The smart building market size is expected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The major factors driving the smart building market include Rising adoption of IoT-enabled building management system, raising awareness of space utilization increased industry standards and regulations,
The scope of this report covers the smart building market by component, solution, service, building type, and region. The energy management solution segment is expected to grow at the highest CAGR during the forecast period Energy management solutions for smart building help to reduce and monitor the energy consumption of the building.
The industrial segment in building type is expected to grow at the highest CAGR during the forecast period owing to smart industrial building automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers. The smart industrial building segment of the Smart building market involves data gathering, analytics, and building operations optimization along with energy savings.
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The major vendors covered in the Smart building market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).
These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the smart building market. Partnerships and new product launches have been the most adopted strategies by major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.
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