Smart Building Market To Hit High Growth Peak With $10.72 Billion By 2032

Zion Market Research has published a report on the global Smart Building Market, estimating its value at USD 89 Billion in 2023, with projections indicating that it will reach USD 222.55 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 10.72% over the forecast period 2024-2032.

Furthermore, rapid elevation in size of smart building market over assessment period can be credited to surge in acceptance of connected things in smart building management systems. Moreover, growing industry standards and strict implementation of protocols & building codes will pave way for growth of smart building industry over anticipated timeline.

Apparently, re-opening of commercial offices post COVID-19 pandemic will amplify growth of smart building market over years ahead. Additionally, growing focus on improving building infrastructure and refurbishment along with huge capital investments in real-estate sector will enlarge scope of growth of smart building industry over years to come. Large-scale trend of using renewable energy as well as sustainable energy from sources such as sun or solar energy sources will crop up humungous demand for smart buildings globally. Thriving AI, deep learning, AR, VR, and machine learning domains will contribute substantially towards overall size of smart building market.

Energy Management Segment To Dominate Automation Type Landscape By 2032

Growth of energy management segment over forecast timespan is owing to massive need for power conservation in buildings and rise in number of commercial houses & complexes across globe. In addition to this, increase in reducing electricity bill tarrifs will further add towards segmental growth in near future.

Commercial Segment To Contribute Notably Towards Smart Building Market Share By 2032

Expansion of commercial segment in next seven years can be credited to HVAC systems being widely used in commercial applications. For the record, the U.S. is the country which majorly utilizes HVAC systems in commercial structures. This, in turn, will expand growth of commercial segment in foreseeable future.

North American Smart Building Market To Retain Dominant Position Over 2023-2032

Emergence of regional market over assessment period can be credited to surge in internet penetration in countries of North America. Large-scale acceptance of smart technologies in real-estate sector in countries such as Canada and the U.S. will spike evolution of smart building industry in North America over next seven years. Presence of strong real-estate infrastructure and smart automation solutions in commercial & residential sectors will promote regional business growth trends. Growing environmental awareness among people of the sub-continent along with upgrading of power grids as well as advanced metering infrastructure in countries such as the U.S. will spur growth of smart building market in North America.  

Key players leveraging business landscape and profiled in study are Siemens AG, BuildingIQ, Inc., Johnson controls, United Technologies Corporation, ABB Group, IBM Corporation, Cisco Systems, Schneider SE, Honeywell International, and Delta Controls.  

Browse the full “Smart Building Market- By Application (Commercial, Residential, And Industrial), By Automation Type (ENERGY MANAGEMENT, Infrastructure Management, Network & Communication Management, And Intelligent Security Systems), By Service (Professional Services And Managed Services), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2024-2032.” Report at https://www.zionmarketresearch.com/report/smart-building-market

The global Smart Building Market is segmented as follows:

By Application

• Commercial
• Industrial
• Residential

By Service

• Professional Services
• Managed Services

By Automation Type

• ENERGY MANAGEMENT
• Intelligent Security Systems
• Infrastructure Management
• Network & Communication Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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