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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.
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
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Component, Application, and Geography