According to a global report on “Smart Building” market 2017 to 2022; North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA), and Latin America and Countries such as China, India, Australia, & Singapore have launched the initial phases of smart building projects.
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The smart building market size is estimated to be $ 5.73 billion in 2016 and is projected to reach $ 24.73 billion by 2021, at a CAGR of 34.0% from 2016 to 2021, due to the increasing need for integrated security and safety systems and increasing concern for reducing carbon footprints and energy waste across the various building types.
Key Target Audience of Smart Building Market are System design and development vendors, System integrators/migration service providers, Consultants/consultancies/advisory firms, Support, and maintenance service providers, Network service providers, Smart building products and solutions provider companies, Academic and research institutes, Government associations
The various key smart grid vendors profiled in the report are as follows such as ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Delta Controls (U.S.), Johnson Controls (U.S.), Honeywell International, Inc. (U.S.), United Technologies Corporation (U.S.), BuildingIQ (U.S.).
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The integrated security system segment is expected to lead the global building automation software market between 2016 and 2021, due to the increasing need for maintaining the robust security level, monitor activities, and control access across the building types. With regards to the geographic analysis, Europe is likely to benefit from its technological advancements and a large number of smart city initiatives being undertaken in the region, which are already underway.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart building marketplace.
- By Company Type: Tier 1:17%, Tier 2:33%, and Tier 3: 50%
- By Designation: C-Level: 35%, Director Level:60%, and Others: 5%
- By Region: North America:42%, Europe: 29%,Asia Pacific: 17%, and RoW: 12%
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Asia-Pacific (APAC) is expected to lead the smart building market by region between 2016 and 2021. The growth can be attributed to hyper-urbanization and industrialization and the increasing number of government initiatives.
The commercial building segment is estimated to be the largest segment of 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.
Thereby, the demand for energy conservation and reduction of overall operating costs is the highest in this sector.