Northbrook, IL 60062 -- (SBWIRE) -- 11/21/2022 -- The global Smart Buildings Market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The major drivers for the Smart building include the rising adoption of IoT-enabled building management systems, rising awareness of space utilization, increased industry standards and regulations, and increased demand for the energy-efficient system.

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The safety and security management solution in the solution type segment is expected to hold the largest market share during the forecast period

Security is an integral part of smart buildings. Smart buildings enable occupant safety and security with the help of security solutions integrated with the smart building system. The rapid development of smart building technology is coupled with the ever-evolving nature of cyber threats. This will drive safety and security management innovation to develop and integrate appropriate risk solutions in the smart buildings market. Also, the rising deployment of advanced access control systems, video surveillance systems, and fire and life safety systems to safeguard the occupant and assets contributes to the high market share in this segment.

The industrial building segment is expected to grow at the fastest growth rate during the forecast period.

Industrial buildings are often large and have many moving parts. The segment is expected to adopt smart building solutions for energy and cost savings, higher productivity, enhanced identity and access management, and optimized surveillance. The market growth for the industrial building type is driven by the enforcement of stringent policies by governments worldwide to minimize energy wastage.

Asia Pacific is expected to grow at the highest CAGR forecast period.

Asia Pacific is expected to grow at the highest CAGR forecast period. The growth can be attributed to the high economic growth witnessed by the major countries in this region. The rapid modernization and increase in construction activities in APAC have accelerated the adoption of smart building solutions and services in the region. Various regions' governments have started promoting smart building practices due to the rising environmental concerns and growing need for energy savings. Also, the increasing smart city initiatives in the region will boost the demand for smart building solutions and services.

Market Players

The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode:Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US), Spacewell (Belgium), Gaia (India), eFacility (India).

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