The "Global Smart Building Market Size By Component (Services, Solutions), By Application (Commercial, Residential), By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Smart Building Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 28, 2023 /PRNewswire/ -- The Global Smart Building Market is projected to grow at a CAGR of 11.1% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 92.85 Billion in 2022 and is expected to reach USD 215.52 Billion by the end of the forecast period.
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Browse in-depth TOC on "Smart Building Market"
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Market Research Unveils Tremendous Growth Prospects in the Global Smart Building Market
Verified Market Research®, a leading market research firm, is pleased to announce the release of its comprehensive report on the Global Smart Building Market. The report sheds light on the transformative impact of smart technology on the construction and real estate sectors, offering invaluable insights into market drivers, outlook, and key players driving this dynamic industry forward.
Smart Building Market Drivers
The Global Smart Building Market is experiencing remarkable growth, thanks to a confluence of compelling drivers:
- Smart Cities and Energy Efficiency: The proliferation of smart cities worldwide and the escalating demand for energy-efficient structures are propelling the market's expansion. Smart buildings stand at the forefront of this movement by integrating advanced technology systems to optimize energy consumption.
- IoT-Based Remote Monitoring: The rising adoption of Internet of Things (IoT)-based remote monitoring devices is creating a surge in demand for smart building solutions. These devices enable real-time monitoring and management of various building functions, further catalyzing market growth.
- Diverse Applications: Beyond energy savings, building automation systems are becoming increasingly popular for diverse applications, including security, entertainment, telecommunications, and facility management. This widespread adoption is a key factor driving the industry's growth.
- Urbanization and Government Initiatives: Rapid urbanization and increased government initiatives to construct intelligent infrastructure in both developed and developing nations are fostering a fertile ground for the smart building industry. Government investments are particularly robust in digital infrastructure, further amplifying market prospects.
- AI and Machine Learning: Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the industry by enabling data analysis to optimize building functions and revenue generation. These technologies are invaluable in the uncertain and rapidly evolving global landscape, making smart buildings more effective and efficient.
Smart Building Market Outlook
The Global Smart Building Market is poised for exponential growth in the foreseeable future. Market players can anticipate robust opportunities in the following areas:
- North America Dominance: North America is anticipated to be the epicenter of market growth, driven by significant governmental and private investments and a growing wave of digitalization. The United States, in particular, is accelerating its transition to a digital economy with substantial investments in smart building infrastructure.
- Sustainable Solutions: As buildings assume a greater role in energy generation, the demand for non-carbon or low-carbon energy solutions is on the rise. This presents a vast opportunity for companies offering sustainable technologies.
- Technology Advancements: The relentless advancement of digital technology, sensors, and telecommunications is expected to fuel the smart building market's expansion. Key players should continue to innovate to stay competitive.
Smart Building Market Key Players
Prominent players in the Global Smart Building Market include Honeywell International, Siemens AG, ABB Ltd., Schneider Electric SE, IBM Corporation, Hitachi, Larsen & Toubro Technology Services, Logicladder, BOSCH, Cisco Systems Inc., INTEL Corp., LG Electronics Inc., who are at the forefront of driving innovation, enhancing security, and meeting the growing demand for Smart Building.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Smart Building Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Smart Building Market into Component, Application, And Geography.
- Smart Building Market, by Component
- Services
- Solutions
- Smart Building Market, by Application
- Commercial
- Residential
- Industrial
- Smart Building Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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