Smart Buildings Market Size to grow by USD 64.84 billion between 2024-2028
According to a research report “ Smart Buildings Market” by Product (BMS, HVAC, Lighting control, Security and access control, Others) Component (Software, Hardware, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 64.84 billion, at a CAGR of almost 10.61% during the forecast period. Building automation software plays a pivotal role in optimizing facility operations for industrial, residential, and commercial establishments. By serving as a control system for the automatic regulation and management of various building subsystems, this software ensures adherence to predefined parameters. This results in enhanced cost savings through efficient energy management. For instance, the HVAC system's components are integrated into building management systems, triggering alerts when any subsystem exceeds established thresholds. The implementation of building automation software is a strategic business decision, streamlining building management and improving overall operational efficiency.
Browse market data tables, figures, and in-depth TOC on “Smart Buildings Market” by Product (BMS, HVAC, Lighting control, Security and access control, Others) Component (Software, Hardware, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the BMS segment is projected to dominate the market size in 2024
The smart buildings market is experiencing significant growth due to the increasing adoption of advanced hardware components. This trend is driven by the integration of intelligent solutions into buildings, which utilize smart sensors, controllers, and actuators to optimize the operation of sophisticated equipment. The shift towards intelligent systems is motivated by end-users' heightened awareness of the benefits, including cost savings and efficient monitoring and control. Hardware components, such as computing-based devices, seamlessly process data derived from sensors and generate suitable responses. Furthermore, these devices leverage IoT analytical tools to gain insights from the information and transmit it to automation control systems for optimal building performance.
By Component, Software segment is expected to hold the largest market size for the year 2024
Businesses investing in smart buildings are increasingly turning to Building Management Systems (BMS), also known as Building Automation Systems (BAS), as the largest segment of the global market. These systems are integral to the efficient operation of smart buildings, integrating various standalone control and monitoring systems into a unified platform. Comprised of software, servers, sensors, and major components such as HVAC, lighting, and emergency control systems, BMS enable seamless control and monitoring of all devices. According to Intel Corp., the cost of implementing a BMS ranges from a minimum of USD2.50 per square foot to a maximum of USD7, making it a worthwhile investment for businesses seeking to optimize their energy usage and enhance operational efficiency.
North America is forecasted to hold the largest market size by region in 2024
The Smart Buildings Market in North America is projected to dominate the global landscape, with the US and Canada being the primary contributors to its growth. The region's industrial and commercial sectors are experiencing significant expansion, leading to increased adoption of smart solutions. In the US, the residential sector is poised for rapid growth due to the integration of advanced features, such as two-way communication among appliances like washing machines, air conditioners, and refrigerators, enhancing the living experience and comfort. Latin American countries, including Brazil and Colombia, are also anticipated to deploy more smart building technologies, driven by their burgeoning economies and industrial growth.
The Smart Buildings Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Smart Buildings Market is experiencing rapid growth as the demand for network systems that integrate Intrusion Detection, Theft Detection, Access Controls, Video Surveillance, Fire Safety, Automation, Intelligent Security Systems, and more, continues to increase. Smart Buildings are not just limited to residential structures, with Commercial buildings also adopting these technologies to enhance energy conservation through smart lighting systems, energy-efficient structures, smart elevators, and smart thermostats. Intelligent glass, Waste management solutions, and 5G technology are also becoming essential components of Smart Buildings. The integration of AI and IoT-enabled devices in Smart Buildings is revolutionizing the industry, with AI-enabled innovations in data analytics, cloud computing, Virtual Reality (VR), and Home automation becoming the norm. The focus on reducing greenhouse gas emissions and creating Smart Cities is driving the demand for energy-efficient structures and intelligent waste management solutions. Working from home has further accelerated the adoption of Home automation and energy conservation technologies. The future of Smart Buildings lies in the integration of advanced technologies like AI, VR, and 5G to create more efficient, secure, and sustainable structures.
Market Research Overview
The Smart Buildings Market is experiencing significant growth due to the integration of Internet-of-Things (IoT) technologies in Air Conditioning, Ventilation, Heating, and Network Systems. Building owners in urban areas are investing in Intelligent Security Systems, including Intrusion Detection, Theft Detection, Access Controls, Video Surveillance, and Fire Safety, to ensure a secure environment. Lighting Systems are becoming smarter with energy conservation and data analytics through smart lighting systems. IoT, Microchips, Actuators, and Sensors are automating temperature control, space utilization, and resource management in both Residential and Commercial segments. Energy management is a major concern, with Energy Efficient Structures, Smart Elevators, and Smart Thermostats reducing greenhouse gas emissions. Information security is addressed through Blockchain and secure network management. Industrial buildings and Urban Environments benefit from Waste Management Solutions, Workforce Management, and Network Management. The Residential segment is embracing Home Automation and Working from Home, while Commercial Buildings are adopting AI-enabled innovations like Virtual Reality (VR), Artificial Intelligence (AI), and IoT-enabled devices. Energy management, Security concerns, and Environmental effects are driving the market growth. The integration of 5G technology is expected to further revolutionize Smart Buildings.
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