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 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. 

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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
• Building Type
  • Commercial
  • Residential
  • Industrial
• Application
  • Security Systems
  • HVAC Control
  • Lighting Management
• 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 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.

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 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
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/