Smart Buildings Market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period according to report published by MarketsandMarkets. The major drivers for the Smart building include the rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy-efficient system.
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The safety and security management solution
in the solution type segment is expected to lead the Smart buildings market in
2021.
Security is an integral
part of smart buildings. Smart buildings enable occupant safety and security
with the help of security solutions integrated with the smart building system.
These buildings help in emergency preparedness and management, wherein benefits
from new technologies and their integration via advanced wireless networks
supporting deployed sensors and IoT are easily achieved. Access control and
video surveillance system help track every activity across a facility. This
helps to detect intruders and keep the environment safe. The rising deployment
of advanced access control systems, video surveillance systems, and fire and
life safety systems to safeguard the occupant and assets is contributing to the
high market share if this segment.
Industrial building segment is expected to
grow with the fastest growth rate during the forecast period.
Industrial buildings are
often large and have many moving parts. Smart industrial building solutions
automate building temperature control, security, and maintenance for more
efficient property management through various mobile computing devices, such as
mobile devices and computers. The segment is expected to adopt smart building
solutions to achieve energy and cost savings, higher productivity, enhanced
identity and access management, and optimized surveillance. Manufacturing and
industrial buildings have their own set of requirements for different
manufacturing processes and storage purposes.
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North America to lead the Smart buildings
market during the forecast period.
The growth of the market in North America can
be attributed to the region has witnessed the emergence of latest smart
building solutions that leverage new technologies, such as IoT, big data, cloud
computing, data analytics, deep learning, and artificial intelligence, for
saving energy, reducing operational expenditures, increasing occupancy comfort,
and meeting increasingly stringent global regulations and sustainability
standards. Moreover, North America is a technologically advanced region in the
world due to the rapid adoption of emerging technologies by the organizations
in the region. Furthermore, the US and Canada are prominent countries contributing
to technological development in this region; for instance, US organizations are
heavily investing into smart building measures, such as building controls and
building systems integration, to leverage energy efficiency and energy storage
and deliver smarter, safer, and more sustainable buildings while the Canadian
government is taking initiatives to support Canadas commitment to protecting
the environment and its resources by making federal buildings more
energy-efficient and reducing greenhouse gas emissions, driving the growth of
smart buildings.
Market Players
The major vendors covered in the Smart
buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch
(US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US),
Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel
(US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France),
Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany),
Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US),
Spacewell (Belgium), Gaia (India), eFacility (India).
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