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The global smart building market size is expected to gain momentum by reaching USD 265.37 billion by 2028, owing to the low operational cost, effective security, and building performance management. This information is provided by Fortune Business Insights in its report titled “Smart Building Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Application (Residential, and Commercial), and Regional Forecast, 2021-2028”, mentions that the market stood at USD 57.30 billion in 2020 and is projected to exhibit a CAGR of 21.6% during the forecast period. The high adoption of 5G technology in various nations and smart city projects is expected to accelerate the global market.
Honeywell and IDEMIA to Make Alliance to Come with Intelligent Building Ecosystem
Honeywell, a global leader in connected buildings, announced its strategic partnership with IDEMIA, a global leader in augmented identity, to develop an intelligent building ecosystem that will provide a better and enhanced living experience for the occupants. This alliance will make use of Honeywell’s security and building management systems and IDEMIA’s biometric-control systems to make frictionless, safer, and smart buildings. Additionally, they will offer amazing features such as vehicle recognition at car parks, contactless engagement with buildings, and personalized conference room settings. These next-generation features will offer enjoyable experiences that will help building owners attract tenants.
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Increasing Smart City Projects to Surge Market Opportunities
The rapid urbanization which is happening worldwide is expected to drive smart building market growth during the forecast period. For instance, as per the High-level Expert Forum 2019, around 70% of the world population is expected to shift in urban areas by 2050. This high number of people shifting to urban places will create a huge demand for living space. Therefore, governments worldwide are investing in smart city projects with facilities such as cleaner transportation and energy-efficient buildings. For instance, in February 2019, the capital of Spain, i.e. Aragon, Zaragoza aims to deduce 20% of total energy consumption by focusing on Zaragoza smart city buildings. This is expected to boost the project of energy-efficient smart cities in the region. Thus, with the rising smart city projects and investments, the market is expected to grow rapidly.
Key Players Focus on Product Launch to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching smart type of buildings for both commercial and business purposes to widen their smart building projects globally to foster sales revenues. Additionally, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to the growth of the market in upcoming years.
List of Key Players Profiled in Report:
Further Report Findings
Table of Segmentation
Value (USD Billion)
Component; Application; and Geography