Smart Building Market to Grow Gradually by Achieving a Valuation of USD 568.02 billion by 2032 with a CAGR of 21.8% during the Forecast Period

The smart building market size is projected to grow from USD 117.42 billion in 2024 to USD 568.02 billion by 2032. As per a report by Fortune Business Insights™ titled, “Smart Building Market Size, Share & Industry Analysis, By Component (Solution (Building Infrastructure Management (Parking Management System, Smart Water Management System, Elevators and Escalators System), Security and Emergency Management (Access Control System, Video Surveillance System, and Safety System), and Energy Management and Services (System Integration and Deployment, Consulting)), By Application (Residential and Commercial (Hotel, Healthcare, Retail, Corporate Offices, Others), and Regional Forecast, 2024-2032”, the market stood at USD 96.96 billion in 2023. It is set to exhibit a CAGR of 21.8 % during 2024-2032.

Rise in Demand for Healthy and Safe Workplaces to Drive Market Development Post-Pandemic

Post-pandemic, the reopening of the workplaces and commercial buildings is predicted to expand the demand for smart technologies for a safe environment. The commercial buildings are anticipated to utilize smart technologies in managing regular cleaning and sanitization, temperature measuring devices, proper office ventilation, smart entry control, and space optimization for physical distancing. These factors are estimated to uplift the market growth during the projected period.

View Stated the New Launch Smart-Building Platform to Boost Development

View, in June 2022, launched its cloud-native smart building platform. The platform offers a real estate technology of software components to connect, manage, and improve a portfolio of smart buildings with tough cybersecurity defense and maximum flexibility.

Rise in Energy Consumption Concerns to Propel Market Growth

The demand for energy-efficient technology, owing to increasing energy consumption globally is anticipated to fuel the market. This high wastage and exponential consumption increase the overall cost of maintenance and operations. Strict regulations on energy consumption and green building initiatives surge the demand for energy-efficient technology buildings.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/smart-building-market-101198

Competitive Landscape:

Increasing Strategic Collaboration and Acquisition to Drive the Key Players’ Market Position

The major players in the market are entering into collaborations and partnerships to grow their market value and size. These players also partner with various assessment certifications and rating providers to confirm the quality and safety of their smart solutions. Hence, these factors are anticipated to boost the smart building market growth.

Notable Industry Development:

• January 2023: ABB unveiled the ABB Cyclon Building Management System (BMS) at Light Middle East 2023. It’s latest offerings provide customers with real-time data, operational analytics, more efficient buildings, comprehensive solutions for smarter, and more efficient buildings.

List of the Companies 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:

• North America is estimated to hold the largest market share during the projected period. Key companies across regional industries are shifting toward intelligent building solutions to boost workplace operations.


• Europe to display subsequent market share following North America. The growing European Union’s focus on executing efficient energy-saving technologies in commercial and residential buildings is projected to drive the market share.


• The Middle East & Africa has grown subsequently, owing to increasing demand for energy-efficient smart building solutions.


• Similarly, Latin America showcases steady growth as the government aims for effective and sustainable building.

Table of Segmentation: