Sun, 14 Aug 2022

Smart Building is defined as any structure which uses automated processes for the management of various operation of the building including heating, air conditioning, lighting, ventilation, security, and other systems according to the changing conditions. A smart building is designed to make human lives easier by using complex and smart technology. The smart building uses information technology during the operation process to connect to different subsystems to collect and share data information for optimization of the building's performance. The core systems are interlinked for better efficiency, minimizes the energy consumption, and improves safety & comfort level.

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The accelerated adoption of the Internet of Things (IoT) enabled building management system and the growing awareness of space utilization at the global level are the key factors contributing to the growth of the Global Smart Building market. The rising awareness about energy consumption and the increasing number of initiatives regarding environmental concerns will promote the usage of the smart building systems to save energy, time, and money. For instance, in 2017, the Public Service and Procurement Canada (PSPC) implemented the Smart Building initiative focusing on the construction of 100 building across Canada. Various countries such as Dubai has launched the "Dubai Plan 2021", aiming to convert the city into a "smart city" by using innovative technology, digital tools, and smart policies. Continuous development of smart cities will have a positive impact on the growth of the market.

The growing trend for eco-friendly and green building that offer numerous smart features will contribute towards the rising demand for smart building market over the coming years. According to a recent survey conducted by the International Trade Administration, United Kingdom has witnessed a 14% rise in the number of companies willing to build 60% of their projects as green projects by the end of 2018. The rising security concerns, followed by the technological enhancement and reliability offered by the intelligent security systems will further strengthen the demand of the market during the forecast period.

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On the basis of Solutions, the Global Smart Building market is segmented into Building Infrastructure Management (BIM), Security and Emergency Management, Energy Management, Network Management, and Workforce Management. The Energy Management segment is anticipated to lead the market during the forecast period attributed to the strong demand for smart building management solutions derived from the remarkable features offered, such as minimization and monitoring of the total energy consumed by the building. The owners and managers of multi-storey building, schools, corporate offices, and multiplex shopping malls are facing a continuous challenge to minimize the operational expense cost, which can be attained by the adoption of smart building energy management solutions.

Based on Service, the Global Smart Building market is segmented into Consulting, Integration and Deployment and Support and Maintenance. The Consulting service segment is projected to grow at a higher CAGR during the forecast period due to the drastic increase in the demand of the Smart Building systems across the globe. The target customers are actively looking for consulting services that provides a holistic approach to design smart building and integrate the building systems with the latest technologies as per their specific business goals and needs. This strong demand for consulting services will further propel the growth of the Global Smart Building market over the coming years.

Based on Building Type, the Global Smart Building market is segmented into Residential, Commercial and Industrial. The Commercial segment is expected to grow at a higher CAGR during the forecast period owing to the increasing investments in the construction sector at the global level. The global giants are focusing on the establishment of smart corporate offices to enhance the security system, boost the productivity of the employees, better space utilization while saving energy and operational cost. With the rising competition in the airline sector, the operators are increasingly looking for smart technologies to integrate the complex system of infrastructure, processes, businesses, and people to deliver a hassle-free passenger experience. Thus, the rising trend of smart corporate offices and smart airport will surge the demand of the smart commercial building market over the coming years.

Based on the region, North America is anticipated to lead the market during the forecast period owing to the emergence of latest smart building solution with new technologies such as IoT, big data, cloud computing, data analytics, deep learning and artificial intelligence to save energy, reduce operational cost while addressing stringent global regulations and sustainability standards. The US organizations are heavily investing in smart building measures such as building controls and building system integration to increase energy efficiency and deliver the smarter, safer, and more sustainable building. Moreover, the Canadian government is promoting various initiatives focusing on making federal building more energy efficient while reducing greenhouse gas emissions. The rising awareness for energy efficient systems and the increasing initiatives by governments will drive the demand of the smart building market in these regions.

Various notable players operating in the Global Smart Building market include Cisco, Schneider Electric, Hitachi, Ltd., Honeywell International Inc., Johnson Controls, IBM, Siemens, Intel Corporation, Huawei, and ABB, among others.

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