Smart Buildings Market size to grow by USD 46.12 billion from 2022 to 2027 | ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., and more among the key companies in the market – Technavio

NEW YORK, Oct. 29, 2023 /PRNewswire/ — The smart buildings market size is estimated to increase by USD 46.12 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 9.73% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp. are among some of the major market participants. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report 

Smart Buildings Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
Smart Buildings Market 2023-2027 SizeSmart Buildings Market 2023-2027 TrendsSmart Buildings Market 2023-2027 Industry AnalysisVendor Offerings
ABB Ltd. – The company offers smart building solutions that enhance well-being, efficiency, cost transparency, sustainability, connectivity, etc.Advantech Co. Ltd. – The company offers smart building products such as Wzzard, WISE-6610, WISE-DeviceOn, WP/EnSaaS, and Helicon.BuildingIQ Inc – The company offers smart building solutions through its 5i Intelligent Energy Platform.What`s New for 2023?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recessionGlobal competitiveness and key competitor positionsMarket presence across multiple geographical footprints – Strong/Active/Niche/TrivialCustomization options available as per your business needsAccess to 17000+ research report subscriptions – Buy the Report!Smart Buildings Market 2023-2027 – Market dynamics 
Key Driver
The growing need for building automation to enhance business outcomes is a major factor driving the smart buildings market growth. There are various benefits to building automation software. For Instance, the software acts as a control system, for the automatic regulation and control of facility subsystems, by maintaining the predefined parameters for different systems in a building. However, this software permits industrial, residential, and commercial buildings to manage, control, and operate the functioning of their buildings easily and more efficiently. Building automation has become an integral aspect of businesses these days and the adoption of building automation software enhances the cost savings of organizations significantly by enabling efficient energy management. For instance, all the parts of an HVAC system, including the different components, are connected to building management systems, and an alarm is generated if the value for any of these sub-systems surpasses the predefined limits. Such factors play an imperative role in driving the growth of the market in focus. 
Key Trends – 
An emerging trend in the smart buildings market is the growing concept of BIoT. Smart building is the integration of all standalone automated systems with additional support features such as cloud integration.BIoT is the new vision of making the building intelligent to take insights from the information and react automatically.The cloud infrastructure connects the sensors and actuators to exchange information among themselves and improve the working conditions.In addition, BIoT enables the integration of handheld devices such as mobile phones and tablets with building control to manage the process remotely.Moreover, the analytical reports help managers to optimize energy efficiency and the working environment further. Vendors are also making continuous efforts to integrate smart buildings with cyber security and connected buildings technology. Thus, the rising adoption of BIoT in smart building solutions will drive the growth of the market in focus during the forecast period.Major challenges – 
A key challenge that impedes the market growth of smart buildings is the high switching and installation cost. Building automation provides enhanced visibility of energy utilization in a building at the sub-meter level, paving the way for more efficient facility management.The high costs associated with these installations, in combination with the cost of the products and software, make the solution extremely expensive and have restricted the acceptance of smart solutions to large commercial enterprises.In addition, the integration of buildings automation with business systems and cybersecurity further raises the cost of installation multifold, which hampers smart buildings adoption rate in a few sectors.Implementation of this process takes time, delaying mission-critical events that prevent end users from making up their minds to adopt an integrated approach.Hence, it is expected that such challenges will reduce during the forecast period as many new and existing buildings implement cost and energy-saving smart building solutions.For more details understanding of Market Dynamics download sample reports
Smart Buildings Market 2023-2027: Segmentation
Smart Buildings Market is segmented as below:
Solution SoftwareHardwareServicesProduct BMSHVACLighting ControlSecurity And Access ControlOthersGeography North AmericaEuropeAPACSouth AmericaMiddle East And AfricaThe market share growth by the software segment will be significant during the forecast period. Software plays an important role in smart buildings as every element needs to be supplied with a realistic solution integrating the analysis tools and all other control systems. A building is smart when all the devices are capable of understanding and analyzing the environment, taking action, and generating an analytical report, which is achieved through software. Software plays an integral role in smart buildings through integrated building management systems. Moreover, the information collected is then processed and used to analyze and arrive at the best course of action, which is then spread to the appropriate sub-system or device for further corrective or preventive action. Growing commercialization in emerging economies has led to growth in new buildings, and rising energy consumption has created a need to save energy. Globally, governments are largely focusing on converting new construction into smart buildings to balance the trade-off. Thus, the software market is expected to show high growth during the forecast period.
For insights on global, regional, and country-level parameters with growth opportunities, historic data (2017 to 2021) & forecast (2023-2027)  – Download a Sample Report
Smart Buildings Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027Detailed information on factors that will assist smart buildings market growth during the next five yearsEstimation of the smart buildings market size and its contribution to the parent marketPredictions on upcoming trends and changes in consumer behaviourThe growth of the smart buildings marketAnalysis of the market’s competitive landscape and detailed information on vendorsComprehensive details of factors that will challenge the growth of the smart buildings market, vendorsGain instant lifetime access to 17,000+ market research reports. 
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Smart Buildings Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 9.73%
Market growth 2023-2027
USD 46.12 billion
Market structure
Fragmented
YoY growth 2022-2023(%)
8.96
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
APAC at 31%
Key countries
US, China, Japan, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
1.1 Market overview Exhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by SolutionExhibit 06: Executive Summary – Chart on Market Segmentation by ProductExhibit 07: Executive Summary – Chart on Incremental GrowthExhibit 08: Executive Summary – Data Table on Incremental GrowthExhibit 09: Executive Summary – Chart on Vendor Market Positioning2 Market Landscape
2.1 Market ecosystem Exhibit 10: Parent marketExhibit 11: Market Characteristics3 Market Sizing
3.1 Market definition Exhibit 12: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 13: Market segments3.3 Market size 2022 3.4 Market outlook: Forecast for 2022-2027Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)4 Historic Market Size
4.1 Global Smart Buildings Market 2023-2027 2017 – 2021 Exhibit 18: Historic Market Size – Data Table on Global Smart Buildings Market 2023-2027 2017 – 2021 (USD million)4.2 Solution Segment Analysis 2017 – 2021Exhibit 19: Historic Market Size – Solution Segment 2017 – 2021 (USD million)4.3 Product Segment Analysis 2017 – 2021Exhibit 20: Historic Market Size – Product Segment 2017 – 2021 (USD million)4.4 Geography Segment Analysis 2017 – 2021Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)4.5 Country Segment Analysis 2017 – 2021Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)5 Five Forces Analysis
5.1 Five forces summary Exhibit 23: Five forces analysis – Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalry Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market condition Exhibit 29: Chart on Market condition – Five forces 2022 and 20276 Market Segmentation by Solution
6.1 Market segments Exhibit 30: Chart on Solution – Market share 2022-2027 (%)Exhibit 31: Data Table on Solution – Market share 2022-2027 (%)6.2 Comparison by Solution Exhibit 32: Chart on Comparison by SolutionExhibit 33: Data Table on Comparison by Solution6.3 Software – Market size and forecast 2022-2027Exhibit 34: Chart on Software – Market size and forecast 2022-2027 (USD million)Exhibit 35: Data Table on Software – Market size and forecast 2022-2027 (USD million)Exhibit 36: Chart on Software – Year-over-year growth 2022-2027 (%)Exhibit 37: Data Table on Software – Year-over-year growth 2022-2027 (%)6.4 Hardware – Market size and forecast 2022-2027Exhibit 38: Chart on Hardware – Market size and forecast 2022-2027 (USD million)Exhibit 39: Data Table on Hardware – Market size and forecast 2022-2027 (USD million)Exhibit 40: Chart on Hardware – Year-over-year growth 2022-2027 (%)Exhibit 41: Data Table on Hardware – Year-over-year growth 2022-2027 (%)6.5 Services – Market size and forecast 2022-2027Exhibit 42: Chart on Services – Market size and forecast 2022-2027 (USD million)Exhibit 43: Data Table on Services – Market size and forecast 2022-2027 (USD million)Exhibit 44: Chart on Services – Year-over-year growth 2022-2027 (%)Exhibit 45: Data Table on Services – Year-over-year growth 2022-2027 (%)6.6 Market opportunity by Solution Exhibit 46: Market opportunity by Solution (USD million)7 Market Segmentation by Product
7.1 Market segments Exhibit 47: Chart on Product – Market share 2022-2027 (%)Exhibit 48: Data Table on Product – Market share 2022-2027 (%)7.2 Comparison by Product Exhibit 49: Chart on Comparison by ProductExhibit 50: Data Table on Comparison by Product7.3 BMS – Market size and forecast 2022-2027Exhibit 51: Chart on BMS – Market size and forecast 2022-2027 (USD million)Exhibit 52: Data Table on BMS – Market size and forecast 2022-2027 (USD million)Exhibit 53: Chart on BMS – Year-over-year growth 2022-2027 (%)Exhibit 54: Data Table on BMS – Year-over-year growth 2022-2027 (%)7.4 HVAC – Market size and forecast 2022-2027Exhibit 55: Chart on HVAC – Market size and forecast 2022-2027 (USD million)Exhibit 56: Data Table on HVAC – Market size and forecast 2022-2027 (USD million)Exhibit 57: Chart on HVAC – Year-over-year growth 2022-2027 (%)Exhibit 58: Data Table on HVAC – Year-over-year growth 2022-2027 (%)7.5 Lighting control – Market size and forecast 2022-2027Exhibit 59: Chart on Lighting control – Market size and forecast 2022-2027 (USD million)Exhibit 60: Data Table on Lighting control – Market size and forecast 2022-2027 (USD million)Exhibit 61: Chart on Lighting control – Year-over-year growth 2022-2027 (%)Exhibit 62: Data Table on Lighting control – Year-over-year growth 2022-2027 (%)7.6 Security and access control – Market size and forecast 2022-2027 Exhibit 63: Chart on Security and access control – Market size and forecast 2022-2027 (USD million)Exhibit 64: Data Table on Security and access control – Market size and forecast 2022-2027 (USD million)Exhibit 65: Chart on Security and access control – Year-over-year growth 2022-2027 (%)Exhibit 66: Data Table on Security and access control – Year-over-year growth 2022-2027 (%)7.7 Others – Market size and forecast 2022-2027Exhibit 67: Chart on Others – Market size and forecast 2022-2027 (USD million)Exhibit 68: Data Table on Others – Market size and forecast 2022-2027 (USD million)Exhibit 69: Chart on Others – Year-over-year growth 2022-2027 (%)Exhibit 70: Data Table on Others – Year-over-year growth 2022-2027 (%)7.8 Market opportunity by Product Exhibit 71: Market opportunity by Product (USD million)8 Customer Landscape
8.1 Customer landscape overview Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria9 Geographic Landscape
9.1 Geographic segmentation Exhibit 73: Chart on Market share by geography 2022-2027 (%)Exhibit 74: Data Table on Market share by geography 2022-2027 (%)9.2 Geographic comparison Exhibit 75: Chart on Geographic comparisonExhibit 76: Data Table on Geographic comparison9.3 North America – Market size and forecast 2022-2027Exhibit 77: Chart on North America – Market size and forecast 2022-2027 (USD million)Exhibit 78: Data Table on North America – Market size and forecast 2022-2027 (USD million)Exhibit 79: Chart on North America – Year-over-year growth 2022-2027 (%)Exhibit 80: Data Table on North America – Year-over-year growth 2022-2027 (%)9.4 Europe – Market size and forecast 2022-2027Exhibit 81: Chart on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 82: Data Table on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 83: Chart on Europe – Year-over-year growth 2022-2027 (%)Exhibit 84: Data Table on Europe – Year-over-year growth 2022-2027 (%)9.5 APAC – Market size and forecast 2022-2027Exhibit 85: Chart on APAC – Market size and forecast 2022-2027 (USD million)Exhibit 86: Data Table on APAC – Market size and forecast 2022-2027 (USD million)Exhibit 87: Chart on APAC – Year-over-year growth 2022-2027 (%)Exhibit 88: Data Table on APAC – Year-over-year growth 2022-2027 (%)9.6 South America – Market size and forecast 2022-2027Exhibit 89: Chart on South America – Market size and forecast 2022-2027 (USD million)Exhibit 90: Data Table on South America – Market size and forecast 2022-2027 (USD million)Exhibit 91: Chart on South America – Year-over-year growth 2022-2027 (%)Exhibit 92: Data Table on South America – Year-over-year growth 2022-2027 (%)9.7 Middle East and Africa – Market size and forecast 2022-2027 Exhibit 93: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)Exhibit 94: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)Exhibit 95: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)Exhibit 96: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)9.8 US – Market size and forecast 2022-2027Exhibit 97: Chart on US – Market size and forecast 2022-2027 (USD million)Exhibit 98: Data Table on US – Market size and forecast 2022-2027 (USD million)Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)9.9 UK – Market size and forecast 2022-2027Exhibit 101: Chart on UK – Market size and forecast 2022-2027 (USD million)Exhibit 102: Data Table on UK – Market size and forecast 2022-2027 (USD million)Exhibit 103: Chart on UK – Year-over-year growth 2022-2027 (%)Exhibit 104: Data Table on UK – Year-over-year growth 2022-2027 (%)9.10 Germany – Market size and forecast 2022-2027Exhibit 105: Chart on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 106: Data Table on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 107: Chart on Germany – Year-over-year growth 2022-2027 (%)Exhibit 108: Data Table on Germany – Year-over-year growth 2022-2027 (%)9.11 China – Market size and forecast 2022-2027Exhibit 109: Chart on China – Market size and forecast 2022-2027 (USD million)Exhibit 110: Data Table on China – Market size and forecast 2022-2027 (USD million)Exhibit 111: Chart on China – Year-over-year growth 2022-2027 (%)Exhibit 112: Data Table on China – Year-over-year growth 2022-2027 (%)9.12 Japan – Market size and forecast 2022-2027Exhibit 113: Chart on Japan – Market size and forecast 2022-2027 (USD million)Exhibit 114: Data Table on Japan – Market size and forecast 2022-2027 (USD million)Exhibit 115: Chart on Japan – Year-over-year growth 2022-2027 (%)Exhibit 116: Data Table on Japan – Year-over-year growth 2022-2027 (%)9.13 Market opportunity by geography Exhibit 117: Market opportunity by geography (USD million)10 Drivers, Challenges, and Trends
10.1 Market drivers 10.2 Market challenges 10.3 Impact of drivers and challenges Exhibit 118: Impact of drivers and challenges in 2022 and 202710.4 Market trends 11 Vendor Landscape
11.1 Overview 11.2 Vendor landscape Exhibit 119: Overview on Criticality of inputs and Factors of differentiation11.3 Landscape disruption Exhibit 120: Overview on factors of disruption11.4 Industry risks Exhibit 121: Impact of key risks on business12 Vendor Analysis
12.1 Vendors covered Exhibit 122: Vendors covered12.2 Market positioning of vendors Exhibit 123: Matrix on vendor position and classification12.3 ABB Ltd. Exhibit 124: ABB Ltd. – OverviewExhibit 125: ABB Ltd. – Business segmentsExhibit 126: ABB Ltd. – Key newsExhibit 127: ABB Ltd. – Key offeringsExhibit 128: ABB Ltd. – Segment focus12.4 Advantech Co. Ltd. Exhibit 129: Advantech Co. Ltd. – OverviewExhibit 130: Advantech Co. Ltd. – Business segmentsExhibit 131: Advantech Co. Ltd. – Key offeringsExhibit 132: Advantech Co. Ltd. – Segment focus12.5 BuildingIQ Inc. Exhibit 133: BuildingIQ Inc. – OverviewExhibit 134: BuildingIQ Inc. – Business segmentsExhibit 135: BuildingIQ Inc. – Key offeringsExhibit 136: BuildingIQ Inc. – Segment focus12.6 BuildingLogiX Exhibit 137: BuildingLogiX – OverviewExhibit 138: BuildingLogiX – Product / ServiceExhibit 139: BuildingLogiX – Key offerings12.7 Cisco Systems Inc. Exhibit 140: Cisco Systems Inc. – OverviewExhibit 141: Cisco Systems Inc. – Business segmentsExhibit 142: Cisco Systems Inc. – Key newsExhibit 143: Cisco Systems Inc. – Key offeringsExhibit 144: Cisco Systems Inc. – Segment focus12.8 Delta Electronics Inc. Exhibit 145: Delta Electronics Inc. – OverviewExhibit 146: Delta Electronics Inc. – Business segmentsExhibit 147: Delta Electronics Inc. – Key offeringsExhibit 148: Delta Electronics Inc. – Segment focus12.9 Emerson Electric Co. Exhibit 149: Emerson Electric Co. – OverviewExhibit 150: Emerson Electric Co. – Business segmentsExhibit 151: Emerson Electric Co. – Key offeringsExhibit 152: Emerson Electric Co. – Segment focus12.10 Honeywell International Inc. Exhibit 153: Honeywell International Inc. – OverviewExhibit 154: Honeywell International Inc. – Business segmentsExhibit 155: Honeywell International Inc. – Key newsExhibit 156: Honeywell International Inc. – Key offeringsExhibit 157: Honeywell International Inc. – Segment focus12.11 International Business Machines Corp. Exhibit 158: International Business Machines Corp. – OverviewExhibit 159: International Business Machines Corp. – Business segmentsExhibit 160: International Business Machines Corp. – Key newsExhibit 161: International Business Machines Corp. – Key offeringsExhibit 162: International Business Machines Corp. – Segment focus12.12 Johnson Controls International PlcExhibit 163: Johnson Controls International Plc – OverviewExhibit 164: Johnson Controls International Plc – Business segmentsExhibit 165: Johnson Controls International Plc – Key newsExhibit 166: Johnson Controls International Plc – Key offeringsExhibit 167: Johnson Controls International Plc – Segment focus12.13 L and T Technology Services Ltd. Exhibit 168: L and T Technology Services Ltd. – OverviewExhibit 169: L and T Technology Services Ltd. – Business segmentsExhibit 170: L and T Technology Services Ltd. – Key offeringsExhibit 171: L and T Technology Services Ltd. – Segment focus12.14 Robert Bosch GmbH Exhibit 172: Robert Bosch GmbH – OverviewExhibit 173: Robert Bosch GmbH – Business segmentsExhibit 174: Robert Bosch GmbH – Key newsExhibit 175: Robert Bosch GmbH – Key offeringsExhibit 176: Robert Bosch GmbH – Segment focus12.15 Schneider Electric SE Exhibit 177: Schneider Electric SE – OverviewExhibit 178: Schneider Electric SE – Business segmentsExhibit 179: Schneider Electric SE – Key newsExhibit 180: Schneider Electric SE – Key offeringsExhibit 181: Schneider Electric SE – Segment focus12.16 Siemens AG Exhibit 182: Siemens AG – OverviewExhibit 183: Siemens AG – Business segmentsExhibit 184: Siemens AG – Key newsExhibit 185: Siemens AG – Key offeringsExhibit 186: Siemens AG – Segment focus12.17 Snap One LLC Exhibit 187: Snap One LLC – OverviewExhibit 188: Snap One LLC – Product / ServiceExhibit 189: Snap One LLC – Key newsExhibit 190: Snap One LLC – Key offerings13 Appendix
13.1 Scope of the report 13.2 Inclusions and exclusions checklistExhibit 191: Inclusions checklistExhibit 192: Exclusions checklist13.3 Currency conversion rates for USUSDExhibit 193: Currency conversion rates for USUSD13.4 Research methodology Exhibit 194: Research methodologyExhibit 195: Validation techniques employed for market sizingExhibit 196: Information sources13.5 List of abbreviations Exhibit 197: List of abbreviationsAbout US
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NEW YORK, Oct. 29, 2023 /PRNewswire/ — The smart buildings market size is estimated to increase by USD 46.12 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 9.73% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp. are among some of the major market participants. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report 

Smart Buildings Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:

Smart Buildings Market 2023-2027 SizeSmart Buildings Market 2023-2027 TrendsSmart Buildings Market 2023-2027 Industry Analysis

Vendor Offerings

ABB Ltd. – The company offers smart building solutions that enhance well-being, efficiency, cost transparency, sustainability, connectivity, etc.Advantech Co. Ltd. – The company offers smart building products such as Wzzard, WISE-6610, WISE-DeviceOn, WP/EnSaaS, and Helicon.BuildingIQ Inc – The company offers smart building solutions through its 5i Intelligent Energy Platform.

What`s New for 2023?

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recessionGlobal competitiveness and key competitor positionsMarket presence across multiple geographical footprints – Strong/Active/Niche/TrivialCustomization options available as per your business needsAccess to 17000+ research report subscriptions – Buy the Report!

Smart Buildings Market 2023-2027 – Market dynamics 

Key Driver

The growing need for building automation to enhance business outcomes is a major factor driving the smart buildings market growth. There are various benefits to building automation software. For Instance, the software acts as a control system, for the automatic regulation and control of facility subsystems, by maintaining the predefined parameters for different systems in a building. However, this software permits industrial, residential, and commercial buildings to manage, control, and operate the functioning of their buildings easily and more efficiently. Building automation has become an integral aspect of businesses these days and the adoption of building automation software enhances the cost savings of organizations significantly by enabling efficient energy management. For instance, all the parts of an HVAC system, including the different components, are connected to building management systems, and an alarm is generated if the value for any of these sub-systems surpasses the predefined limits. Such factors play an imperative role in driving the growth of the market in focus. 

Key Trends – 

An emerging trend in the smart buildings market is the growing concept of BIoT. Smart building is the integration of all standalone automated systems with additional support features such as cloud integration.BIoT is the new vision of making the building intelligent to take insights from the information and react automatically.The cloud infrastructure connects the sensors and actuators to exchange information among themselves and improve the working conditions.In addition, BIoT enables the integration of handheld devices such as mobile phones and tablets with building control to manage the process remotely.Moreover, the analytical reports help managers to optimize energy efficiency and the working environment further. Vendors are also making continuous efforts to integrate smart buildings with cyber security and connected buildings technology. Thus, the rising adoption of BIoT in smart building solutions will drive the growth of the market in focus during the forecast period.

Major challenges – 

A key challenge that impedes the market growth of smart buildings is the high switching and installation cost. Building automation provides enhanced visibility of energy utilization in a building at the sub-meter level, paving the way for more efficient facility management.The high costs associated with these installations, in combination with the cost of the products and software, make the solution extremely expensive and have restricted the acceptance of smart solutions to large commercial enterprises.In addition, the integration of buildings automation with business systems and cybersecurity further raises the cost of installation multifold, which hampers smart buildings adoption rate in a few sectors.Implementation of this process takes time, delaying mission-critical events that prevent end users from making up their minds to adopt an integrated approach.Hence, it is expected that such challenges will reduce during the forecast period as many new and existing buildings implement cost and energy-saving smart building solutions.

For more details understanding of Market Dynamics download sample reports

Smart Buildings Market 2023-2027: Segmentation

Smart Buildings Market is segmented as below:

Solution SoftwareHardwareServicesProduct BMSHVACLighting ControlSecurity And Access ControlOthersGeography North AmericaEuropeAPACSouth AmericaMiddle East And Africa

The market share growth by the software segment will be significant during the forecast period. Software plays an important role in smart buildings as every element needs to be supplied with a realistic solution integrating the analysis tools and all other control systems. A building is smart when all the devices are capable of understanding and analyzing the environment, taking action, and generating an analytical report, which is achieved through software. Software plays an integral role in smart buildings through integrated building management systems. Moreover, the information collected is then processed and used to analyze and arrive at the best course of action, which is then spread to the appropriate sub-system or device for further corrective or preventive action. Growing commercialization in emerging economies has led to growth in new buildings, and rising energy consumption has created a need to save energy. Globally, governments are largely focusing on converting new construction into smart buildings to balance the trade-off. Thus, the software market is expected to show high growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities, historic data (2017 to 2021) & forecast (2023-2027)  – Download a Sample Report

Smart Buildings Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027Detailed information on factors that will assist smart buildings market growth during the next five yearsEstimation of the smart buildings market size and its contribution to the parent marketPredictions on upcoming trends and changes in consumer behaviourThe growth of the smart buildings marketAnalysis of the market’s competitive landscape and detailed information on vendorsComprehensive details of factors that will challenge the growth of the smart buildings market, vendors

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Smart Buildings Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.73%

Market growth 2023-2027

USD 46.12 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

8.96

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 31%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Advantech Co. Ltd., BuildingIQ Inc., BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, L and T Technology Services Ltd., Legrand North America LLC, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Snap One LLC, Softdel System Pte. Ltd., Verdigris Technologies Inc., Panasonic Holdings Corp., and International Business Machines Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview Exhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by SolutionExhibit 06: Executive Summary – Chart on Market Segmentation by ProductExhibit 07: Executive Summary – Chart on Incremental GrowthExhibit 08: Executive Summary – Data Table on Incremental GrowthExhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem Exhibit 10: Parent marketExhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition Exhibit 12: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 13: Market segments3.3 Market size 2022 3.4 Market outlook: Forecast for 2022-2027Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global Smart Buildings Market 2023-2027 2017 – 2021 Exhibit 18: Historic Market Size – Data Table on Global Smart Buildings Market 2023-2027 2017 – 2021 (USD million)4.2 Solution Segment Analysis 2017 – 2021Exhibit 19: Historic Market Size – Solution Segment 2017 – 2021 (USD million)4.3 Product Segment Analysis 2017 – 2021Exhibit 20: Historic Market Size – Product Segment 2017 – 2021 (USD million)4.4 Geography Segment Analysis 2017 – 2021Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)4.5 Country Segment Analysis 2017 – 2021Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)

5 Five Forces Analysis

5.1 Five forces summary Exhibit 23: Five forces analysis – Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalry Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market condition Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Solution

6.1 Market segments Exhibit 30: Chart on Solution – Market share 2022-2027 (%)Exhibit 31: Data Table on Solution – Market share 2022-2027 (%)6.2 Comparison by Solution Exhibit 32: Chart on Comparison by SolutionExhibit 33: Data Table on Comparison by Solution6.3 Software – Market size and forecast 2022-2027Exhibit 34: Chart on Software – Market size and forecast 2022-2027 (USD million)Exhibit 35: Data Table on Software – Market size and forecast 2022-2027 (USD million)Exhibit 36: Chart on Software – Year-over-year growth 2022-2027 (%)Exhibit 37: Data Table on Software – Year-over-year growth 2022-2027 (%)6.4 Hardware – Market size and forecast 2022-2027Exhibit 38: Chart on Hardware – Market size and forecast 2022-2027 (USD million)Exhibit 39: Data Table on Hardware – Market size and forecast 2022-2027 (USD million)Exhibit 40: Chart on Hardware – Year-over-year growth 2022-2027 (%)Exhibit 41: Data Table on Hardware – Year-over-year growth 2022-2027 (%)6.5 Services – Market size and forecast 2022-2027Exhibit 42: Chart on Services – Market size and forecast 2022-2027 (USD million)Exhibit 43: Data Table on Services – Market size and forecast 2022-2027 (USD million)Exhibit 44: Chart on Services – Year-over-year growth 2022-2027 (%)Exhibit 45: Data Table on Services – Year-over-year growth 2022-2027 (%)6.6 Market opportunity by Solution Exhibit 46: Market opportunity by Solution (USD million)

7 Market Segmentation by Product

7.1 Market segments Exhibit 47: Chart on Product – Market share 2022-2027 (%)Exhibit 48: Data Table on Product – Market share 2022-2027 (%)7.2 Comparison by Product Exhibit 49: Chart on Comparison by ProductExhibit 50: Data Table on Comparison by Product7.3 BMS – Market size and forecast 2022-2027Exhibit 51: Chart on BMS – Market size and forecast 2022-2027 (USD million)Exhibit 52: Data Table on BMS – Market size and forecast 2022-2027 (USD million)Exhibit 53: Chart on BMS – Year-over-year growth 2022-2027 (%)Exhibit 54: Data Table on BMS – Year-over-year growth 2022-2027 (%)7.4 HVAC – Market size and forecast 2022-2027Exhibit 55: Chart on HVAC – Market size and forecast 2022-2027 (USD million)Exhibit 56: Data Table on HVAC – Market size and forecast 2022-2027 (USD million)Exhibit 57: Chart on HVAC – Year-over-year growth 2022-2027 (%)Exhibit 58: Data Table on HVAC – Year-over-year growth 2022-2027 (%)7.5 Lighting control – Market size and forecast 2022-2027Exhibit 59: Chart on Lighting control – Market size and forecast 2022-2027 (USD million)Exhibit 60: Data Table on Lighting control – Market size and forecast 2022-2027 (USD million)Exhibit 61: Chart on Lighting control – Year-over-year growth 2022-2027 (%)Exhibit 62: Data Table on Lighting control – Year-over-year growth 2022-2027 (%)7.6 Security and access control – Market size and forecast 2022-2027 Exhibit 63: Chart on Security and access control – Market size and forecast 2022-2027 (USD million)Exhibit 64: Data Table on Security and access control – Market size and forecast 2022-2027 (USD million)Exhibit 65: Chart on Security and access control – Year-over-year growth 2022-2027 (%)Exhibit 66: Data Table on Security and access control – Year-over-year growth 2022-2027 (%)7.7 Others – Market size and forecast 2022-2027Exhibit 67: Chart on Others – Market size and forecast 2022-2027 (USD million)Exhibit 68: Data Table on Others – Market size and forecast 2022-2027 (USD million)Exhibit 69: Chart on Others – Year-over-year growth 2022-2027 (%)Exhibit 70: Data Table on Others – Year-over-year growth 2022-2027 (%)7.8 Market opportunity by Product Exhibit 71: Market opportunity by Product (USD million)

8 Customer Landscape

8.1 Customer landscape overview Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation Exhibit 73: Chart on Market share by geography 2022-2027 (%)Exhibit 74: Data Table on Market share by geography 2022-2027 (%)9.2 Geographic comparison Exhibit 75: Chart on Geographic comparisonExhibit 76: Data Table on Geographic comparison9.3 North America – Market size and forecast 2022-2027Exhibit 77: Chart on North America – Market size and forecast 2022-2027 (USD million)Exhibit 78: Data Table on North America – Market size and forecast 2022-2027 (USD million)Exhibit 79: Chart on North America – Year-over-year growth 2022-2027 (%)Exhibit 80: Data Table on North America – Year-over-year growth 2022-2027 (%)9.4 Europe – Market size and forecast 2022-2027Exhibit 81: Chart on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 82: Data Table on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 83: Chart on Europe – Year-over-year growth 2022-2027 (%)Exhibit 84: Data Table on Europe – Year-over-year growth 2022-2027 (%)9.5 APAC – Market size and forecast 2022-2027Exhibit 85: Chart on APAC – Market size and forecast 2022-2027 (USD million)Exhibit 86: Data Table on APAC – Market size and forecast 2022-2027 (USD million)Exhibit 87: Chart on APAC – Year-over-year growth 2022-2027 (%)Exhibit 88: Data Table on APAC – Year-over-year growth 2022-2027 (%)9.6 South America – Market size and forecast 2022-2027Exhibit 89: Chart on South America – Market size and forecast 2022-2027 (USD million)Exhibit 90: Data Table on South America – Market size and forecast 2022-2027 (USD million)Exhibit 91: Chart on South America – Year-over-year growth 2022-2027 (%)Exhibit 92: Data Table on South America – Year-over-year growth 2022-2027 (%)9.7 Middle East and Africa – Market size and forecast 2022-2027 Exhibit 93: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)Exhibit 94: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)Exhibit 95: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)Exhibit 96: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)9.8 US – Market size and forecast 2022-2027Exhibit 97: Chart on US – Market size and forecast 2022-2027 (USD million)Exhibit 98: Data Table on US – Market size and forecast 2022-2027 (USD million)Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)9.9 UK – Market size and forecast 2022-2027Exhibit 101: Chart on UK – Market size and forecast 2022-2027 (USD million)Exhibit 102: Data Table on UK – Market size and forecast 2022-2027 (USD million)Exhibit 103: Chart on UK – Year-over-year growth 2022-2027 (%)Exhibit 104: Data Table on UK – Year-over-year growth 2022-2027 (%)9.10 Germany – Market size and forecast 2022-2027Exhibit 105: Chart on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 106: Data Table on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 107: Chart on Germany – Year-over-year growth 2022-2027 (%)Exhibit 108: Data Table on Germany – Year-over-year growth 2022-2027 (%)9.11 China – Market size and forecast 2022-2027Exhibit 109: Chart on China – Market size and forecast 2022-2027 (USD million)Exhibit 110: Data Table on China – Market size and forecast 2022-2027 (USD million)Exhibit 111: Chart on China – Year-over-year growth 2022-2027 (%)Exhibit 112: Data Table on China – Year-over-year growth 2022-2027 (%)9.12 Japan – Market size and forecast 2022-2027Exhibit 113: Chart on Japan – Market size and forecast 2022-2027 (USD million)Exhibit 114: Data Table on Japan – Market size and forecast 2022-2027 (USD million)Exhibit 115: Chart on Japan – Year-over-year growth 2022-2027 (%)Exhibit 116: Data Table on Japan – Year-over-year growth 2022-2027 (%)9.13 Market opportunity by geography Exhibit 117: Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

10.1 Market drivers 10.2 Market challenges 10.3 Impact of drivers and challenges Exhibit 118: Impact of drivers and challenges in 2022 and 202710.4 Market trends 

11 Vendor Landscape

11.1 Overview 11.2 Vendor landscape Exhibit 119: Overview on Criticality of inputs and Factors of differentiation11.3 Landscape disruption Exhibit 120: Overview on factors of disruption11.4 Industry risks Exhibit 121: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered Exhibit 122: Vendors covered12.2 Market positioning of vendors Exhibit 123: Matrix on vendor position and classification12.3 ABB Ltd. Exhibit 124: ABB Ltd. – OverviewExhibit 125: ABB Ltd. – Business segmentsExhibit 126: ABB Ltd. – Key newsExhibit 127: ABB Ltd. – Key offeringsExhibit 128: ABB Ltd. – Segment focus12.4 Advantech Co. Ltd. Exhibit 129: Advantech Co. Ltd. – OverviewExhibit 130: Advantech Co. Ltd. – Business segmentsExhibit 131: Advantech Co. Ltd. – Key offeringsExhibit 132: Advantech Co. Ltd. – Segment focus12.5 BuildingIQ Inc. Exhibit 133: BuildingIQ Inc. – OverviewExhibit 134: BuildingIQ Inc. – Business segmentsExhibit 135: BuildingIQ Inc. – Key offeringsExhibit 136: BuildingIQ Inc. – Segment focus12.6 BuildingLogiX Exhibit 137: BuildingLogiX – OverviewExhibit 138: BuildingLogiX – Product / ServiceExhibit 139: BuildingLogiX – Key offerings12.7 Cisco Systems Inc. Exhibit 140: Cisco Systems Inc. – OverviewExhibit 141: Cisco Systems Inc. – Business segmentsExhibit 142: Cisco Systems Inc. – Key newsExhibit 143: Cisco Systems Inc. – Key offeringsExhibit 144: Cisco Systems Inc. – Segment focus12.8 Delta Electronics Inc. Exhibit 145: Delta Electronics Inc. – OverviewExhibit 146: Delta Electronics Inc. – Business segmentsExhibit 147: Delta Electronics Inc. – Key offeringsExhibit 148: Delta Electronics Inc. – Segment focus12.9 Emerson Electric Co. Exhibit 149: Emerson Electric Co. – OverviewExhibit 150: Emerson Electric Co. – Business segmentsExhibit 151: Emerson Electric Co. – Key offeringsExhibit 152: Emerson Electric Co. – Segment focus12.10 Honeywell International Inc. Exhibit 153: Honeywell International Inc. – OverviewExhibit 154: Honeywell International Inc. – Business segmentsExhibit 155: Honeywell International Inc. – Key newsExhibit 156: Honeywell International Inc. – Key offeringsExhibit 157: Honeywell International Inc. – Segment focus12.11 International Business Machines Corp. Exhibit 158: International Business Machines Corp. – OverviewExhibit 159: International Business Machines Corp. – Business segmentsExhibit 160: International Business Machines Corp. – Key newsExhibit 161: International Business Machines Corp. – Key offeringsExhibit 162: International Business Machines Corp. – Segment focus12.12 Johnson Controls International PlcExhibit 163: Johnson Controls International Plc – OverviewExhibit 164: Johnson Controls International Plc – Business segmentsExhibit 165: Johnson Controls International Plc – Key newsExhibit 166: Johnson Controls International Plc – Key offeringsExhibit 167: Johnson Controls International Plc – Segment focus12.13 L and T Technology Services Ltd. Exhibit 168: L and T Technology Services Ltd. – OverviewExhibit 169: L and T Technology Services Ltd. – Business segmentsExhibit 170: L and T Technology Services Ltd. – Key offeringsExhibit 171: L and T Technology Services Ltd. – Segment focus12.14 Robert Bosch GmbH Exhibit 172: Robert Bosch GmbH – OverviewExhibit 173: Robert Bosch GmbH – Business segmentsExhibit 174: Robert Bosch GmbH – Key newsExhibit 175: Robert Bosch GmbH – Key offeringsExhibit 176: Robert Bosch GmbH – Segment focus12.15 Schneider Electric SE Exhibit 177: Schneider Electric SE – OverviewExhibit 178: Schneider Electric SE – Business segmentsExhibit 179: Schneider Electric SE – Key newsExhibit 180: Schneider Electric SE – Key offeringsExhibit 181: Schneider Electric SE – Segment focus12.16 Siemens AG Exhibit 182: Siemens AG – OverviewExhibit 183: Siemens AG – Business segmentsExhibit 184: Siemens AG – Key newsExhibit 185: Siemens AG – Key offeringsExhibit 186: Siemens AG – Segment focus12.17 Snap One LLC Exhibit 187: Snap One LLC – OverviewExhibit 188: Snap One LLC – Product / ServiceExhibit 189: Snap One LLC – Key newsExhibit 190: Snap One LLC – Key offerings

13 Appendix

13.1 Scope of the report 13.2 Inclusions and exclusions checklistExhibit 191: Inclusions checklistExhibit 192: Exclusions checklist13.3 Currency conversion rates for USUSDExhibit 193: Currency conversion rates for USUSD13.4 Research methodology Exhibit 194: Research methodologyExhibit 195: Validation techniques employed for market sizingExhibit 196: Information sources13.5 List of abbreviations Exhibit 197: List of abbreviations

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