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Smart Building Market Trends

  • Report ID: GMI5555
  • Published Date: Oct 2024
  • Report Format: PDF

Smart Building Market Trends

AI and machine learning are increasingly being integrated into smart building systems to enhance automation and predictive analytics. These technologies enable buildings to learn from data patterns, optimize energy usage, predict maintenance needs, and improve occupant comfort. AI-driven solutions can provide more efficient building management by automating complex tasks, leading to cost savings and improved operational efficiency.
 

The expansion of the Internet of Things (IoT) is driving the proliferation of connected devices in smart buildings. IoT sensors and devices are used for various applications, including energy management, security, lighting control, and environmental monitoring. Increased connectivity allows for real-time monitoring and control, providing greater visibility into building operations and enabling more responsive and adaptive management.
 

There is a growing focus on sustainability and environmental responsibility in building design and management. Smart buildings are increasingly being developed to meet green building standards and certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method). Adoption of sustainable practices and technologies helps reduce the carbon footprint of buildings and aligns with global efforts to combat climate change.

Authors: Suraj Gujar, Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

The global market size for smart building was valued at USD 94 billion in 2023 and is projected to exceed USD 500 billion by 2032, driven by a CAGR of over 20% from 2024 to 2032.

The safety & security management segment is expected to register a CAGR of over 22% during the forecast period, driven by the rise in both physical and cyber threats.

North America dominated the global market in 2023, generating over 36% of the total revenue share, driven by high adoption rates of smart home technologies and urban crime rates.

Major players in the industry include ADT Inc., Amazon, Google, Honeywell Home, Vivint Smart Home, SimpliSafe, and Frontpoint Security, driven by the increasing demand for advanced security systems.

Smart Building Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 21
  • Tables & Figures: 354
  • Countries covered: 23
  • Pages: 126
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