Smart Building Market Expands with Consulting Segment at a robust CAGR of 25.69% through 2029

The increasing global smart building market is driven by energy efficiency and sustainability goals, internet of things (IoT) proliferation during the forecast period 2025-2029.

According to TechSci Research report, “Smart Building Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F", Global Smart Building Market was valued at USD 80.91 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR 25.69% through 2029.

Security and safety concerns are vital drivers in the Smart Building market. The need to protect occupants, assets, and data is paramount. Smart buildings incorporate advanced security and access control systems, including video surveillance, biometric access, and intrusion detection. These systems not only enhance physical security but also provide valuable insights for incident response and investigations. AI-driven video analytics can detect and respond to security breaches in real time, improving overall building safety. Data security is equally important. Building systems collect and transmit sensitive information, and safeguarding this data from cyber threats is a critical driver. Robust encryption, authentication, and continuous monitoring are essential for protecting smart building systems from unauthorized access or data breaches. Moreover, safety concerns, particularly in the post-pandemic era, have driven the adoption of touchless technologies, such as touchless access control and occupancy monitoring, to minimize physical contact and reduce health risks.

Regulatory requirements and compliance standards vary from region to region, adding complexity to the implementation of smart building technologies. Building codes, energy efficiency regulations, and data privacy laws can significantly impact the design and operation of smart buildings. Adhering to these standards can be cumbersome, especially when integrating technologies that were not initially designed with local regulations in mind. Building owners and operators must navigate a complex landscape of compliance requirements, which may involve time-consuming approvals, inspections, and reporting. Moreover, regulatory frameworks are continuously evolving, requiring building managers to stay updated and adapt to new rules and guidelines. Ensuring compliance while maximizing the benefits of smart building technologies is a persistent challenge in the industry.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Smart Building Market."

The global smart building market is segmented into service, solution type, building type and region. 

Based on solution type, energy management dominated in the global smart building market in 2023. In an era of growing environmental awareness and sustainability concerns, energy management is at the forefront of building owners' and operators' agendas. The "Energy Management" segment addresses the pressing need to reduce energy consumption, lower carbon footprints, and enhance energy efficiency within buildings. This focus on sustainability aligns with global goals and regulatory requirements for reduced energy use, making it a priority for both commercial and residential buildings. Energy costs represent a significant portion of the operational expenses for buildings. Effective energy management solutions provide tangible economic benefits by reducing energy consumption and optimizing energy usage. Building owners and operators are drawn to energy management systems for their potential to achieve substantial cost savings, which make them an attractive investment. Governments and regulatory bodies worldwide have introduced strict energy efficiency standards and regulations. Energy management solutions help buildings comply with these requirements, avoiding penalties and ensuring long-term operational viability. This regulatory compliance is particularly critical in commercial and institutional sectors, where non-compliance can lead to legal issues.

Key market players in the global Smart Building market are: -

• Honeywell International Inc.
• Siemens AG
• ABB Group
• Schneider Electric SE
• Johnson Controls International plc
• IBM Corporation
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• Intel Corporation
• PTC Inc.

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“Data analytics and predictive maintenance are revolutionizing the management of smart buildings by utilizing the extensive data from IoT devices and sensors. Machine learning algorithms analyze historical data to anticipate equipment failures, enabling proactive maintenance that prevents issues before they arise, thereby extending system lifespans, reducing operational costs, and enhancing infrastructure reliability. Additionally, data analytics offer insights into building occupancy, utilization patterns, and energy consumption, empowering managers to make informed decisions on space allocation, energy efficiency, and tenant comfort, ultimately optimizing building performance”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Smart Building Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Service (Consulting, Implementation), By Solution Type (Building Infrastructure Management, Security and Emergency Management, Energy Management, Network Management, Workforce Management, Waste Management), By Building Type (Residential, Commercial, Industrial), By Region & Competition, 2019-2029F,” has evaluated the future growth potential of Global Smart Building Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Smart Building Market.

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