According to a recent report by Reports and Data, the global Smart Building Market achieved a size of USD 72.6 billion in 2021 and is projected to reach USD 189.05 billion in 2030, exhibiting a CAGR of 11.2% during the forecast period. The market growth is being driven by several factors, including the rapid expansion of the commercial and residential sectors, the growing popularity of green and smart buildings, and the increasing adoption of technologically advanced solutions for building management, security, operations, energy savings, and cost reduction.
The rising popularity of property management software, systems, and solutions that enable efficient and streamlined building operations and management is contributing to the growth of the smart building market. Smart buildings offer numerous advantages, including reduced energy consumption, improved building efficiency and performance, better resource utilization, predictive maintenance, and enhanced occupant comfort and productivity.
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Furthermore, the integration of cloud-based solutions and services, along with the convenience of remote access, operation, scalability, and automatic backups of critical data, is driving the demand for property management software and supporting market revenue growth significantly.
Driving factors of Smart Building Market
- Rapid expansion of the commercial and residential sectors.
- Rising popularity of green and smart buildings.
- Increasing adoption of technologically advanced solutions for building management, security, operations, energy savings, and cost reduction.
- Growing popularity of property management software, systems, and solutions that enable efficient and streamlined building operations and management.
- Several advantages offered by smart buildings, including reduced energy consumption, improved building efficiency and performance, better resource utilization, predictive maintenance, and enhanced occupant comfort and productivity.
- Integration of cloud-based solutions and services, along with the convenience of remote access, operation, scalability, and automatic backups of critical data.
Some of the notable innovations in the Smart Building Market
- Internet of Things (IoT) technology that enables smart devices and sensors to communicate with each other and exchange data, allowing for greater automation, control, and optimization of building systems.
- Artificial Intelligence (AI) and Machine Learning (ML) algorithms that can analyze large amounts of data generated by building systems and sensors to identify patterns, anomalies, and opportunities for optimization and cost savings.
- Cloud-based software and services that provide a centralized platform for building management, monitoring, and control, allowing for real-time access to data and remote management and automation of building systems.
- Advanced energy management systems that use sensors, data analytics, and predictive modeling to optimize energy consumption and reduce costs, while also improving occupant comfort and productivity.
- Smart lighting systems that use sensors and automation to adjust lighting levels and colors based on occupancy, natural light levels, and time of day, reducing energy consumption and enhancing occupant comfort and well-being.
- Building automation and control systems (BACS) that integrate and manage all building systems, including heating, ventilation, and air conditioning (HVAC), lighting, security, and fire safety, providing a unified and streamlined approach to building management and optimization.
Major players in the market include
Cisco, IBM, Honeywell, Siemens, Johnson Controls, Huawei, Intel, PTC, ABB, Hitachi, Schneider Electric, Telit, Legrand, Bosch, KMC Controls, Verdigris Technologies, Aquicore, 75F, BuildingIQ, ENTOUCH, and Softdel System.
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