A new study title” Smart Building market size, status and forecast 2027” has been featured on market research future.
The Global Smart Building Market is expected to reach USD 25,725.0 Million by 2025 at a CAGR of 17.44% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years.
The evolution of technology has enabled smart building technology to share information about what goes on between buildings and systems to optimize building performance. The rising adoption of IoT-enabled building management system, raising awareness about space utilization, and increased industry standards and regulations are resulting in the growth in the smart building market. Factors such as the growing need for energy-efficient buildings and increasing government initiatives to encourage smart infrastructure are contributing to the growth of the smart building market. However, lack of technical expertise and infrastructure in developing countries is expected to hamper the market growth during the forecast period.
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The Key Players of the Global Smart Building Market are Control4 Corporation (US), United Technologies Corporation (US), HCL Technologies Limited (India), Panasonic Corporation (Japan), Advantech Co. Ltd (Taiwan), Johnson Controls International PLC (Ireland), Hitachi Ltd (Japan), Sony Corporation (Japan), IBM Corporation (US), Cisco Systems (US), Honeywell International, Inc. (US), Emerson Electric Co. (US), GEZE GmbH (Germany), Overkiz (France), ABB Group (Switzerland), Siemens Ag (Germany), Schneider Electric Se (France), Legrand SA (France), and Huawei Technologies Co. Ltd, (China).
- By Automation: Smart Building Market has been segmented by intelligent security system (video surveillance system, access control system, emergency management system), building energy management system(energy management system, HVAC control system, lighting control system), infrastructure management system(elevators and escalators management system, smart water management system, parking management system) and network management system
- By Application: Smart Building Market has been segmented by commercial, industrial, government & public infrastructure and residential
- By Region: Smart Building Market has been segmented by North America, Asia-Pacific, Europe, South America, and Middle East & Africa
The Smart Building Market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa and Central & South America. North America is expected to dominate the smart building market during the forecast period due to growing awareness for safety, security, energy and water management, and reduction in maintenance costs.
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