Smart Building Market Overview
With the emergence of automation and IoT, majority of technology trends are bound to the integrated by these groundbreaking technologies. The housing sector is embracing these new age inventions with open arms. Smart building has become a reality through the integration of automation and IoT. According to Market Research Future (MRFR), the global Smart Building Market is anticipated to reach a market valuation of 33 billion, exhibiting a 29.69% CAGR, by the end of the forecast period. Different factors influencing the smart building market include innovation in residential building industry and integration of smart devices such as microcontrollers, sensors, and microprocessors to automate the operations of buildings.
Further, a growing need for energy-efficient buildings is another prime factor driving the smart building market. Rising penetration of urbanization in various developing countries of the world is expected to lead the global smart building market on a new growth trajectory. Also governments present in multiple companies have undertaken the development of smart cities and infrastructure of the countries which has further propelled the growth of smart building market for the foreseeable future. Additionally, these governments are encouraging the adoption of smart buildings, creating a favorable environment for market growth.
Alternatively, lack of technical expertise and inadequate infrastructural support in various developing countries across the globe are likely to hinder the smart building market growth over the forecast period. Poor awareness towards the benefits of smart building and different complexities associated with smart buildings are other major restraints slowing down the progress of the smart buildings market.
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The global landscape of the smart building market is vastly influenced by numerous activities commenced by vendors present in the market. Such prominent market vendors include Johnson Controls International PLC, Control4 Corporation, Schneider Electric, IBM Corporation, Legrand SA, United Technologies Corporation, Siemens AG, Cisco Systems, Inc., ABB Group, Emerson Electric Co., and Honeywell International, Inc.
The global smart building market has been studied for various segmentations carried out on the basis of automation, application, and regions. Based on automation, the smart building market has been segmented into intelligent security system, building energy management system, and infrastructure management system. The intelligent security management system is further sub-segmented into video surveillance system, access control system, and emergency management system. Building energy management systems segment is sub-segmented into energy management platform, HVAC control system, and lighting control system. The infrastructure management system has been for the sub-segmented into parking management system, smart water management system, and elevators and escalators management system. On the basis of application, the smart building market is segmented into commercial, industrial, residential, and government and public infrastructure.
Detailed Regional Analysis
The global smart building market has been started for the regional segments of Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. North America held the largest share of smart building market at the beginning of the forecast period and was valued at USD 2,615.31 million in 2017. Such market dominance can be attributed to the research and development grant given by the government along with the various initiatives undertaken by construction companies to deploy smart building solutions in residential as well as commercial projects. Additionally, the presence of significant market players in the region is another factor leading to heavy growth of the regional market. Further, high awareness towards security, safety, energy, and water management among consumers is driving the smart building market in North America.
Europe is anticipated to trail behind North America and garner the second-largest share of the smart building market during the forecast period. This can be credited to the mounting investment in infrastructure development and real estate for the automation of buildings. Further, government regulations towards the deployment of smart building solutions, along with growing importance of IoT and analytics in building systems, lighting control, and energy is likely to fuel the regional smart building market growth.
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Asia Pacific is perceived as the fastest-growing market for smart buildings during the assessment period. This is causative of an inflated demand for smart building solutions from various emerging economies like Taiwan, China India and Japan. The regional smart building market is anticipated to witness 33.0 3% cagr over the assessment period.
August 2019: Synchronoss Technologies announced its collaboration with Microsoft to deliver a smart buildings solution.
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