According to a market
research report "Smart Building Market by Component (Solution,Services),
Solution (Security, Emergency Management Energy Management), Services, Building
Type (Commercial, Industrial), Region (North America, Europe, APAC, MEA, Latin
America) - Global Forecast to 2024",
published by MarketsandMarkets, The Smart Building market size is expected to
grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound
Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major drivers for the
Smart building include Rising adoption of IoT-enabled building management
system, raising awareness of space utilization increased industry standards and
regulations.
Browse and
in-depth TOC on “Smart Building Market”
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North America to lead the Smart building market during the forecast period.
The growth of the market
in North America can be attributed to the region has witnessed the emergence of
latest smart building solutions that leverage new technologies, such as IoT,
big data, cloud computing, data analytics, deep learning, and artificial
intelligence, for saving energy, reducing operational expenditures, increasing
occupancy comfort, and meeting increasingly stringent global regulations and
sustainability standards. Moreover, North America is a technologically advanced
region in the world due to the rapid adoption of emerging technologies by the
organizations in the region. Furthermore, the US and Canada are prominent
countries contributing to technological development in this region; for
instance, US organizations are heavily investing into smart building measures,
such as building controls and building systems integration, to leverage energy
efficiency and energy storage and deliver smarter, safer, and more sustainable
buildings while the Canadian government is taking initiatives to support
Canada’s commitment to protecting the environment and its resources by making
federal buildings more energy-efficient and reducing greenhouse gas emissions,
driving the growth of smart buildings
Industrial building
segment is expected to grow with the fastest growth rate during the forecast
period.
Industrial buildings are
often large and have many moving parts. Smart industrial building solutions
automate building temperature control, security, and maintenance for more
efficient property management through various mobile computing devices, such as
mobile devices and computers.
The Security and Emergency Management solution in the
solution type segment is expected to lead the Smart building market in 2019.
IoT consulting services
help in refining the business processes of organizations and are used for
formulating different strategies, developing use cases, planning roadmaps,
assessing technologies, and framing IoT architectures. The providers of IoT
consulting services ensure development and implementation of the appropriate
IoT applications and architecture in organizations. They guide companies to
create new IoT infrastructures to enhance their existing systems. The providers
of IoT consulting services also help non-IT companies with minimal expertise to
understand IoT technology. IoT consulting services can be classified into
technology consulting services, business consulting services, and operational
consulting services.
The major vendors covered
in the Smart building market include Honeywell (US), Johnson Controls (US),
Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric
(Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology
Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder
(India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti
(Czech Republic).
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Content Source: https://www.marketsandmarkets.com/PressReleases/smart-building.asp
Report:https://www.marketsandmarkets.com/Market-Reports/smart-building-market-1169.html
Mr. Aashish Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-building.asp
Report:https://www.marketsandmarkets.com/Market-Reports/smart-building-market-1169.html
