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Home ➤ Building and Construction ➤ Residential Construction and Improvement ➤ Smart Building Market
Smart Building Market
Smart Building Market
Published date: Oct 2023 • Formats:
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  • Home ➤ Building and Construction ➤ Residential Construction and Improvement ➤ Smart Building Market

Global Smart Buildings Market By Component (Solution, and Services), By End-User (Residential, Commercial, and Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Oct 2023
  • Report ID: 21512
  • Number of Pages: 355
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Driving Factors
    • Restraining Factors
    • By Component Analysis
    • By End-user Analysis
    • Key Market Segments
    • Growing Opportunities
    • Latest Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    In 2022, the global smart buildings market accounted for USD 72.8 billion and is expected to reach USD 304.3 billion in 2032, this market is estimated to register a CAGR of 15.8%.

    The global smart buildings market refers to buildings that are equipped with intelligent systems and technologies to optimize energy efficiency, enhance security, and improve the overall comfort and productivity of building occupants.

    Smart Building Market by component

    Smart buildings use a range of technologies such as Internet of Things (IoT) devices, sensors, artificial intelligence, machine learning, and cloud computing to collect and analyze data, automate operations, and make real-time adjustments to the building’s systems.

    This enables building managers to optimize energy consumption, reduce costs, and provide a more comfortable and secure environment for occupants.

    The global smart buildings market includes various types of buildings such as commercial, residential, and industrial, and is driven by factors such as government initiatives to promote sustainable development, increasing demand for energy-efficient buildings, and the growing adoption of IoT and AI technologies.

    The market is expected to grow rapidly in the coming years as more and more buildings become connected and intelligent.

    Key Takeaways

    • Market Growth: The smart buildings market witnessed significant growth, with a valuation of USD 72.8 billion in 2022. It is projected to reach USD 304.3 billion by 2032, indicating a robust CAGR of 15.8%.
    • Definition of Smart Buildings: Smart buildings are structures equipped with intelligent systems and technologies aimed at enhancing energy efficiency, security, and overall comfort for occupants.
    • Technological Components: Smart buildings leverage cutting-edge technologies such as the Internet of Things (IoT) devices, sensors, artificial intelligence (AI), machine learning, and cloud computing. These technologies enable data collection, real-time adjustments, and automation for improved building operations.
    • Diverse Applications: The smart buildings market encompasses various building types, including commercial, residential, and industrial. It is driven by factors like government initiatives for sustainability, growing demand for energy-efficient buildings, and increased adoption of IoT and AI technologies.
    • Driving Factors: Energy Efficiency Rising energy costs and environmental concerns drive the focus on energy-efficient solutions in smart buildings. These structures automatically optimize energy consumption, leading to cost savings. Urbanization Rapid urbanization fuels the demand for smart buildings that can efficiently accommodate a growing urban population while ensuring comfort and safety.
    • Advancements in IoT & AI: IoT and AI have opened up new opportunities for automation in smart buildings. Sensors and cameras collect data on building performance and user behavior, enabling optimizations for comfort and safety.
    • Challenges and Limitations: Skills Shortage Implementing smart building technologies requires specialized knowledge and skills. A shortage of certified professionals can hinder adoption. Cybersecurity Concerns Data collection and device communication in smart buildings can be vulnerable to cyberattacks, raising security concerns.
    • Profitable Segments: Solution Segment The solution segment, which includes components like building infrastructure management, security and emergency management, and energy management, is the most profitable with a projected CAGR of 15%.
    • Largest End-User Segment: Commercial Segment The commercial segment, encompassing office buildings, retail spaces, hotels, hospitals, and other public buildings, accounted for the largest revenue share in 2022 at 56.1%.
    • Growing Opportunities: Smart buildings play a crucial role in the development of smart cities, offering sustainable, efficient, and livable urban environments. Advancements in AI and IoT present opportunities for innovative smart building technologies. Increasing demand for sustainable buildings opens doors for companies to provide effective solutions.
    • Latest Trends: Automation and building management systems are in demand for energy-efficient control of lighting, HVAC, and security in smart buildings. IoT technologies, including sensors and cloud computing, are driving smart building growth. Sustainable building practices are gaining importance, with an emphasis on energy efficiency and reduced environmental impact.
    • Regional Insights: North America accounted for the largest share of the global smart buildings market (43%), with a projected CAGR of 30%. The United States is expected to dominate this region due to its large population and urbanization rate. Asia Pacific This region is forecasted to be the fastest-growing, with a CAGR of 15.8%, driven by rapid urbanization and government initiatives in countries like China.
    • Key Players: The smart buildings market is dominated by key players such as ABB Ltd., Cisco Systems Inc., Emerson Electric Co., Hitachi Ltd., Honeywell International Inc., Johnson Controls, Legrand SA, Schneider Electric SE, Siemens AG, Telit, and IBM Corporation.

    Driving Factors

    Increasing demand for energy efficiency and urbanization in the smart building market

    With the increasing price of energy and growing concerns about the environment, there is a high emphasis on energy efficiency in buildings. Smart buildings are able to optimize energy consumption by automatically adjusting lighting, heating as well and cooling based on occupancy, weather conditions, and other factors.

    The rapid growth of cities is leading to a high demand for smart buildings that can accommodate large numbers of people while also providing a comfortable and efficient environment. Smart building technologies can help to optimize space utilization, decrease energy consumption, and improve safety & security. These factors can drive the market in the forecasted period.

    Advancements in IoT & AI technologies and Growing awareness among building owners and operators

    The Internet of Things & Artificial Intelligence has given new opportunities for smart building automation. Sensors, cameras, and other devices can be used to collect data on building performance and user behavior, which can be analyzed and used to optimize building operations and improve occupant comfort and safety.

    Building owners and operators are becoming more aware of the benefits of smart building technologies like cost savings, improved occupant comfort, and enhanced sustainability. As a result, they are increasingly investing in these technologies to improve their buildings’ performance and value.

    Restraining Factors

    The implementation of smart building technologies needs specified skills and knowledge, and there may be a shortage of certified professionals in this field. This could make it difficult for building owners to find the necessary expertise to install and maintain smart building systems.

    Smart building technologies rely on data collection & communication between devices, which could potentially make them vulnerable to cyberattacks.

    This could cause security concerns for building owners and occupants and may limit the adoption of smart building technologies. Some building owners and operators may be resistant to change, particularly if they are used to old building systems. This could make it difficult to convince them of the profitability of smart building technologies and may limit the adoption of these technologies in certain markets.

    By Component Analysis

    The Solution Type Segment is The Most Lucrative Segment in The Component of Smart Buildings Market

    Based on components, the market for smart buildings market is segmented into solutions and services. Among these types, the solution segment is the most profitable in the global smart buildings market, with a projected CAGR of 15%. The total revenue share of solution-type smart buildings is 56% in 2022.

    The demand for smart building solutions and services is driven by a growing awareness of the benefits of smart building technologies like improved energy efficiency, raised occupant comfort and safety, and decreased operating costs. As a result, the market for smart building solutions and services is expected to continue to grow in the upcoming years.

    By End-user Analysis

    The Commercial Segment Accounted for the Largest Revenue Share in the Type of Smart Buildings Market in 2022

    Based on end-user, the market is separated into commercial, residential, and industrial. Among these, the commercial segment is estimated to be the most lucrative segment in the global smart buildings market, with the largest revenue share of 56.1% and a projected CAGR of 15% during the forecast period.

    Smart Building Market by end user

    Commercial includes office buildings, retail spaces, hotels, hospitals, and other public buildings that are used for business or commercial purposes. Residential includes homes, apartments, and other residential buildings that are used for living purposes. Industrial includes factories, warehouses, and other industrial facilities that are used for manufacturing or production purposes.

    Key Market Segments

    Based on Component

    • Solution
    • Building Infrastructure Management
    • Security and Emergency Management
    • Energy Management
    • Network Management
    • Workforce Management
    • Waste Management
    • Services
    • Consulting
    • Implementation
    • Support and Maintenance

    Based on End-User

    • Residential
    • Commercial
    • Industrial

    Growing Opportunities

    Smart buildings can play a key role in the improvement of smart cities, which are designed to be sustainable, efficient as well and livable. As cities continue to spend on smart city infrastructure, there will be opportunities for smart building technologies to integrate with these systems and make more connections, well well-planned urban environments.

    As artificial intelligence and the Internet of Things continue to evolve, there will be opportunities to improve new and innovative smart building technologies that can optimize building operations and enhance occupant comfort & safety.

    There is an increasing demand for sustainable buildings that decrease energy consumption and reduce environmental impact. Smart building technologies can also play a key role in achieving these goals, and there will be opportunities for companies that can offer effective & innovative solutions.

    As the global population continues to grow, there will be a growing demand for new buildings and infrastructure in emerging markets. Smart building technologies can help to make more efficient and sustainable buildings in these markets, which could create significant growth opportunities.

    Latest Trends

    As the need for more efficient buildings develops, there is increasing demand for automation and building management systems that can help operate and control energy usage, lighting, HVAC, and security. Smart buildings rely heavily on IoT technologies, including sensors, controllers, and cloud computing, to enable real-time monitoring and data analytics.

    The increasing adoption of these technologies is driving the growth of the smart buildings market. Sustainable building practices are becoming increasingly important, and smart buildings are a key part of this trend. Building owners and managers are looking for solutions that can help them decrease energy consumption, reduce waste, and minimize their carbon footprint.

    The commercial sector is the bigger end-use segment for smart building systems, with demand starting driven by the need for energy-efficient and price-effective building management solutions. Smart building technologies are influencing the design and construction of new buildings, with a focus on sustainable materials and energy-efficient designs.

    Regional Analysis

    North America Accounted for the Largest Revenue Share in Global Smart Buildings Market in 2022.

    North America is estimated to be the most lucrative market in the global smart buildings market, with the largest market share of 43%, and is expected to register a CAGR of 30% in the time of the forecast period.

    Owing to the presence of major technology players, the high adoption rate of smart building solutions, and government initiatives for energy conservation. The United States is expected to dominate the market in this region due to its large population, high urbanization rate, and robust economic growth.

    Smart Building Market Regional Analysis

    Asia Pacific is expected as the Fastest Growing Region in the Projected Period in the Global Smart Buildings market.

    Asia Pacific is expected as the fastest-growing region in the global smart buildings market with a CAGR of 15.8%. Owing to factors like rapid urbanization, increasing awareness about energy conservation, and government initiatives to promote sustainable infrastructure development. China is expected to be the largest market in this region owing to its large population and high rate of urbanization.

    Key Regions and Countries

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    The smart buildings market is dominated by some key players with strong market presence and innovative solutions. These players are expected to continue to dominate the market in the upcoming years, driven by increasing demand for energy-efficient buildings and advancements in IoT technology.

    Key Players

    • ABB Ltd.
    • Cisco Systems Inc.
    • Emerson Electric Co.
    • Hitachi Ltd.
    • Honeywell International Inc.
    • Johnson Controls
    • Legrand SA
    • Schneider Electric SE
    • Siemens AG
    • Telit
    • IBM Corporation
    • Other Key Player

    Recent Developments

    • In January 2021, Siemens Smart Infrastructure announced the introduction of its new smart building solution, Desigo Control Point, which allows building operators to monitor and control multiple building systems from a single interface.
    • In February 2021, Honeywell announced that it has launched a lasted range of connected building solutions, including the Honeywell Forge Energy Optimization, which uses machine learning to optimize energy consumption in buildings.

    Report Scope

    Report Features Description
    Market Value (2022) USD 78.8 Bn
    Forecast Revenue (2032) USD 304.3 Bn
    CAGR (2023-2032) 15.8%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Component-Solution, and services; By End-User-Residential, Commercial, and Industrial;
    Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape ABB Ltd., Cisco Systems Inc., Emerson Electric Co., Hitachi Ltd., Honeywell International Inc., Johnson Controls, Legrand SA, Schneider Electric SE, Siemens AG, Telit, IBM Corporation, Other Key Player
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What will be the market size for Smart Buildings Market in 2032?

    In 2032, the Smart Buildings Market will reach USD 304.3 billion.

    What CAGR is projected for the Smart Buildings Market?

    The Smart Buildings Market is expected to grow at 15.8% CAGR (2023-2032).

    Name the major industry players in the Smart Buildings Market.

    ABB Ltd., Cisco Systems Inc., Emerson Electric Co., Hitachi Ltd., Honeywell International Inc., Johnson Controls, Legrand SA and Other Key Players are the main vendors in this market.

    List the segments encompassed in this report on the Smart Buildings Market?

    Market.US has segmented the Smart Buildings Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Component, market has been segmented into Solution, Building Infrastructure Management, Security and Emergency Management, Energy Management, Network Management and Others. By End-User, the market has been further divided into, Residential, Commercial and Industrial.

    Name the key business areas for the Smart Buildings Market.

    The US, Canada, China, India, Brazil, South Africa, Malaysia, Australia & New Zealand, Argentina etc., are leading key areas of operation for the Smart Buildings Market.

    Smart Building Market
    Smart Building Market
    Published date: Oct 2023
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    • ABB Ltd.
    • Cisco Systems Inc.
    • Emerson Electric Co. Company Profile
    • Hitachi Ltd. Company Profile
    • Honeywell International Inc.
    • Johnson Controls
    • Legrand SA
    • Schneider Electric SE. Company Profile
    • Siemens AG
    • Telit
    • IBM Corporation
    • Other Key Player
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