Smart Building Market is Estimated to Cross USD 201.16 Bn by the End of 2031

Security concerns associated with intelligent building and lack of funding & adequate infrastructure limit the growth of the smart building market.

PORTLAND, PORTLAND, OR, UNITED STATES, October 23, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Smart Building Market,” The smart building market was valued at $69.80 billion in 2021, and is estimated to reach $201.16 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

Smart buildings are characterized by the use of completely integrated systems that communicate critical information and utilize this information to improve the efficiency of the buildings. Smart buildings can help manage almost every aspect of building management using IoT sensors, higher floors, and building automation, including HVAC, lighting, shading, security, and even user-centric tasks like navigation and conference room scheduling. These structures manage and ensure the efficiency, energy, comfort, access, and monitoring of the enterprises that occupy them.

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The key factors that drive the growth of the smart building market include various government smart infrastructure initiatives, which in turn are fueling the growth of the smart building market. However, security concerns associated with smart buildings and higher investment requirements are limiting the growth of this market. Conversely, the emergence of artificial intelligence technology for smart buildings and the rise in the IoT market & its application in modern smart buildings are anticipated to provide numerous opportunities for the expansion of the smart building market during the forecast period.

Depending on the building type, the commercial segment dominated the smart building market share in 2021, and is expected to continue this trend during the forecast period, owing to the rising need for efficient energy and resources management solutions in commercial buildings. However, the residential segment is expected to witness the highest growth in the upcoming years, as rising standard of living and urbanization trends are fueling the demand for smart buildings. Moreover, the smart infrastructure initiatives are being supported by government and local authorities, which is further empowering the growth of the segment and the smart building market forecast in the coming few years.

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In 2021, the smart building market was primarily led by the security and emergency management (SEM) sector in terms of market share. This trend is anticipated to continue throughout the forecast period due to the increasing digital transformation in people’s daily lives, which has led to a greater demand for smart infrastructure solutions. Consequently, this has bolstered the need for real-time security and emergency management services. However, the energy management sector is poised for significant growth in the coming years. This growth is attributed to the rising demand for environmentally friendly and sustainable building management solutions, which are contributing to market expansion. Additionally, various government initiatives aimed at promoting the adoption of smart energy solutions are expected to propel the growth of the smart energy segment within the market.

Region-wise, the smart building market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the presence of a highly developed ICT sector and high spending, aiding the growth of the smart building industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to various government initiatives and digital transformation trends within the region, which is expected to fuel the smart building market trends in this region.

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The key players profiled in the smart building market analysis are ABB, Cisco Systems, Inc., Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Johnson Controls, PTC, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

With the alarming increase in COVID-19 patients, various governments had to implement stringent lockdown protocols, which made billions of people to be contained within their homes. This aided in the growth of social media software solutions during the period. For instance, according to a report published by Dow Jones & Company, Inc., the average daily social media presence of an average U.S. citizen rose by over 19.4% in the year 2020 compared to the previous year 2019. Moreover, as the work-from-home and remote working policies are becoming industry standards even post the peak of the pandemic, the active role of social media platforms is anticipated to grow further in the coming years.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Wi
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300n Sivers Drive
#205, Portland, OR 97220
United States
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

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