Based on the findings of a research report offered on Radiant Insights, Inc.; the worldwide smart building market is predicted to have high growth over the forecast period (from 2017 to 2022). This expansion is attributed to the rising need for safety, security, and energy efficiency in buildings. Increased usage of smart motors, actuators, and sensors is also projected to propel the demand over the next few years. Moreover, increased need to achieve excellent operational efficiency in structures is also expected to be one of the key factors driving the market growth.
The report “Global Smart Building Market Size, Status and Forecast 2022” is available now at https://www.radiantinsights.com/research/global-smart-building-market-size-status-and-forecast-2022
Increasing energy expenses due to high consumption of electricity encourages owners to prefer smart buildings for automating the control systems enabling them to operate seamlessly to avoid electricity wastage. Smart buildings allow constant interaction between video surveillances, environment controls, interior sensors, and communication controls through the cloud, which saves electricity while keeping the building connected.
On the other hand, factors such as high initial investments associated with the designing and installation of building automation may hamper the smart building market in near future. However, various technological and product developments are also projected to augment the overall market expansion over the next few years. Increasing support and strict regulations by various governments across the globe are also likely to spur the global market through 2022. In addition, these buildings also allow the integration of automation system with an enterprise system, which boosts the productivity of an organization. This may further fuel the global market growth in the forthcoming years.
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The global smart building market is categorized as per type, application or end use, and region. Based on type, the market is bifurcated into building automation software and services. Based on application, the market is divided into infrastructure management, network management system, intelligent security system, and building energy management system. Based on region, the market is divided into United States, Europe, China, India, Japan, and Southeast Asia.
The Europe smart building market is predicted to have a maximum growth in near future as a result of the strong presence of a number of service providers. In addition, various initiatives taken by the regional government for developing smart and intelligent buildings and structures are also expected to drive the regional growth in the forthcoming years. Moreover, high adoption of energy management technologies and systems, as well as security solutions, is also expected to contribute toward the development of the region.
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Southeast Asia regional smart building market is likely to witness a rapid expansion over the next few years. Factors such as increasing consumer disposable income and rising awareness regarding energy saving in the developing economies such as Japan are projected to boost the market for smart building in the Southeast Asia region. In addition, rapid economical growth, urbanization, and strong government support are also estimated to support the development over the coming years.
Some of the prominent vendors operating in the global smart building market are United Technologies Corp.; Schneider Electric SE; BuildingIQ, Inc.; Cisco Systems, Inc.; and International Business Machines (IBM) Corp. These companies focus on innovating new and technologically advanced products in order to sustain the intense competition. For example; Cisco Systems, Inc. recently introduced 5 new network innovations called Cisco Catalyst Digital Building Series Switches designed to help improve the concept of smart buildings. The company says that the new Digital Building Series switches greatly simplify the deployment experience due to integrated security and low costs of ownership.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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