Smart Buildings Market to Grow by USD 76.8 Billion (2025-2029), Vendor Strategies Boost Growth, AI-Powered Market Evolution Report - Technavio

The smart buildings market is set to witness a remarkable expansion, with an estimated increase of USD 76.8 billion at a CAGR of 11.3% between 2024 and 2029. The integration of Smart Home Technologies, Building Information Modeling (BIM) solutions, IoT integration in buildings, Energy-efficient building systems, AI-driven building management systems, Sustainable construction materials, 3D scanning in construction, Augmented Reality (AR) in architecture, Smart city infrastructure projects, and Building automation technologies is driving this transformation. The adoption of these technologies is enhancing energy efficiency, optimizing operational costs, and improving security across various sectors, including residential, commercial, and industrial buildings.Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By Product

• BMS (Building Management Systems)

• HVAC

• Lighting Control

• Security and Access Control

• Others

By Component

• Software

• Hardware

• Services

By End Use

• Residential

• Commercial

• Industrial

• Others

Regional Market Trends

• North America: US, Canada

• Europe: Germany, UK, France

• APAC: China, India, Japan

• South America: Brazil

• Middle East and Africa

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Market Dynamics

Key Drivers

• The growing need for building automation to improve business outcomes.

• Increased adoption of IoT-enabled devices to optimize energy consumption.

• AI-driven predictive maintenance, security systems, and space utilization.

Market Trends

• The rapid integration of IoT with building automation software.

• The expansion of AI and 5G technologies for real-time monitoring.

• Adoption of intelligent glass, smart thermostats, and VR applications in smart buildings.

Market Challenges

• Integration complexities in building automation systems.

• Interoperability concerns among different automation platforms.

• Security vulnerabilities in IoT-based infrastructure.

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Key Market Players

• ABB Ltd

• Advantech Co. Ltd.

• BuildingLogiX

• Cisco Systems Inc.

• Delta Electronics Inc.

• Emerson Electric Co.

• Honeywell International Inc.

• IBM Corp.

• Johnson Controls

• L&T Technology Services Ltd.

• Legrand SA

• Panasonic Holdings Corp.

• Robert Bosch GmbH

• RTX Corp.

• Schneider Electric SE

• Siemens AG

• Smarteh d.o.o.

• Snap One LLC

• Softdel System Pte. Ltd.

• Switch Automation

Recent Market Developments

• December 2024: Honeywell introduced a new smart building platform integrating AI-driven analytics to enhance energy efficiency.

• November 2024: Siemens launched sustainability-focused smart building solutions, including advanced energy management tools.

• October 2024: Johnson Controls unveiled an IoT-powered smart building system for real-time climate, lighting, and security control.

• September 2024: Schneider Electric introduced a building management platform integrating renewable energy sources for enhanced efficiency.

Future Insights

The smart buildings market will continue to evolve with advancements in AI, IoT, 5G, and blockchain technologies, improving automation and efficiency. The adoption of energy-efficient solutions and smart city infrastructure projects will further propel market growth, making smart buildings an integral component of modern urban development.