Get In Touch

Global Smart Buildings Market: Snapshot

Digital technology-enabled, people-centric, and sustainable solutions form the backbone of next generation of buildings. The drive for smart buildings among businesses is hidden in their people-centric nature. That is, how flexible are buildings to the changing needs of occupants, architects, and end users should define their business proposition. Over the years, the inroads made by internet of things technologies and their seamless integration with the entire infrastructure fabric are reinforcing the lucrativeness of the smart buildings market. Providers of smart building solutions are leveraging new assortments of sensors and automation systems. The most virulent momentum to the evolution of the smart buildings market perhaps come from the strides made in digital transformation to reduce the carbon footprints in the smart buildings market. This is enabled by the reducing costs of a wide spectrum of technologies that make buildings smart. Another compelling proposition driving interest of facility managers in smart buildings is reducing the return on investments

Growing numbers of smart energy systems are expected to open new avenues in the smart buildings market. Relentless pursuit of improving the access, efficiency, sustainability, and comfort is expected to propel new advances in the smart buildings market. Technology players who are increasingly focused on expanding the IoT backbone of smart buildings will pave way for innovations in the smart buildings market. They are aiming at improving the interoperability of smart building technologies. However, a telling concern for all stakeholders is the threat of physical and digital stores. The advent of standardized security solutions is a large unmet need. In the coming years, integration of internet of things solutions that consolidate disparate building systems is expected to gather traction in the smart buildings market.      

The research report on the global smart buildings market is an analytical study of the trends and growth indicators that will influence this market over the forecast period of 2016 to 2024. The report providers a granular view of the global smart buildings market and tracks both current and emerging trends that will steer the course of this market in the near future. This report touches upon varied yet important facets such as the construction, maintenance and design of smart buildings. It also discusses technologies that will define the future of smart buildings and their adoption worldwide. Technologies that promote efficiency are central to the growth of this market, which is why our analysts have consulted with key opinion leaders and industry participants to give clients an accurate assessment of what the future holds for the smart buildings market.

This market is relatively new, which leads it to be subjected to certain threats – all of these barriers to growth are documented in detail in this market research report. We also offer an overview of the regulatory environment and other rules pertaining to smart cities in general, and smart buildings in particular. Market forecasts are provided on the basis of revenue and by technology/software and hardware that is integrated in smart buildings. 
 
Overview of the global smart buildings market
 
That the construction market will largely be focused on Asia over the next decade (or more) is a well-known fact. However, the future of the construction market lies in smart buildings. A smart building incorporates real-time systems for managing the functioning of a building via a single interface. Smart buildings rely heavily on the use of hardware and software that can not only make the building operate more efficiently, but also make improve its life-span by tracking problems and alerting residents of the same. This is enabled via the installation of building automation systems (BAS) and networking technologies. BAS is the largest segment within the smart buildings market, by market size.
 
Based on building systems that can be automated, the smart buildings market is classified as: building communication systems, parking management, plumbing and water management, and elevator and escalator management systems.
 
The growth of the smart buildings market will be supported by a widespread movement for the reduction of CO2 emission. This market will also witness growth on account of an increasing need for security in both commercial and residential buildings.
 
Segmentation of the global smart buildings market
The market research report on smart buildings segments the overall market by type and application.
 
By type, the smart buildings market is segmented as: building energy management system (BEMS), physical security system, building communication systems, plumbing and water management system, parking management systems, and elevators and escalators management system. 
 
By application, the smart buildings market is classified as: residential buildings, commercial buildings, hospitality, airports, institutional, industrial, and others.
 
Companies mentioned in the global smart buildings market research report
 
Key market participants that have been profiled in this market research report include: Johnson Controls, ABB, General Electric, CISCO, Hewlett-Packard, Accenture, Ingersoll Rand Security Technologies, Delta Controls, Emerson Electric, Honeywell, Hitachi, IBM, Schneider Electric, Johnson Controls, TYCO International and Siemens.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Smart Buildings Market

Pre Book