Smart Building Market by Component, Building Type

List of Tables

[199 Pages Report] The Smart Building Market size was estimated at USD 32.68 billion in 2023 and expected to reach USD 39.54 billion in 2024, at a CAGR 23.01% to reach USD 139.38 billion by 2030.

The smart building market encompasses integrating advanced technology systems, automation solutions, and IoT devices to optimize the performance, efficiency, and functionality of modern infrastructure. The primary applications of smart building technologies include energy management, lighting control, HVAC control, safety and security management, predictive maintenance, waste management, and space optimization. The increasing government initiatives for smart infrastructure development and the growing need for energy-efficient and sustainable buildings globally are major factors enhancing the market growth. The surge in IoT-enabled building management systems (BMS) adoption is also improving the demand for smart building solutions worldwide. However, the capital-intensive implementation and privacy concerns associated with the smart building infrastructure may limit the product adoption in the forecast period. The limited technological expertise and alignment issues also pose challenges for market growth. Furthermore, the emerging advancements of smart cities worldwide are expected to enhance the demand for smart building solutions. The ongoing development and adoption of 5G technology in smart buildings are also unlocking new opportunities to enhance overall building performance.

KEY MARKET STATISTICS
Base Year [2023]	USD 32.68 billion
Estimated Year [2024]	USD 39.54 billion
Forecast Year [2030]	USD 139.38 billion
CAGR (%)	23.01%

Component: Significant adoption of advanced smart building solutions

Services in the smart building industry refer to the various offerings provided by companies to optimize building performance using real-time data and analytics. Consulting services help organizations plan, design, and implement customized solutions tailored to specific requirements. Support and maintenance services in the smart building market ensure implemented systems function smoothly throughout their lifecycle. Support and maintenance services include proactive monitoring of system performance to identify issues before they escalate into critical problems. System integration and deployment services are vital for seamless interconnectivity between various components, including HVAC controls, lighting systems, security mechanisms, occupancy sensors, and energy management platforms.

Smart building solutions enable stakeholders to monitor, control, and manage various aspects of a building's infrastructure in real time through innovative technologies and intelligent systems. Building infrastructure management is a centralized platform for monitoring and controlling a building's mechanical, electrical, and plumbing (MEP) systems. Elevators and escalator management systems are used to improve the efficiency and safety of vertical transportation systems while reducing wait times and energy consumption. Parking management systems help optimize space utilization, enhance security, and provide real-time information on available parking spots for seamless navigation within the premises. Smart water management systems monitor water usage patterns across the building for efficient water consumption management. Energy management aims to collect real-time data on energy consumption patterns. HVAC systems are crucial to maintaining indoor air quality and regulating temperature. Automated lighting systems are designed to optimize illumination levels based on occupant presence, natural light availability, and energy efficiency goals. An efficient network management system ensures seamless communication between various smart building components. Security and emergency management prioritize the safety of occupants by employing multiple layers of security measures, including access control systems, video surveillance systems, intrusion detection devices, and fire safety equipment. Access control systems are advanced authentication methods such as biometrics, facial recognition technology, or RFID-based solutions that restrict unauthorized access to sensitive areas within the building. Comprehensive safety solutions encompass fire detection and suppression equipment and emergency communication systems that ensure timely alerts during critical situations. Video surveillance systems continuously monitor activities throughout the premises to deter unwanted behavior and detect potential threats in real-time. Workforce management supports workforce optimization using advanced analytics tools to assess occupancy patterns and space utilization across various zones.

Building Type: Extensive use of smart building solutions for commercial building management

Commercial smart buildings integrate cutting-edge technology to improve energy efficiency, lower operating costs, and enhance the comfort and productivity of occupants. Commercial smart buildings rely on advanced HVAC systems, automated lighting controls, security systems, and building management software. The industrial segment encompasses manufacturing facilities, warehouses, logistics centers, research labs, and other specialized facilities requiring advanced automation systems to optimize production processes and ensure worker safety. Residential smart buildings prioritize enhancing the comfort, security, and convenience of occupants through automated systems such as smart thermostats, lighting controls, and security cameras. Key need-based preferences for residential smart buildings include energy-efficient technologies that reduce utility bills, user-friendly interfaces for easy management of connected devices, and customizable automation features to cater to individual preferences.

Regional Insights

The Americas region has highly developed infrastructure for smart buildings due to increased focus on energy efficiency, building automation, and evolving IoT technologies. Countries, including the United States and Canada, are promoting stringent energy-efficiency regulations and government incentives to promote sustainable development, contributing to the market growth in the region. European Union (EU) countries have adopted policies that support the deployment of smart buildings as part of their commitment to promote energy-efficient housing and commercial facilities. The Middle East region is witnessing significant investments in smart city projects emphasizing sustainability and digitalization. In the APAC region, important countries such as China, Japan, and India invest massively in building infrastructure and rapid urbanization, driving the demand for smart building solutions. The growing focus on energy conservation and sustainability in new construction projects in the region also enhances the demand for smart building solutions in the APAC region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Smart Building Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Building Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Smart Building Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aquicore, Inc. by Information Grid Ltd., Arup Group Limited, Buildings IOT Inc., Cisco Systems, Inc., CohesionIB, Inc., CopperTree Analytics Inc. by Dar Al-Handasah Consultants Shair and Partners Holdings Limited, EcoEnergy Insights by Carrier Global Corporation, Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, Johnson Controls International PLC, KMC Controls, Inc., L&T Technology Services Limited, Legrand S.A., Metrikus Limited, Microsoft Corporation, Mitsubishi Corporation, Mode Green Integrated Building Technology, mySmart Pty Ltd., Nippon Telegraph and Telephone Corporation, PointGrab Inc., PTC Inc., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, SMART Building Specialists Pty Ltd, Verdigris Technologies, Inc., Verizon Communications Inc., and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the Smart Building Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Consulting
  - Support & Maintenance
  - System Integration & Deployment

Solution
- Building Infrastructure Management
  - Elevators & Escalators Management System
  - Parking Management System
  - Smart Water Management System

Energy Management
- HVAC Control System
- Lighting System

Network Management
Security & Emergency Management
- Access Control System
- Safety System
- Video Surveillance System

Workforce Management

Building Type
- Commercial
- Industrial
- Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Smart Building Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Building Market?

3. What are the technology trends and regulatory frameworks in the Smart Building Market?

4. What is the market share of the leading vendors in the Smart Building Market?

5. Which modes and strategic moves are suitable for entering the Smart Building Market?

Product Code: MRR-0309FBC512ED

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing government initiative for the development of smart infrastructure
  - 5.1.1.2. Increasing need for energy-efficient and sustainable buildings globally
  - 5.1.1.3. Surge in adoption of IoT enabled building management system (BMS)
- 5.1.2. Restraints
  - 5.1.2.1. Capital intensive implementation and privacy concerns
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing development and adoption of 5G technology in smart buildings
  - 5.1.3.2. Introduction of advanced & innovative smart building solutions
- 5.1.4. Challenges
  - 5.1.4.1. Limited expertise and interoperability issues associated with smart building solutions
5.2. Market Segmentation Analysis
- 5.2.1. Component: Significant adoption of advanced smart building solutions
- 5.2.2. Building Type: Extensive use of smart building solutions for commercial building management
5.3. Market Trend Analysis
- 5.3.1. Emphasis on development of breakthrough smart building solutions in the Americas
- 5.3.2. Green building initiatives to foster deployment of smart building solutions in the APAC region
- 5.3.3. Focus on upgrading existing building infrastructures for energy efficiency with supportive government investments in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis

6. Smart Building Market, by Component

6.1. Introduction
6.2. Services
6.3. Solution

7. Smart Building Market, by Building Type

7.1. Introduction
7.2. Commercial
7.3. Industrial
7.4. Residential

8. Americas Smart Building Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Smart Building Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Smart Building Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Siemens Smart Buildings Portfolio Accredited by WiredScore
- 11.3.2. Smart Building Platform Andorix Raises USD 40 Million in Debt and Equity
- 11.3.3. SmartCon Solutions Acquires Sentient Buildings, Expanding Its Leadership in Smart Building Technology
- 11.3.4. Johnson Controls to Expand OpenBlue Digital Buildings Capabilities through Acquisition of Workplace Management Software Provider FM:Systems
- 11.3.5. ABB Strengthens Smart Home Technology Portfolio with Acquisition of Eve Systems
- 11.3.6. Honeywell Unveils Honeywell Forge for Buildings and Expands Sustainability-Focused Applications
- 11.3.7. Telia Launches Tool that Quantifies the Benefits of Investing in Smart Buildings
- 11.3.8. Cisco and RIBA look at Smart Building Best Practice
- 11.3.9. Obayashi and Hitachi Solutions Established "Oprizon, Ltd.," a Joint Venture Providing Smart Building-related Services
- 11.3.10. Kognition Announces Partnership with View Inc. to Integrate Smart Building Cloud and Smart Glass Technology
- 11.3.11. Dar Group Acquires CopperTree Analytics
- 11.3.12. Siemens Launches Connect Box, a Smart IoT Solution to Manage Smaller Buildings
- 11.3.13. L&T Technology Services Agrees to Acquire Smart World & Communication Business of L&T
- 11.3.14. Siemens Announces the Launch of Building X, an Open AI-Enabled Smart Building Suite for Net Zero Buildings

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio