Smart Buildings Market Size to Reach USD 141.71 Billion in 2028 | Rise in Adoption of IoT Enabled Building Management Systems and Increasing Construction and Industrial Activities to Build Smart Infrastructure are Key Factors Driving Industry Revenue, says Emergen Research

Smart Buildings Market Size to Reach USD 141.71 Billion in 2028 | Rise in Adoption of IoT Enabled Building Management Systems and Increasing Construction and Industrial Activities to Build Smart Infrastructure are Key Factors Driving Industry Revenue, says Emergen Research

PR Newswire

VANCOUVER, BC, Dec. 22, 2021

VANCOUVER, BC, Dec. 22, 2021 /PRNewswire/ -- The global smart buildings market size was USD 66.29 Billion in 2020. Rapid increase in smart city projects in various countries, rising focus on more efficient space utilization, and emerging 5G technology in developing countries are key factors driving market revenue growth.

Emergen Research

Drivers: Rising adoption of IoT-enabled BMS

IoT-enabled building management systems and devices facilitates smooth functioning, monitoring, and management of smart buildings. IoT-enabled Building Management System (BMS) installed in smart buildings use sensor generated data, which improves building efficiency and enhances building occupant user experience. Furthermore, IoT-enabled devices consist of a wide range of sensors, actuators, and smart objects, which are used for various purposes such as reducing energy cost and repairing and maintaining building systems.

Restraints: Rising security concerns owing to IoT-enabled devices

Adoption of smart technology and IoT-enabled devices pose security threats to smart buildings. IoT devices and smart technology when connected to building systems are vulnerable to cyberattacks. Deployment may provide opportunity to hackers to access confidential and personal information and could compromise tenant safety and cause serious damage and risks.

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Growth Projections

The global smart buildings market size is expected to reach USD 141.71 Billion in 2028 and register a revenue CAGR of 9.9% over the forecast period, according to the latest report by Emergen. Increasingly stringent industry standards and regulations, growing focus on efficient energy consumption, and rising investment in smart technologies are key factors driving global smart buildings market revenue growth.

COVID-19 Direct Impact

The COVID-19 pandemic had adversely affected countries across the globe. As restrictions and lockdowns were eased, organizations and commercial buildings have reopened, and focus has increased on new services and activities to re-organize workplaces. Currently, organizations are exploring options for enabling smarter workflow, more efficiently managed facilities, and safer and healthier workplace, which is boosting demand for smart buildings solutions.

Current Trends and Innovations

In June 2021, Endeavor Business Media, LLC announced launch of smart building technology that will bring integrated intelligence to new constructions and existing commercial buildings. This technological development will offer support to latest communication systems, intelligent building systems, tenants health and safety, and will reduce energy consumption, among others.

Geographical Outlook

Market in North America accounted for a significantly robust revenue share in 2020 owing to increasing number of smart city projects. Increasing investment in green building technologies in the U.S. is also supporting revenue growth of the market in the region.

Market in Asia Pacific contributed significantly in terms of revenue share to the global smart buildings market in 2020 and is expected to register a rapid growth rate over the forecast period. China's share is expected to expand at the fastest rate during the forecast period.

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Strategic Initiatives

In May 2021, Siemens AG collaborated with Telefonica Tech to offer intelligent building solutions and services to the Spanish market. This collaboration will enable both companies to provide advanced and improved solutions, including physical security, monitoring, smart lightning, predictive maintenance, and operational efficiency.

Some Key Highlights From the Report

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/smart-buildings-market

Emergen Research has segmented the global smart buildings market on the basis of automation type, service type, building type, and region:

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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