A recent report published by Infinium Global Research on the smart building market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart building market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart building market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart building market. According to the report, the global smart building market is projected to grow at a CAGR of 11.8% over the forecast period of 2019-2025.
Smart building automatically controls the building’s operations like heating, air conditioning, lighting, other systems. Smart buildings include smart office buildings, hospitals, stadiums, healthcare facilities, educational facilities, and others. The leading companies operating in the global smart building market are adopting strategies such as mergers, acquisitions, and new product launches to increase market share and sustain in the competition. For instance, Hitachi in 2019, acquired JR Automation. JR Automation designs and builds automation equipment and offers services in the automotive, medical device, construction, aerospace, pharmaceuticals, and food processing. The acquisition strengthens the operations and services provided by Hitachi.
The rising adoption of artificial intelligence and advancement in Wi-Fi technology drives the growth of the smart building market. The growing demand for eco-friendly living stimulates the growth of the smart building market. A smart building enables cost-effective management, reduces energy consumption, and offers better resource handling. The increasing awareness about the features of smart buildings contributes to the growth of the smart building market. The rising awareness of space utilization promotes the growth of the smart building market. The growing industry standards and rules contribute to the growth of the smart building market. On the flip side, the high cost of installation in smart building hinders the growth of the smart building market. Moreover, technological advancement and increasing adoption of smart building technology in hospitals and airports create novel opportunities for the growth of the smart building market.
Based on geography, the global smart building market is classified into North America, Asia-Pacific, Europe, and the Rest of the World. North America is expected to hold the largest share in the global smart building market. The rising technological development and adoption of new technologies such as IoT, big data, data analytics, cloud computing, and artificial intelligence in North America stimulate the growth of the smart building market in North America. Europe is anticipated to grow in the global smart building market with a significant CAGR over the forecast period. The increasing adoption of robotics and IoT in the construction industry contributes to the growth of the smart building market. Asia-Pacific is showing growth in the global smart building market.
The report on global smart building market covers segments such as component, solution type, service type, and building type. On the basis of component, the sub-markets include solution, and services. On the basis of solution type, the sub-markets include building infrastructure management, energy management, security and emergency management, network management, and workforce management. On the basis of service type, the sub-markets include system integration and deployment, consulting, and support and maintenance. On the basis of building type, the sub-markets include residential, commercial, and industrial.
The report provides profiles of the companies in the market such as Cisco Systems, Inc., Hitachi, Ltd., Siemens AG, Intel Corporation, Huawei Technologies Co. Ltd., Honeywell International Inc., Johnson Controls International plc, Schneider Electric SE, L & T Technology Services Ltd., PointGrab Ltd., and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart building market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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