A smart building incorporates various automated processes, including air conditioning, ventilation, security, heating, lighting, etc. It comprises of HVAC systems, occupancy sensors, security devices, advanced lighting controls, water management devices, parking assistance systems, etc. They provide better security, real-time monitoring, optimum space utilization, and enhanced energy performance. Smart buildings are widely incorporated across several industries, including residential, hospitality, retail, healthcare, etc.
Some of the key players being ABB Ltd (ABB), Cisco Systems Inc (CSCO), Hitachi Ltd (HTHIY), Honeywell International Inc (HON), Huawei Technologies Co. Ltd., IBM Corporation (IBM), Intel Corporation (INTC), Johnson Controls International Public Limited Company (JCI), Schneider Electric SE (SU) and Siemens AG (SIEGY) etc.
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The growing development of smart cities, along with the increasing requirement for energy-efficient buildings, are escalating the smart building market growth. Furthermore, the augmentation of Internet-of-Thing (IoT)-based devices for remote monitoring is also bolstering the market growth. The growing traction for optimum building automation systems and rising levels of urbanization are further driving the market. Besides this, the increasing number of government initiatives to support smart infrastructures is also propelling the demand for smart buildings. Additionally, the increasing awareness of energy conservation has led to the advent of energy-efficient and ecologically sustainable buildings. Moreover, the growing trend for Building Information Modelling (BIM), and intelligent prefabrication systems is also fostering the development of advanced infrastructures. Several technologies, such as big data, cloud computing, data analytics, and artificial intelligence (AI), are rapidly being adopted to minimize building equipment downtime and operational costs. The growing security concerns have further increased the installation of access control, video surveillance, and emergency systems in smart buildings, thereby further proliferating the smart building market growth.
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Key Market Segmentation
Breakup by Component:
• Professional Service
• Managed Service
Breakup by Technology:
• Building Infrastructure Management (BIM)
o Parking Management System
o Smart Water Management System
o Elevators and Escalators Management System
• Security and Emergency Management
o Access Control System
o Video Surveillance System
o Safety System
• Energy Management
o HVAC Control System
o Lighting System
• Network & Communication Management
o Workforce Management
Breakup by End User:
• Government & Public Infrastructure
• Manufacturing & Industrial
Breakup by Region:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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