1. What is the projected Compound Annual Growth Rate (CAGR) of the Smart Building Market ?
The projected CAGR is approximately 21.8%.
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Smart Building Market Smart Building Market by Component (Solution (Building Infrastructure Management (Parking Management System, Smart Water Management System, Elevators, Escalators System), by Application (Residential, Commercial (Hotel, Healthcare, Retail, Corporate Offices, Others), by By Component (Solution), by Services (By Application), by North America (U.S., Canada, Mexico), by Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of the Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific), by South America (Brazil, Argentina, Rest of South America) Forecast 2026-2034
The Smart Building Market size was valued at USD 96.96 USD billion in 2023 and is projected to reach USD 385.59 USD billion by 2032, exhibiting a CAGR of 21.8 % during the forecast period. This significant growth is attributed to the increasing demand for energy efficiency and sustainability in buildings, as well as the advancement of IoT and AI technologies within the industry. A smart building is one that uses technology to enable efficient and economical use of resources, while creating a safe and comfortable environment for occupants. Smart buildings use a wide range of existing technologies and are designed or retrofitted in a way that allows for the integration of future technological developments. Internet of Things (IoT) sensors, building management systems, artificial intelligence (AI), and augmented reality are amongst some of the mechanisms and robotics used in a smart building to control and optimize its performance. Smart buildings include private homes, offices and commercial buildings, workplaces, and factories and warehouses. Smart buildings deliver actionable information about a building itself or a specific room inside it so that owners or tenants can better manage it. The goal of creating a smart building is to reduce operating expenses, improve occupant comfort, automate energy consumption management, track the status of core building assets, and meet global regulations and sustainability standards in the industry.
Component:
Solution:
Application:
This report offers a comprehensive analysis of the smart building market, including market size, growth drivers, challenges, segmentation, key players, and industry trends.
"The smart building market presents significant opportunities for growth and innovation. As technology continues to advance, we expect to see even more sophisticated and integrated smart building solutions that optimize energy efficiency, enhance occupant well-being, and transform the way we interact with our buildings."
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 21.8% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 21.8%.
Key companies in the market include Cisco Systems, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Endeavor Business Media (U.S.), IBM Corporation (U.S.), Legrand SA (U.S.), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Hitachi, Ltd. (U.S.).
The market segments include Component, Application.
The market size is estimated to be USD 96.96 USD billion as of 2022.
Growing Energy Consumption Concerns to Drive Market Growth.
Increasing Smart City Projects to Surge Market Opportunities.
Growing Incidence of Cyber Attacks in Connected Buildings to Hamper Market Growth.
June 2023: Cisco Canada, in partnership with Sentiom, launched a new smart building solution to mitigate water and fire damage in multi-residential buildings.
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4850, USD 5850, and USD 6850 respectively.
The market size is provided in terms of value, measured in USD billion.
Yes, the market keyword associated with the report is "Smart Building Market ," which aids in identifying and referencing the specific market segment covered.
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