Commercial Real Estate and Smart Homes Lead the Growth in the Smart Building Market

Meticulous Research® has published a detailed report titled, "Smart Building Market by Offering (Solution (Energy Management, Infrastructure Management, Safety & Security Management, Network Management) & Services), End User (Residential, Commercial, and Industrial), and Geography - Global Forecasts to 2029." The report predicts the global smart building market will reach $152.93 billion by 2029, at a CAGR of 11.2% from 2022 to 2029.

Several factors contribute to this market growth, such as rising demand for energy-efficient buildings, the shift toward green infrastructure, and an increasing number of connected devices in buildings. The smart city trend, rapid urbanization in emerging markets, and government incentives are further fueling the market. However, the high costs associated with smart building technologies limit widespread adoption.

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Segmentation by Offering:

The smart building market is divided into solutions and services. The solutions segment dominated the market in 2022, owing to the growing adoption of smart technologies and support from governments in green city initiatives. These solutions provide significant cost savings by reducing energy usage and improving system efficiency, making them attractive to businesses and governments alike.

However, the services segment is expected to grow at the fastest rate, as companies increasingly focus on diagnostics, troubleshooting, and system optimization. Ensuring the continuous and efficient operation of smart buildings through maintenance services is essential, further propelling this segment’s growth.

Segmentation by End Users:
The market is segmented into residential, commercial, and industrial end users. In 2022, the commercial sector took the largest share due to the rising adoption of smart technologies among real estate developers and commercial property owners. Governments are also enforcing stricter regulations around energy efficiency, pushing commercial real estate toward intelligent solutions.

The residential sector is forecasted to grow the fastest during the next several years. The demand for smart home systems, such as smart lighting, HVAC control, and security systems, is increasing as consumers seek more efficient and user-friendly solutions.

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Regional Insights:
North America held the largest share of the global smart building market in 2022. The region's growing focus on green technologies and smart infrastructure, particularly in the U.S., has led to increased investments in smart building solutions. For example, the Duke Energy Center received the prestigious LEED Platinum certification after incorporating advanced smart infrastructure, highlighting the growing trend toward energy-efficient buildings.

Asia-Pacific is projected to register the highest growth during the forecast period, thanks to increased investments in smart city projects and public infrastructure. Governments in countries like Singapore and China are promoting energy-efficient solutions, leading to a surge in demand for smart building technologies. A major example is Singtel’s collaboration with Lendlease to convert its headquarters into a smart building.

Key Players:
The key players operating in the smart buildings market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Endeavor Business Media (U.S.), IBM Corporation (U.S.), Legrand SA (France), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), Intel Corporation (U.S.), PTC Inc. (U.S.), Telit (U.S.), Robert Bosch GmbH (Germany), KMC Controls (U.S.), Verdigris Technologies (U.S.), Auqicore (U.S.), BuildingIQ, Inc. (U.S.), and Entouch (U.S.).


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Key questions answered in the report-

• Which are the high-growth market segments based on offering and end user?
• What was the historical market for smart buildings?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, and opportunities in the smart buildings market?
• Who are the major players, and what shares do they hold in the smart buildings market?
• How is the competitive landscape in the smart buildings market?
• What are the recent developments in the smart buildings market?
• What are the different strategies adopted by the major players in the smart buildings market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global smart buildings market, and how do they compete with the other players?

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