Product Code: GVR-4-68039-964-3
Smart Building Market Growth & Trends:
The global smart building market size is expected to reach USD 570.02 billion by 2030 and grow at a CAGR of 28.5% from 2024 to 2030, according to the recent reports of Grand View Research, Inc. Governments of various countries are taking supportive initiatives for digitalization and significantly launching projects of smart cities, which is propelling market growth. The rising public and private investments in digital infrastructure are also contributing to the growth of the market. Furthermore, the growing need among the commercial sector to optimize energy consumption, enhance operational efficiency, and automate processes has escalated the market growth.
The market for smart buildings is growing primarily due to the quickening pace of technological advancement. In the future years, it is anticipated that advances in artificial intelligence research will lay the groundwork for the creation of game-changing technologies that will greatly improve human lifestyles. In addition to helping people adapt to changing lifestyles and vocations, big data, cloud computing, and the Internet of Things (IoT) technologies also help to improve workplaces and individualized working environments. For instance, in March 2023, ABB launched a new smart building management tool that allows emission reduction and significant energy savings. The ABB AbilityTM Building Analyzer provides crucial information on building utilization and utility consumption for facility managers aiming for energy savings.
Various Asia Pacific countries are taking supportive initiatives to improve digital technology adoption without compromising consumer data privacy, which is supporting market growth. For instance, in May 2022, AVEVA Group plc announced a merger with Namchi (Sikkim) Smart City, a smart India city mission. The main aim of the merger was to develop a digital platform and integrated cross-city command center to streamline and improve municipal services. To save energy, the city upgraded the existing city infrastructure. The city has reduced energy use by 20% while improving the standard of living for its growing population by utilizing smart technology. It intends to promote tourism and spur economic development.
Smart Building Market Report Highlights:
- The energy management segment is expected to grow at a CAGR of 29.7% over the forecast period. The remarkable growth can be attributed to the increasing importance of implementing Energy Management Systems (EMS) across residential, commercial, and industrial properties.
- The support and maintenance segment is expected to grow at a CAGR of 31.9% over the forecast period. The increasing implementation of smart building solutions globally is creating robust opportunities for segment growth. The support and maintenance services offer smart building management solutions support, maintenance, and upgradation to the building operators.
- The residential segment is expected to grow at a CAGR of 28.3% over the forecast period. The growth of the residential segment can be attributed to the demand for Heating, Ventilation, & Air Conditioning (HVAC) management, smart door lock security systems, smart home lighting, and smart meters to manage and monitor the building's mechanical and electrical systems.
- The North America regional market dominated the global market in 2023 and accounted for a market share of 35.3%. Rising urbanization, internet penetration, and shifting consumer focus on remote management services via IoT technology are among the key factors driving the market's growth in the Asia Pacific region.
- Key market players in the market are adopting various business strategies to improve their position and customer base in the market. In June 2023, Cisco Canada and Sentiom launched a new smart building solution aimed at enhancing resident safety at the non-profit housing Maison Martin-Matte in Quebec. The initiative integrated advanced IoT and smart technology to monitor and manage the building environment. The solution would provide real-time data and automated responses to potential hazards, creating a safer living space for residents through improved building management and security measures.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Methodology segmentation & scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.5. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Smart Building Variables, Trends & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry value chain analysis
- 3.3. Market dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
- 3.3.3. Industry Opportunities
- 3.4. Smart Building Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
Chapter 4. Smart Building Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Smart Building: Component Movement Analysis, USD Billion, 2023 & 2030
- 4.3. Solution
- 4.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.4. Service
- 4.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Smart Building Market: Solution Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Smart Building: Solution Movement Analysis, 2023 & 2030 (USD Billion)
- 5.3. Safety & Security Management
- 5.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.3.2. Access Control System
- 5.3.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.3.3. Video Surveillance System
- 5.3.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.3.4. Fire and Life Safety System
- 5.3.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Energy Management
- 5.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4.2. HVAC Control System
- 5.4.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4.3. Lighting Management System
- 5.4.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4.4. Others
- 5.4.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5. Building Infrastructure Management
- 5.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.2. Parking Management System
- 5.5.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.3. Water Management System
- 5.5.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.4. Others
- 5.5.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6. Integrated Workplace Management System (IWMS)
- 5.6.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6.2. Real Estate Management
- 5.6.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6.3. Capital Project Management
- 5.6.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6.4. Facility Management
- 5.6.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6.5. Operations and Services Management
- 5.6.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6.6. Environment and Energy Management
- 5.6.6.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7. Network Management
- 5.7.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7.2. Wired Technology
- 5.7.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7.3. Wireless Technology
- 5.7.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Smart Building Market: Service Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Smart Building, Service Movement Analysis, USD Billion, 2023 & 2030
- 6.3. Consulting
- 6.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4. Implementation
- 6.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.5. Support & Maintenance
- 6.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Smart Building Market: End Use Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Smart Building, End Use Movement Analysis, USD Billion, 2023 & 2030
- 7.3. Residential
- 7.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.4. Commercial
- 7.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. Healthcare
- 7.4.2.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.4.3. Retail
- 7.4.3.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.4.4. Academic
- 7.4.4.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.4.5. Others
- 7.4.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 7.5. Industrial
- 7.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Smart Building Market: Regional Estimates & Trend Analysis
- 8.1. Smart Building Market, By Region, 2023 & 2030 (USD Billion)
- 8.2. North America
- 8.2.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.2.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.2.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.2.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.2.5. U.S.
- 8.2.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.2.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.2.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.2.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.2.6. Canada
- 8.2.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.2.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.2.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.2.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.2.7. Mexico
- 8.2.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.2.7.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.2.7.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.2.7.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3. Europe
- 8.3.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3.5. UK
- 8.3.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3.6. Germany
- 8.3.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3.7. France
- 8.3.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.7.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.7.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.7.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3.8. Italy
- 8.3.8.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.8.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.8.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.8.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.3.9. Spain
- 8.3.9.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.3.9.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.3.9.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.3.9.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4. Asia Pacific
- 8.4.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4.5. China
- 8.4.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4.6. India
- 8.4.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4.7. Japan
- 8.4.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.7.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.7.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.7.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4.8. Australia
- 8.4.8.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.8.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.8.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.8.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.4.9. South Korea
- 8.4.9.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.4.9.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.4.9.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.4.9.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.5. Latin America
- 8.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.5.5. Brazil
- 8.5.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.5.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.5.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.5.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.5.6. Mexico
- 8.5.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.5.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.5.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.5.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.5.7. Argentina
- 8.5.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.5.7.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.5.7.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.5.7.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.6. Middle East & Africa
- 8.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.6.5. UAE
- 8.6.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.6.5.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.6.5.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.6.5.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.6.6. Saudi Arabia
- 8.6.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.6.6.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.6.6.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.6.6.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
- 8.6.7. South Africa
- 8.6.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 8.6.7.2. Market estimates and forecast by solution, 2018 - 2030 (USD Billion)
- 8.6.7.3. Market estimates and forecast by service, 2018 - 2030 (USD Billion)
- 8.6.7.4. Market estimates and forecast by end use, 2018 - 2030 (USD Billion)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis by Key Market Participants
- 9.2. Company Categorization
- 9.3. Company Market Share Analysis
- 9.4. Company Heat Map Analysis
- 9.5. Strategy Mapping
- 9.5.1. Expansion
- 9.5.2. Mergers & Acquisition
- 9.5.3. Partnerships & Collaborations
- 9.5.4. New Product Launches
- 9.5.5. Research And Development
- 9.6. Company Profiles
- 9.6.1. ABB Ltd.
- 9.6.1.1. Participant's Overview
- 9.6.1.2. Financial Performance
- 9.6.1.3. Product Benchmarking
- 9.6.1.4. Recent Developments
- 9.6.2. BOSCH
- 9.6.2.1. Participant's Overview
- 9.6.2.2. Financial Performance
- 9.6.2.3. Product Benchmarking
- 9.6.2.4. Recent Developments
- 9.6.3. Cisco Systems Inc.
- 9.6.3.1. Participant's Overview
- 9.6.3.2. Financial Performance
- 9.6.3.3. Product Benchmarking
- 9.6.3.4. Recent Developments
- 9.6.4. Emerson Electric Co.
- 9.6.4.1. Participant's Overview
- 9.6.4.2. Financial Performance
- 9.6.4.3. Product Benchmarking
- 9.6.4.4. Recent Developments
- 9.6.5. Hitachi, Ltd.
- 9.6.5.1. Participant's Overview
- 9.6.5.2. Financial Performance
- 9.6.5.3. Product Benchmarking
- 9.6.5.4. Recent Developments
- 9.6.6. Honeywell International Inc.
- 9.6.6.1. Participant's Overview
- 9.6.6.2. Financial Performance
- 9.6.6.3. Product Benchmarking
- 9.6.6.4. Recent Developments
- 9.6.7. INTEL Corp.
- 9.6.7.1. Participant's Overview
- 9.6.7.2. Financial Performance
- 9.6.7.3. Product Benchmarking
- 9.6.7.4. Recent Developments
- 9.6.8. Johnson Controls
- 9.6.8.1. Participant's Overview
- 9.6.8.2. Financial Performance
- 9.6.8.3. Product Benchmarking
- 9.6.8.4. Recent Developments
- 9.6.9. KMC Controls
- 9.6.9.1. Participant's Overview
- 9.6.9.2. Financial Performance
- 9.6.9.3. Product Benchmarking
- 9.6.9.4. Recent Developments
- 9.6.10. LG Electronics Inc.
- 9.6.10.1. Participant's Overview
- 9.6.10.2. Financial Performance
- 9.6.10.3. Product Benchmarking
- 9.6.10.4. Recent Developments
- 9.6.11. Legrand
- 9.6.11.1. Participant's Overview
- 9.6.11.2. Financial Performance
- 9.6.11.3. Product Benchmarking
- 9.6.11.4. Recent Developments
- 9.6.12. Schneider Electric SE
- 9.6.12.1. Participant's Overview
- 9.6.12.2. Financial Performance
- 9.6.12.3. Product Benchmarking
- 9.6.12.4. Recent Developments
- 9.6.13. Siemens
- 9.6.13.1. Participant's Overview
- 9.6.13.2. Financial Performance
- 9.6.13.3. Product Benchmarking
- 9.6.13.4. Recent Developments
- 9.6.14. Sierra Wireless
- 9.6.14.1. Participant's Overview
- 9.6.14.2. Financial Performance
- 9.6.14.3. Product Benchmarking
- 9.6.14.4. Recent Developments
- 9.6.15. Telit
- 9.6.15.1. Participant's Overview
- 9.6.15.2. Financial Performance
- 9.6.15.3. Product Benchmarking
- 9.6.15.4. Recent Developments