Intelligent Building Automation Technologies Market Size, Share, Growth Analysis, By Component(Hardware, Software, Service), By Product(Facility Management Systems, Security Systems Defense & Aerospace, Manufacturing, Healthcare), By Application(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

In 2022, the Europe market was estimated to be worth little about US$ 19.0 billion. Market expansion can be ascribed to EU regulations like the Energy Performance of Buildings Directive, which aims to enhance energy efficiency for residential buildings. Additionally, it is expected that the increasing use of security systems by homeowners will boost potential by increasing the demand for smart grid services and energy-efficient products in France and Germany. This objective is also expected to fuel the regional growth during the forecast period.

Due to the uptake of intelligent building automation technologies in growing economies like China and India, market dynamics Asia Pacific are expected to gain a huge momentum. Additionally, governments from China, South Korea, and India are investing in the creation of smart cities. In addition, market participants are  benefitting financially from the region's improved network infrastructure in the years to come. Due to considerable investments in the construction of public infrastructure, the Middle East and Africa are predicted to have significant growth during the projected period, also encouraging installation of security systems is on the rise due to heavy flow of international tourists, which is boosting demand for intelligent building automation technologies.