According to a research report “Smart Buildings Market by Component (Solution (Safety and Security Management, Building Infrastructure Management, Network Management, and IWMS) and Services), Building Type (Residential, Commercial, and Industrial), and Region — Global Forecast to 2026” published by MarketsandMarkets, the Smart Buildings market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The major drivers for the Smart building include the rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy-efficient system.
The safety and security management solution in the solution type segment is expected to lead the Smart buildings market in 2021.
Security is an integral part of smart buildings. Smart buildings enable occupant safety and security with the help of security solutions integrated with the smart building system. These buildings help in emergency preparedness and management, wherein benefits from new technologies and their integration via advanced wireless networks supporting deployed sensors and IoT are easily achieved. Access control and video surveillance system help track every activity across a facility. This helps to detect intruders and keep the environment safe. The rising deployment of advanced access control systems, video surveillance systems, and fire and life safety systems to safeguard the occupant and assets is contributing to the high market share if this segment.
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Industrial building segment is expected to grow with the fastest growth rate during the forecast period.
Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers. The segment is expected to adopt smart building solutions to achieve energy and cost savings, higher productivity, enhanced identity and access management, and optimized surveillance. Manufacturing and industrial buildings have their own set of requirements for different manufacturing processes and storage purposes.
North America to lead the Smart buildings market during the forecast period.
The growth of the market in North America can be attributed to the region has witnessed the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Moreover, North America is a technologically advanced region in the world due to the rapid adoption of emerging technologies by the organizations in the region. Furthermore, the US and Canada are prominent countries contributing to technological development in this region; for instance, US organizations are heavily investing into smart building measures, such as building controls and building systems integration, to leverage energy efficiency and energy storage and deliver smarter, safer, and more sustainable buildings while the Canadian government is taking initiatives to support Canadas commitment to protecting the environment and its resources by making federal buildings more energy-efficient and reducing greenhouse gas emissions, driving the growth of smart buildings.
Market Players
The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US), Spacewell (Belgium), Gaia (India), eFacility (India).
Johnson Controls (Ireland) and Siemens (Germany) are leading players in Smart Buildings Market
Johnson Controls delivers the blueprint for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through its comprehensive digital offering OpenBlue. Johnson Controls offers the world’s largest portfolio of building technology, software as well as service solutions with some of the most trusted names in the industry. In January 2022, Johnson Controls completed the acquisition of FogHorn, the leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. By pervasively integrating Foghorns world-class Edge AI throughout Johnson Controls OpenBlue solution portfolio, it accelerated toward its vision of smart, autonomous buildings that continuously learn, adapt and automatically respond to the needs of the environment and people. In July 2020, Johnson Controls launched OpenBlue, a complete suite of connected solutions and services that combine the Company’s 135 years of building expertise with cutting-edge technology. This open digital platform, when integrated with Johnson Controls core building systems and enhanced by Fortune 100 technology partners, would make shared spaces safer, more agile and more sustainable.
Siemens (Germany) is another top player in the Smart buildings market and has majorly adopted organic and inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in May 2021, Siemens collaborated with Telefónica Tech. This collaboration agreement would enable both companies to present a joint value proposition that included solutions for increasing physical security, monitoring and operational and energy efficiency, as well as user experience and the digitalization of services, where connectivity played a leading role. Similarly, they would offer an infrastructure to facilitate data collection and analysis to turn data into useful information for making better decisions.
Related Reports:
Smart Buildings Market by Component (Solution (Safety and Security Management, Building Infrastructure Management, Network Management, and IWMS) and Services), Building Type (Residential, Commercial, and Industrial), and Region — Global Forecast to 2026
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