buildings market is poised for significant growth, with projections indicating an expansion by USD 64.84 billion from 2023 to 2028. The industry's momentum, charting an impressive compound annual growth rate (CAGR) of 10.61%, is primarily fueled by the escalating demand for building automation systems that bolster business performance.
Additional factors propelling the market's trajectory include an increasing need for state-of-the-art safety and security measures and a heightened emphasis on energy conservation.
Segmental Overview
The forecasted growth in the smart buildings market will witness contributions from various segments. The market is categorized by products, including Building Management Systems (BMS), Heating, Ventilation, and Air Conditioning (HVAC) systems, lighting control, security and access control, among others. Furthermore, the market is bifurcated into software, hardware, and services based on components. Geographically, the market spans across key regions such as North America, Europe, Asia-Pacific (APAC), South America, and the Middle East and Africa.
Integration of IoT and Government Initiatives
Intricately linked to the industry's progression are the burgeoning integration of the Internet of Things (IoT) with building automation software, and the expanding concept of Building Internet of Things (BIoT). These technological advancements are expected to significantly drive market growth in the coming years. Furthermore, the rising focus on government initiatives aimed at developing smart cities is anticipated to spur substantial demand within the smart buildings sector.
Competitive Landscape and Market Projections
The competitive panorama of the smart buildings market is robust, comprising several leading vendors poised to aid clients in bolstering their market stance. Vendors are increasingly focused on technological innovation to meet the evolving needs of the market and to tap into emerging growth opportunities. The comprehensive analysis offered outlines key areas of growth, while highlighting potential challenges. Strategic foresight along with an understanding of market dynamics is essential for stakeholders intending to capitalize on the opportunities in the horizon.
Methodological Approach
The forecast presented in the report is developed with a rigorous analytical process, combining both primary and secondary research methodologies. Inputs from key market participants play a pivotal role in shaping a well-rounded market perspective. The resultant market forecast is a product of both qualitative and quantitative research techniques, ensuring reliability and extensive scope.
The smart buildings market represents a dynamic and vital segment of the global economy, offering scalable benefits across businesses and communities. Stakeholders in various sectors are encouraged to review the potential for advanced building technologies in their strategic planning to harness efficiencies and sustainable practices.
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- Advantech Co. Ltd.
- BuildingLogiX
- Cisco Systems Inc.
- Delta Electronics Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- International Business Machines Corp.
- Johnson Controls
- L and T Technology Services Ltd.
- Legrand SA
- Panasonic Holdings Corp.
- Robert Bosch GmbH
- RTX Corp.
- Schneider Electric SE
- Siemens AG
- Smarteh d.o.o.
- Snap One LLC
- Softdel System Pte. Ltd.
- Switch Automation
- Verdigris Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rxrg8z
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