The Smart Buildings Market is being driven by Growing need for building automation to enhance business outcomes
The Smart Buildings Market is expected to grow at a CAGR of 11.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 76.8 billion. In the realm of building management, non-automated structures face significant challenges with manual control leading to prolonged lead times and elevated operational expenses. Moreover, the current interconnectivity among devices within these structures is hampered by the intricacies of wired or slow wireless technology. However, the integration of Internet of Things (IoT) into building automation offers a solution, enabling advanced IP-based reliable Internet connections and centralized monitoring of multiple building systems. This technological advancement is fueled by the increasing Internet penetration among specific end-user demographics, thereby creating a burgeoning market for smart buildings and building automation software.
Get more information on Smart Buildings Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
Market Scope |
|
Report Coverage |
Details |
Page number |
221 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.3% |
Market growth 2025-2029 |
USD 76.8 billion |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
9.9 |
Key countries |
US, UK, Germany, China, Japan, France, Canada, India, Brazil, and UAE |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The smart building market encompasses innovative solutions and technologies that optimize building performance through real-time monitoring, data visualization, and building performance analytics. Building information modeling and smart building design facilitate efficient construction and operations. Facility management benefits from smart building services, platforms, and automation systems. Energy efficiency and renewable energy solutions are key drivers, along with investments in connected buildings, smart metering, and building security systems. Occupant engagement and building control systems are essential components of smart building trends and applications, driving adoption and innovation.
The global construction and engineering market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. This market excludes entities involved in residential construction. According to Technavio, the market's size is determined by the consolidated revenue generated by engineering firms and EPC contractors operating within the non-residential sector. Key growth drivers for the construction and engineering market include substantial investments in urban infrastructure development. With expanding urban populations and escalating demands for transportation, communication services, and essential utilities such as water and electricity in major cities worldwide, there is a pressing need for advanced building management systems, IoT integration, smart home technologies, and energy management solutions to enhance infrastructure efficiency and sustainability.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted