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Smart Building Market to Grow Exponentially; Growing Smart City Projects and Emergence of 5G Technology to Boost the Market

March 08, 2022 | Information & Technology

The global smart building market size is anticipated to witness strong growth by reaching USD 328.62 billion by 2029. Fortune Business Insights™ in its report titled “Smart Building Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Application (Residential and Commercial), and Regional Forecast, 2022-2029” observes that the market size stood at USD 67.60 billion in 2021 and is expected to reach USD 80.62 billion by 2022, exhibiting a CAGR of 22.2% during 2022-2029. Growing smart city projects, the emergence of smart 5G technology, and increasing smart city projects are expected to boost the market growth.

Honeywell International Inc. Entered into a Collaboration with IDEMIA to Create Strong Product Portfolio

Honeywell International Inc. collaborated with IDEMIA in February 2021. The companies are actively developing effective solutions for secure contactless building engagement solutions. This strategy may help the companies to fuel the competitive landscape and reinforce their competitive stance.

COVID-19 Impact

Surging Demand for Healthy and Safe Workplace to Foster Industry Growth

This market is expected to grow positively during the COVID-19 pandemic due to the surging demand for a safe and healthy workplace. The sudden spike in COVID-19 cases is expected to boost the demand for the technology. The opening of commercial buildings and the adoption of smart technologies in smart infrastructure are expected to boost the building’s adoption. Furthermore, the adoption of smart technology is expected to bolster industry development. These factors may propel market development.

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Increasing Energy Consumption to Fuel Market Development

Increasing concerns regarding energy consumption are expected to fuel energy-efficient technology and energy adoption. For example, IBM Corporation’s IoT and Smart Building 2019 report mentions that real estate and commercial buildings utilize 50% hydro energy. Further, the report mentions that the buildings are likely to adopt maximum energy by the end of 2025. Also, stringent government investments and rising green building projects are expected to boost the product adoption. Additionally, improving lifestyles and rapid digitization are expected to bolster the technologies’ demand. These factors are likely to drive the smart building market growth.

Manufacturers Launch Novel Technologies to Boost Brand Image

The prominent companies operating in the market announce novel technologies to bolster brand image. For example, Endeavor Business Media announced intelligent building technology to integrate smart solutions for new and commercial buildings. This development may boost the companies’ brand image. Furthermore, companies invest heavily in research and development to improve offerings and enhance their annual revenues. Additionally, the adoption of expansions, mergers, acquisitions, and collaborations may enable companies to boost their market position.

Key Industry Development

  • February 2021: Honeywell International Inc. engaged in collaboration with IDEMIA for the development of intelligent building solutions. The companies work together for the development of secure contactless building engagement solutions.

List of Key Players Profiled in the Report

  • Cisco Systems, Inc. (U.S.)

  • Siemens AG (Germany)

  • ABB Ltd. (Switzerland)

  • Schneider Electric SE (France)

  • Endeavor Business Media (U.S.)

  • IBM Corporation (U.S.)

  • Legrand SA (U.S.)

  • Honeywell International Inc. (U.S.)

  • Johnson Controls Inc. (U.S.)

  • Hitachi, Ltd. (U.S.)

Further Report Findings

  • The market in North America stood at USD 26.88 billion in 2021 and is expected to gain a huge portion of the market share during the upcoming years. The rising adoption of smart type of buildings is expected to boost industry development.

  • Furthermore, the rising adoption of smart buildings by commercial real estate in the U.S. boosts market development. These factors may propel industry growth.

  • According to component, the security and emergency management segment is expected to dominate because of the rising demand for advanced building operation services, surveillance systems, and security systems.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


Component, Application, and Geography

By Component

  • Solutions

    • Building Infrastructure Management

      • Parking Management System

      • Smart Water Management System

      • Elevators and Escalators System

    • Security and Emergency Management

      • Access Control System

      • Video Surveillance System

      • Safety System

    • Energy Management

      • HVAC Control System

      • Lighting Control System

  • Services

    • System Integration and Deployment

    • Support and Maintenance

    • Consulting

By Application

  • Residential

  • Commercial

    • Hotel

    • Healthcare

    • Retail

    • Corporate Offices

    • Others (Apartments, Condos, and Others)

By Region

  • North America (By Component, By Application, and By Country)

    • U.S. (By Component)

    • Canada (By Component)

  • Europe (By Component, By Application, and By Country)

    • U.K. (By Component)

    • Germany (By Component)

    • France (By Component)

    • Italy (By Component)

    • Denmark (By Component)

    • Rest of Europe

  • Asia Pacific (By Component, By Application, and By Country)

    • China (By Component)

    • Japan (By Component)

    • India (By Component)

    • Singapore (By Component)

    • Australia (By Component)

    • Rest of Asia Pacific

  • Middle East & Africa (By Component, By Application, and By Country)

    • GCC (By Component)

    • South Africa (By Component)

    • Rest of Middle East and Africa

  • Latin America (By Component, By Application, and By Country)

    • Mexico (By Component)

    • Brazil (By Component)

    • Rest of Latin America

Smart Building Market
  • PDF
  • 2021
  • 2018-2020
  • 160


  • 4850

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