Latest News- Smart Buildings Market: Safety and security management is expected to lead the Product segment during 2025-2029

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, including high lead times and operational costs due to manual control. Furthermore, the existing inter-device connectivity within these buildings is hindered by the complexities of wired or slow wireless technology. However, the integration of Internet of Things (IoT) into building automation offers a solution. Advanced IP-based reliable Internet connections enable end-users to monitor multiple building systems via a central hub, driving demand for sophisticated building automation technology. The increasing adoption of IoT, fueled by rising Internet penetration among select end-user demographics, presents a lucrative growth opportunity for the global smart buildings market, thereby creating a new complementary market for building automation software. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Safety and security management
  • Energy management
  • Building infrastructure management
  • Network management
  • IWMS
• Component
  • Software
  • Hardware
  • Services
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing need for building automation to enhance business outcomes
• Need for enhanced safety and security systems
• Increasing need to conserve energy

However, the market also witnesses some limitations, which are as follows:

• Challenges in integrating building automation software coupled with interoperability issues
• High switching and installation costs for smart buildings
• Data privacy and cybersecurity issues

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Market Scope in Smart Buildings Market Research Report

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Research Analysis Overview

The Smart Buildings Market is experiencing significant growth with the integration of advanced technologies such as 5G, IoT enabled devices, AI, and VR. Commercial buildings are becoming more sustainable and energy efficient through innovations like intelligent glass, smart thermostats, and smart elevators. Cloud computing and data analytics enable building management systems to optimize energy consumption and reduce greenhouse gas emissions. Home automation and working from home trends are driving demand for AI-enabled solutions in Smart Homes. Waste management, fire safety, and security systems are also being transformed with smart technologies. Smart city solutions are integrating IoT devices and energy management systems to promote net zero emissions and sustainable buildings. Smart lighting systems and automated building systems are essential components of energy conservation efforts. The future of construction is smart, with a focus on intelligent security systems, fire safety, and access controls, as well as intrusion and theft detection.

Market Research Overview

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's size is determined by the consolidated revenue generated by these entities in the non-residential sector. Key growth drivers include escalating investments in urban infrastructure, necessitated by burgeoning urban populations and the resulting demand for advanced transportation, communication services, and essential utilities such as water and electricity. Additionally, the integration of 5G technology, Internet of Things (IoT) enabled devices, Artificial Intelligence (AI), Virtual Reality (VR), and cloud computing in smart buildings is expected to revolutionize home automation, waste management solutions, and commercial building operations. Furthermore, the shift towards remote work due to the ongoing pandemic is fueling the demand for advanced technology solutions in the construction and engineering sector.. 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/