Smart Buildings Market Worth $121.6 billion by 2026, Growing At a CAGR of 10.9% Report by MarketsandMarkets™

Chicago, July 28, 2023 (GLOBE NEWSWIRE) -- The global Smart Buildings Market size to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period, according to a new report by MarketsandMarkets™. The global smart buildings market is gaining traction, owing to factors such as rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system.

Browse in-depth TOC on "Smart Buildings Market"

330 - Tables
54 - Figures
301 - Pages

Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1169

Scope of the Report

Smart buildings offer enhanced provide endless opportunities for improved convenience to the occupant and have enhanced capabilities. Although smart building initiatives have been underway for some time in the commercial real estate, the smart building movement has really gained traction with the proliferation of various technology majorly the Internet of Things (IoT) technology. Construction and facilities management professionals realize the cost, efficiency, and energy-saving benefits of installing IoT sensors, switches, and analytics to make buildings digitally smarter. 

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1169

The scope of this report covers the smart buildings market by component (solutions and services), building type, and region. The energy management solution segment is expected to grow at the highest CAGR during the forecast period. Energy management solutions for smart building help to reduce and monitor the energy consumption of the building. Buildings are becoming more sustainable and energy-efficient through the optimization of the infrastructure using energy management solutions.

The industrial segment in building type is expected to grow at the highest CAGR during the forecast period owing to smart industrial building automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers. The smart industrial building segment of the Smart buildings market involves data gathering, analytics, and building operations optimization along with energy savings. Reducing energy expenditure is critical for industrial and manufacturing facilities as it directly contributes to the OPEX and CAPEX of companies and can affect profitability. This has driven the demand for smart building solutions to effectively manage and reduce energy costs.

By region, North America is estimated to hold the highest market share during the forecast period. This is due to the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Key vendors, such as Cisco, Johnson Controls, IBM, Honeywell, and Siemens, have been trying to seize these opportunities by expanding their market presence. 

Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1169

Top Trends in Global Smart Buildings Market

The global Smart Buildings Market is growing rapidly, and there are a number of key trends that are driving this growth. Some of the top trends in the global Smart Buildings Market include:

• The development of smart buildings was greatly aided by the Internet of Things (IoT) technology, which made it possible for numerous systems and devices to connect and share data. This integration made it possible for building activities to be controlled and automated more effectively, which boosted energy efficiency and reduced costs.
• There has been a greater emphasis on energy management and sustainability in smart buildings due to growing worries about climate change and energy use. To lessen their carbon footprint and running expenses, building owners and operators seek to adopt energy-efficient technologies and renewable energy sources.
• In order to improve performance, foresee maintenance needs, and improve occupant comfort, AI and machine learning technologies were integrated into smart building systems. Buildings could now learn from data trends and modify operations thanks to these technologies.
• By including elements like individualised temperature management, interior air quality monitoring, and lighting systems that adjusted based on occupancy and natural light, smart buildings attempted to increase occupant comfort and well-being.
• Smart buildings have been equipped with improved security systems that use cutting-edge technologies like facial recognition, biometric access control, and video analytics to increase security and thwart unauthorised access.
• Smart building automation technologies have become much more widely used. Automated controls for the HVAC, lighting, and other building systems increased energy efficiency and made managing the building for the operators easier.
• Due to its ability to move data processing and analysis closer to the data source, reduce latency, and improve real-time decision-making skills, edge computing has gained popularity in the market for smart buildings.
• To handle and analyse the enormous amounts of data produced by smart building technologies, cloud-based platforms were frequently deployed. These technologies allowed for centralised monitoring and management and remote access to building data.
• As vast amounts of data were produced and gathered by smart buildings, worries regarding data security and privacy surfaced. The development and operation of smart buildings now place a high focus on ensuring reliable cybersecurity measures.

Key Industry Development

The Smart Buildings Market is constantly evolving, with new technologies and solutions emerging all the time. Here are some of the key industry developments that are shaping the market:

• It was anticipated that the rollout of 5G technology will significantly affect the market for smart buildings. The seamless connectivity that 5G's faster data rates, reduced latency, and larger capacity will allow for a wide range of smart devices and apps inside buildings would open up new opportunities for real-time data analytics and improved building automation.
• Building automation technologies were improving in sophistication and usability, allowing for the seamless integration and management of several building systems. Easy interoperability across various smart devices and systems was made possible by open protocols and standardisation efforts.
• Edge computing was gaining popularity as a means of processing and analysing data closer to the source, minimising reliance on cloud infrastructure, and enhancing the capacity for real-time decision-making.
• Smart buildings are evolving quickly thanks to the convergence of Internet of Things (IoT) and Artificial Intelligence (AI) technology. To improve building operations, preventive maintenance, and energy efficiency, machine learning and AI-driven analytics were being used to IoT data.
• The industry gave more focus to data security and privacy as a result of the rise in data volume produced by smart building systems. To protect private data and stop unauthorised access to building systems, effective cybersecurity measures were put in place.
• To evaluate and acknowledge the sustainability and efficiency of buildings, the development of smart building certifications and standards was becoming more widespread. Led (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method) certifications are two that are well-known and commonly used.
• In order to lessen their dependency on conventional energy systems and cut down on carbon emissions, smart buildings are incorporating renewable energy sources like solar panels and wind turbines.
• The COVID-19 pandemic hastened the incorporation of wellness and health elements in smart buildings. To improve occupant safety and wellbeing, touchless interfaces, occupancy tracking, air quality monitoring, and other health-focused technology were implemented.
• In order to support demand response capabilities and optimise energy use depending on grid conditions and electricity pricing, smart buildings were increasingly connecting with smart networks.
• Building owners and operators were emphasising the use of smart building technologies to enhance tenant engagement and experience. Users had more control over their office settings because to mobile apps and user interfaces, which increased pleasure and productivity.

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

Browse Other Reports:

Social and Emotional Learning Market - Global Forecast to 2027

Blockchain Supply chain Market - Global Forecast to 2027

Embedded AI Market - Global Forecast to 2028

Green Technology and Sustainability Market - Global Forecast to 2027

Retail Cloud Market - Global Forecast to 2028