The latest report on “Smart Building Market (Component – Solution, and Services; Solution Type – Building Infrastructure Management, Energy Management, Security and Emergency Management, Network Management, and Workforce Management; Service Type – System Integration and Deployment, Consulting, and Support and Maintenance; Building Type – Residential, Commercial, and Industrial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global smart building market is projected to grow at a CAGR of 11.8% over the forecast period of 2019-2025.
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Smart building automatically controls the building’s operations like heating, air conditioning, lighting, other systems. Smart buildings include smart office buildings, hospitals, stadiums, healthcare facilities, educational facilities, and others. The leading companies operating in the global smart building market are adopting strategies such as mergers, acquisitions, and new product launches to increase market share and sustain in the competition. For instance, Hitachi in 2019, acquired JR Automation. JR Automation designs and builds automation equipment and offers services in the automotive, medical device, construction, aerospace, pharmaceuticals, and food processing. The acquisition strengthens the operations and services provided by Hitachi.
The rising adoption of artificial intelligence and advancement in Wi-Fi technology drives the growth of the smart building market. The growing demand for eco-friendly living stimulates the growth of the smart building market. A smart building enables cost-effective management, reduces energy consumption, and offers better resource handling. The increasing awareness about the features of smart buildings contributes to the growth of the smart building market.
The rising awareness of space utilization promotes the growth of the smart building market. The growing industry standards and rules contribute to the growth of the smart building market. On the flip side, the high cost of installation in smart building hinders the growth of the smart building market. Moreover, technological advancement and increasing adoption of smart building technology in hospitals and airports create novel opportunities for the growth of the smart building market.
North America is Expected to Hold the Largest Share in the Global Smart Building Market
Based on geography, the global smart building market is classified into North America, Asia-Pacific, Europe, and the Rest of the World. North America is expected to hold the largest share in the global smart building market. The rising technological development and adoption of new technologies such as IoT, big data, data analytics, cloud computing, and artificial intelligence in North America stimulate the growth of the smart building market in North America. Europe is anticipated to grow in the global smart building market with a significant CAGR over the forecast period. The increasing adoption of robotics and IoT in the construction industry contributes to the growth of the smart building market. Asia-Pacific is showing growth in the global smart building market.
The report on the global smart building market covers segments such as component, solution type, service type, and building type. On the basis of components, the sub-markets include solutions and services. On the basis of solution type, the sub-markets include building infrastructure management, energy management, security and emergency management, network management, and workforce management. On the basis of service type, the sub-markets include system integration and deployment, consulting, and support and maintenance. On the basis of building type, the sub-markets include residential, commercial, and industrial.
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The report provides profiles of the companies in the market such as Cisco Systems, Inc., Hitachi, Ltd., Siemens AG, Intel Corporation, Huawei Technologies Co. Ltd., Honeywell International Inc., Johnson Controls International plc, Schneider Electric SE, L & T Technology Services Ltd., PointGrab Ltd., and other companies.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the smart building.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.