Factors such as the growing need for integrated security and safety systems in buildings and the implementation of the IoT platform in building automation technology are expected to drive the growth of the market.
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The Smart building market is projected to grow from an estimated USD 7.42 billion in 2017 to USD 31.74 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7% during the period forecast period from 2017to 2022.
High initial investments are expected to be restraints in the growth of the smart building market.
- System Design & Development Vendors
- System Integrators/Migration Service Providers
- Consultants/Consultancies/Advisory Firms
- Support & Maintenance Service Providers
- Network Service Providers
- Smart Building Product & Solution Provider Companies
- Academic and Research Institutes
- Government Associations
The smart building market has been studied for North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA), and Latin America.
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Countries such as China, India, Australia, and Singapore have launched the initial phases of smart building projects. Also, the growing use of cloud based as well as IoT technologies and increasing strategic alliances among technology vendors are encouraging governments towards undertaking initiatives for the development of smart and green buildings.
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Based on type, building automation software is estimated to be the largest segment of the smart building market in 2017. This is due to the increase in adoption of building automation for facility and emergency response management, building energy optimization, parking management, and in-building communication systems.
The commercial building segment is estimated to be the largest segment in the smart building market in 2017. Commercial buildings account fora major share of the overall building automation software market, as it includes large office buildings, commercial building parks, retail facilities such as malls and shopping stores, hotels and restaurants, and other non-manufacturing commercial buildings which involve the use of increasingly automated technology with the aim to maintain smart building initiatives.
There by, the demand for energy conservation and reduction of overall operating costs is the highest in this sector.
1 Microquadrant Overview
1.1 Visionary Leaders
1.3 Dynamic Differentiators
1.4 Emerging Companies
2 Competitive Benchmarking
2.1 Strength of Product Portfolio in Smart Bulding Market (25 Players)
2.2 Business Strategy Excellence Adopted in Smart Building Market (25 Players)
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The smart building market has been segmented based on by type, building type, and region. Based on type, the smart building market has been segmented into building automation software and services.
Based on building type, the market has been segmented into manufacturing facilities, residential buildings, commercial buildings, university, school & hospital buildings, government & public infrastructure facilities, and others. Based on region, the smart building market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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