Smart Building Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Smart Building Market was valued at USD 94 billion in 2023 and is projected to grow at a CAGR of over 20% from 2024 to 2032. This growth is driven by an increasing focus on reducing energy consumption and operational costs in buildings.

Smart buildings leverage cutting-edge technologies, including IoT sensors, energy management systems, and automated controls, to optimize energy consumption. This not only results in substantial cost savings but also offers environmental advantages. Such benefits are motivating both new construction projects and retrofitting of existing structures to adopt smart technologies. Additionally, with governments and regulatory bodies enforcing stricter energy efficiency standards, the demand for smart building solutions is further amplified.

Technological advancements, particularly in the realms of the Internet of Things (IoT), artificial intelligence (AI), and machine learning, are paving the way for more sophisticated smart building solutions. These innovations facilitate enhanced automation, real-time monitoring, and predictive maintenance. As these technologies evolve and become more affordable, a growing number of building owners and developers are embracing them to bolster management, security, and occupant comfort.

The overall industry is divided into solution, service, end use and region.

The smart building market is categorized by end use into industrial, commercial, and residential segments. The residential segment is projected to surpass USD 80 billion by 2032. Concerns over rising crime rates and neighborhood safety are propelling the demand for advanced security systems in residential zones. Homeowners, prioritizing the safety of their property and loved ones, are increasingly turning to solutions like surveillance cameras, alarm systems, and smart locks. These tools not only bolster home security but also offer homeowners peace of mind.

Market segmentation by solution includes safety & security management, energy management, building infrastructure management, integrated workplace management systems (IWMS), and network management. Among these, the safety & security management segment is anticipated to witness a CAGR of over 22% during the forecast period. With the rise of both physical and cyber threats, the demand for robust safety and security management solutions has surged. Threats ranging from vandalism and theft to terrorism and cyberattacks are prompting building owners and managers to invest heavily in advanced security measures. These include surveillance cameras, access control systems, and comprehensive cybersecurity protocols, all aimed at asset protection and occupant safety.

North America led the global smart building market, commanding over 36% share in 2023. Urban crime rates are pushing homeowners to bolster their residential security, leading to heightened investments in protective measures against burglary and vandalism. Furthermore, the U.S. showcases a pronounced adoption of smart home technologies. The melding of IoT devices, AI, and cloud computing into home security systems is ushering in a new era of advanced, user-centric options. Consequently, there has been a notable surge in demand for holistic home security solutions, encompassing video surveillance, alarm systems, and smart locks.

Product Code: 5555

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Aerospace robotics industry 360° synopsis, 2021 - 2032
2.2 Business trends
- 2.2.1 Total addressable market (TAM), 2024-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increased demand for energy efficiency
  - 3.8.1.2 Enhanced focus on health and well-being
  - 3.8.1.3 Growing regulatory and Incentive programs from the government
  - 3.8.1.4 Growing urbanization
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 High initial investment costs
  - 3.8.2.2 Complex integration and interoperability issues
3.9 Growth potential analysis
3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Solution, 2021 - 2032 (USD Million)

5.1 Key trends
5.2 Safety and security management
- 5.2.1 Access control system
- 5.2.2 Video surveillance system
- 5.2.3 Fire and life safety system
5.3 Energy Management
- 5.3.1 HVAC control system
- 5.3.2 Lighting management system
- 5.3.3 Others (Data Management, Asset Performance Optimization, and Application Platform)
5.4 Building infrastructure management
- 5.4.1 Parking management system
- 5.4.2 Water management system
- 5.4.3 Others (Elevators and Escalators Management and Waste Management)
5.5 Integrated workplace management system (IWMS)
- 5.5.1 Real estate management
- 5.5.2 Capital project management
- 5.5.3 Facility management
- 5.5.4 Operations and services management
- 5.5.5 Environment and energy management
5.6 Network management
- 5.6.1 Wired technology
- 5.6.2 Wireless technology

Chapter 6 Market Estimates and Forecast, By Service, 2021 - 2032 (USD Million)

6.1 Key trends
6.2 Consulting
6.3 Implementation
6.4 Support and Maintenance

Chapter 7 Market Estimates and Forecast, By End use, 2021 - 2032 (USD Million)

7.1 Key trends
7.2 Residential
7.3 Commercial
- 7.3.1 Healthcare
- 7.3.2 Retail
- 7.3.3 Academic
- 7.3.4 Others (Hotels, Public Infrastructure, and Transport)
7.4 Industrial

Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 (USD Million)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Rest of Europe
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Rest of Asia Pacific
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Rest of Latin America
8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA

Chapter 9 Company Profiles

9.1 Abode Systems
9.2 ADT Inc.
9.3 Amazon
9.4 Arlo Technologies
9.5 Brinks Home Security
9.6 Canary
9.7 Cove
9.8 Deep Sentinel
9.9 Eufy Security
9.10 Frontpoint Security
9.11 Google (Nest)
9.12 Honeywell
9.13 iSmartAlarm
9.14 Noonlight
9.15 Samsung SmartThings
9.16 Scout Alarm
9.17 SimpliSafe
9.18 Swann Security
9.19 Vivint Smart Home
9.20 Wyze Labs
9.21 Xfinity Home