"Growing initiatives by government authorities for the development of smart building projects is the major factor expected to drive the growth of the smart building market"
The smart building market size is estimated to be USD 5.73 billion in 2016 and is projected to reach USD 24.73 billion by 2021, at a CAGR of 34.0% from 2016 to 2021, due to the increasing need for integrated security and safety systems and increasing concern for reducing carbon footprints and energy waste across the various building types.
"Intelligent security system segment is estimated to be the fastest-growing market segment"
The integrated security system segment is expected to lead the global building automation software market between 2016 and 2021, due to the increasing need for maintaining the robust security level, monitor activities, and control access across the building types.
"Europe is expected to dominate the market in 2016, whereas APAC would grow at the highest CAGR during the forecast period"
With regards to the geographic analysis, Europe is likely to benefit from its technological advancements and a large number of smart city initiatives being undertaken in the region, which are already underway.
Asia-Pacific (APAC) is expected to lead the smart building market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization and the increasing number of government initiatives.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below:
- By Company Type: Tier-1 (42%), Tier-2 (33%), and Tier-3 (25%) companies
- By Designation: C-level (75 %) and Manager Level (25 %)
- By Region: North America (43 %), Europe (29 %), APAC (18 %), and Rest of World (RoW) (10%)
The various key smart gird vendors profiled in the report are as follows:
- 1. ABB Group (Switzerland)
- 2. Siemens AG (Germany)
- 3. Schneider Electric SE (France)
- 4. Cisco Systems, Inc. (U.S.)
- 5. IBM Corporation (U.S.)
- 6. Delta Controls (U.S.)
- 7. Johnson Controls (U.S.)
- 8. Honeywell International, Inc. (U.S.)
- 9. United Technologies Corporation (U.S.)
- 10. BuildingIQ (U.S.)
Objectives of the study
- To define, describe, and forecast the smart building market on the basis of five regions, namely, North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
- To provide detailed information regarding the major factors influencing the growth of the smart building market (drivers, restraints, opportunities, and challenges).
- To strategically analyze each sub-segment with respect to individual growth trends, future prospects, and contribution to the total market.
- To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the smart building market.
- To strategically profile the key players of the smart building market and comprehensively analyze their core competencies in the market.
- To track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global market
Key Target Audience
- System design and development vendors
- System integrators/migration service providers
- Consultants/consultancies/advisory firms
- Support and maintenance service providers
- Network service providers
- Smart building products and solutions provider companies
- Academic and research institutes
- Government associations