What is the Global market size of the Smart Building Market?

Global Smart Building Market size was valued at USD 82.77 billion in 2021 and is poised to grow from USD 103.91 billion in 2022 to USD 538.45 billion by 2030, growing at a CAGR of 25.3% in the forecast period (2023-2030).

Which region accounted for the largest share in the Global Smart Building Market?

North America dominated the global market in 2022, accounting for 33.3% of the total market share. The expanding governmental and private investments, as well as the developing digitization, can be contributed to regional growth. Furthermore, numerous end-use segments in the United States are turning their present workplaces into smart offices. Because of increased expenditures in green building technologies, the United States dominated the regional market. For example, the Duke Energy Center in the United States, a 51-story tower skyscraper, obtained the highest green rating from LEED Platinum after implementing intelligent building infrastructure.

Smart Building Companies

Smart Building Market Competitive Landscape

Smart Building Market Top Player's Company Profiles

Cisco (US)
IBM (US)
Honeywell (US)
Siemens (Germany)
Johnson Controls (Ireland)
Huawei (China)
Intel (US)
PTC (US)
ABB (Switzerland)
Hitachi (Japan)
Schneider Electric (France)
Telit (UK)
Legrand (France)
Bosch (Germany)
KMC Controls (US)
Verdigris Technologies (US)
Aquicore (US)
75F (US)
BuildingIQ (US)
ENTOUCH (US)
Gaia (India)
Softdel System (US)
Mode: Green (New Jersey)
CopperTree Analytics (Canada)
Spaceti (Netherlands)
Igor (US)
eFACiLiTY (India)
Spacewell (Belgium)

Smart Building Market

FAQs

Global Smart Buildings Market size was valued at USD 80.25 billion in 2022 and is poised to grow from USD 89.08 billion in 2023 to USD 205.3 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).

Increased strategic acquisitions and collaborations to strengthen key players' market position, as to increase their market share, the leading companies in the smart building industry are proactively entering into partnerships and alliances. To assure the safety and quality of smart solutions, the players also collaborate with various rating and evaluation certification providers. The players are acquiring local players across nations to boost their worldwide reach. Furthermore, industry participants are constantly investing in the development and introduction of new intelligent systems and services for controlling commercial and residential building operations. 'Cisco (US) ', 'IBM (US) ', 'Honeywell (US) ', 'Siemens (Germany) ', 'Johnson Controls (Ireland) ', 'Huawei (China) ', 'Intel (US) ', 'PTC (US) ', 'ABB (Switzerland) ', 'Hitachi (Japan) ', 'Schneider Electric (France) ', 'Telit (UK) ', 'Legrand (France) ', 'Bosch (Germany) ', 'KMC Controls (US) ', 'Verdigris Technologies (US) ', 'Aquicore (US) ', '75F (US) ', 'BuildingIQ (US) ', 'ENTOUCH (US) ', 'Gaia (India) ', 'Softdel System (US) ', 'Mode: Green (New Jersey) ', 'CopperTree Analytics (Canada) ', 'Spaceti (Netherlands) ', 'Igor (US) ', 'eFACiLiTY (India) ', 'Spacewell (Belgium)'

Consumers' increased interest in building technology that saves running costs, as well as individuals' growing knowledge of the need for energy consumption are the major drivers driving the industry's revenue development.

Increasing urbanisation to fuel the adoption of smart building industry: Rapid urbanisation is predicted to fuel the growth of the global smart building industry in the coming years. According to a high-level ExpForum 2019 assessment, 70% of the world's population is predicted to migrate to cities by 2050. This aspect will increase the need for structures and places to support livelihood and employment needs.

The North American region held sway over the market, capturing a significant revenue share of 32.9%. This regional supremacy can be attributed to the upsurge in both public and private investments, accompanied by the rapid trajectory of digitalization. Additionally, the burgeoning government initiatives to bolster digital infrastructure, aimed at propelling the United States toward a robust digital economy, are casting a favorable outlook on smart buildings within the U.S. context. A focal point of the U.S. administration involves digitizing commercial buildings to heighten citizen experiences and instill transparency in services. These pivotal drivers collectively fuel the demand for smart building solutions across the region.

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