Smart Building Market Size, Share, Growth Analysis, By Component(Solution and Services (Consulting, Implementation and Support & Maintenance)), By Solution(Safety & Security Management (Access control system, Video surveillance system and Fire and life safety system), Energy Management (HVAC control system and Lighting management system), Building Infrastructure Management (Parking management system), By Building Type(Residential, Commercial and Industrial), By Region - Industry Forecast 2024-2031

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.