DUBLIN--(BUSINESS WIRE)--The "Smart Building Market Size, Share & Trends Analysis Report By Service (Implementation, Consulting), By Solution (Energy Management, Safety & Security Management), By End-use (Residential, Commercial), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global smart building market size is expected to reach USD 570.02 billion by 2030, registering a CAGR of 26.8% from 2023 to 2030

Governments worldwide are making significant investments in smart city initiatives, propelling the adoption of smart buildings in different regions. The governing bodies are predicted to be the strongest promoters of smart and cutting-edge solutions that facilitate adaptive regulations and enable disruptive entries, safeguarding the interests of the public and the city.

For instance, the Energy Conservation Building Code (ECBC), developed by the Indian government, established minimal energy performance requirements for structures, covering the building exterior and heating, cooling, and air conditioning.

Therefore, the country's increasing use of smart lighting systems may assist in energy conservation. These initiatives would further supplement the growth of the market. Smart buildings depend on several IoT sensors and computer networks to automate functions, such as managing lighting, heating, and elevators; fire detection; video surveillance; and badge access.

BAS and IoT sensors are vulnerable to cyberattacks because they frequently lack fundamental cybersecurity capabilities. Business continuity is affected by cyberattacks on smart buildings since data breaches prevent them from functioning and can lead to severe damages resulting in operational interruption for a long duration, data loss, financial losses, and reduced public safety. Most cyberattacks on smart buildings result from malicious hackers trying to access the BAS control systems.

Businesses are now concentrating on segregating the BAS system from the entire network system and the internet to secure it. These solutions offer real-time monitoring and identification of new threats and respond autonomously. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period.

Smart buildings have more opportunities to play a major role in self-generation or grid-supplied energy, increasing the demand for non-carbon or low-carbon solutions for managing building energy. In the past., smart building management systems have been utilized to minimize energy costs and successfully serve the functional requirements of buildings. Due to the high implementation costs, these systems have typically been proprietary and have primarily been used in huge buildings or large groups of buildings.

Artificial Intelligence (AI) and Machine Learning (ML) can provide ways to examine building data to enhance the effectiveness of numerous building operations as well as the building's capacity for revenue generation. All these efforts are expected to play a vital role in driving the growth of the market over the forecast period.

Key players have an extended operating history, a large customer base, and significant competitive strengths. For instance, in February 2022, Cisco Systems, Inc. launched new solutions, including Private 5G and Wi-Fi 6E, for hybrid work. The company also planned to collaborate with campuses, branches, and offices of various sectors to integrate these products and convert them into smart buildings. This helped the company in increasing its market revenue and attracting key business clients from the telecommunication sector.

Smart Building Market Report Highlights

• The building infrastructure management segment is expected to observe a CAGR of 25.2% during the forecast period. The extensive growth of smart building infrastructure services expedites advanced infrastructures, such as automated solutions, advanced telecommunication networks, and data centers, among others
• The consulting segment is expected to observe a CAGR of 28.7% during the forecast period. Smart building projects have the most significant financial impact if an organization's operational and structural systems are integrated
• To describe what data is being gathered, how it is exchanged, and how it may be used in the next system that will profit from this new data, smart building consultants group these integrations into use cases. Smart building consultants also serve in a management role during construction, ensuring that submittals comply with requirements
• The industrial segment is expected to witness a significant CAGR of 25.7% during the forecast period. Smart industries are built to continuously collect data and analyze issues with their systems. Data can assist businesses in making wise decisions and having a smart building means having access to the latest information on operational costs
• The Asia Pacific regional market is expected to reach USD 166.45 billion by 2030. The shifting focus of consumers toward converting their existing buildings into smart buildings is boosting the region's growth
• For instance, in January 2022, Singtel, a telecommunication company, announced its collaboration with Lendlease, a real estate group, to convert its Comcentre headquarters in Singapore into a smart building with an investment of USD 2.21 billion

Companies Mentioned

• ABB
• Cisco Systems Inc.
• Huawei Technologies Co., Ltd.
• Robert Bosch GmbH
• Honeywell International Inc
• International Business Management Corporation
• Ericsson
• Schneider Electric SE
• Siemens AG
• General Electric

For more information about this report visit https://www.researchandmarkets.com/r/lo84hv

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