NEW CASTLE, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Smart Building Market by Component (Solution and Services), Solution Type (Building Infrastructure Management (BIM), Security & Emergency Management (SEM), Energy Management, Network Management, Workforce Management, and Waste Management), Building Type (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "smart building market" was valued at $78.28 billion in 2022, and is projected to reach $247.17 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.
The rise in the demand for enhanced building security, and technological advancements boost the growth of the global market. In addition, the surge in adoption of cloud and mobile applications is positively impacting the growth of the market. However, data privacy and security concerns and the high implementation cost hamper the growth of the ERP market. On the contrary, increased urbanization and smart city initiatives are expected to offer remunerative opportunities for the expansion of the smart building market during the forecast period.
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The solution segment held the highest market share in 2022.
By component, the solution segment dominated the market in 2022, this dominance is largely driven by the increasing adoption of smart technologies like building management systems (BMS), energy management solutions, and integrated security systems that enhance operational efficiency, sustainability, and occupant comfort. However, the services segment is expected to witness the largest CAGR of 13.3%, this growth is driven by the increasing demand for installation, maintenance, consulting, and support services that are essential for implementing and optimizing smart building technologies.
The commercial segment held the highest market share in 2022.
By building type, the commercial segment accounted for the largest share in 2022. This dominance is driven by the increasing adoption of smart technologies in commercial buildings such as offices, retail spaces, hotels, and hospitals to enhance operational efficiency, reduce energy consumption, and improve occupant comfort. However, the industrial segment is expected to witness the largest CAGR of 13.2%. This growth is driven by the increasing adoption of smart technologies in manufacturing plants, warehouses, and distribution centers, where operational efficiency, safety, and energy management are critical.
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Regional Insights: The North America region held the highest market share in 2022.
By region, the smart building market was dominated by North America in 2022. This leadership can be attributed to several key factors, including the presence of major technology providers, a well-established infrastructure, and a high level of investment in smart technologies across both commercial and residential sectors. North America, particularly the U.S. and Canada, has been at the forefront of adopting smart building solutions, driven by strong government initiatives focused on energy efficiency and sustainability.
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Key Industry Developments
- In June 2024, Schneider Electric launched the SMART Buildings Division. This evolution marks a strategic move to deliver comprehensive solutions and services that support building owners and operators in achieving their decarbonization and sustainability goals.
- In April 2024, Siemens Smart Infrastructure launched Electrification X, a highly scalable Internet-of-Things (IoT) SaaS offering to transform electrification infrastructure. Electrification X is the latest SaaS and IoT portfolio of Siemens Xcelerator, developed by Siemens Smart Infrastructure.
- In September 2024, UnaBiz launched the three solutions targeting the smart building sector at BEX Asia 2024. These IoT solutions are designed to automate monitoring, optimize operations, and help building owners meet their sustainability goals by minimizing wastage and enhancing efficiency, all while reducing operational and maintenance costs.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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