Pune, India -- (SBWIRE) -- 01/20/2020 -- A recent report published by Infinium Global Research on Smart Building Market (Component - Solution, and Services; Solution Type - Building Infrastructure Management, Energy Management, Security and Emergency Management, Network Management, and Workforce Management; Service Type - System Integration and Deployment, Consulting, and Support and Maintenance; Building Type - Residential, Commercial, and Industrial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. The report shows in-depth information about the smart building market which is expected to grow at a CAGR of 11.8% over the forecast period of 2019-2025.

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Smart building automatically controls the building's operations like heating, air conditioning, lighting, and other systems. Smart buildings include smart office buildings, hospitals, stadiums, healthcare facilities, educational facilities, and others. The leading companies operating in the global smart building market are adopting strategies such as mergers, acquisitions, and new product launches to increase market share and sustain in the competition. For instance, Hitachi in 2019, acquired JR Automation. JR Automation designs and builds automation equipment and offers services in the automotive, medical device, construction, aerospace, pharmaceuticals, and food processing. The acquisition strengthens the operations and services provided by Hitachi.

Growing Awareness of Space Utilization Stimulates the Growth of the Smart Building Industry

The growing adoption of artificial intelligence and advancement in wi-fi technology drives the growth of the smart building market. The rising demand for eco-friendly living contributes to the growth of the smart building market. The smart building reduces energy consumption, enables cost-effective management, and offers better resource handling. The rising awareness about features of smart buildings fuels the growth of the smart building market.

The growing awareness of space utilization stimulates the growth of the smart building market. The increasing industry standards and rules propel the growth of the smart building market. On the other hand, the high cost of installation restraints the growth of the smart building market. Moreover, technological development and the rising adoption of smart building technology in hospitals and airports create numerous opportunities for the growth of the smart building market.

Smart Building Market: Segmentation

The global smart building market is segmented on the basis of component, solution type, service type, and building type. Based on the component, the smart building market is divided into solutions and services. Based on the solution type, the smart building market is divided into building infrastructure management, energy management, security and emergency management, network management, and workforce management. The building infrastructure management sub-segment is further divided into smart water management, parking management system, and elevators and escalators management system.

The energy segment includes the HVAC control system and lighting system. The security and emergency management sub-segment are further divided into access control systems, video surveillance systems, and safety systems. The service type segment is divided into system integration and deployment, consulting, support and maintenance. Based on building type, the smart building market is classified into residential, commercial, and industrial. Commercial sub-segment is anticipated to dominate the building type segment of the smart building market owing to the demand energy reduction.

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North America is Anticipated to Hold a Premium Share in this Industry

Geographically, the global smart building market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is anticipated to hold a premium share in the global smart building market. The growing technological development and adoption of new technologies such as IoT, big data, data analytics, cloud computing, and artificial intelligence in North America contribute to the growth of the smart building market in North America. Europe is anticipated to grow in the global smart building market with a healthy CAGR over the forecast period. The rising adoption of robotics and IoT in the construction industry stimulates the growth of the smart building market. Asia-Pacific is growing in the global smart building market.

Smart Building Industry: Competitive Analysis

The leading players in the smart building market are Cisco Systems, Inc., Hitachi, Ltd., Siemens AG, Intel Corporation, Huawei Technologies Co. Ltd., Honeywell International Inc., Johnson Controls International plc, Schneider Electric SE, L & T Technology Services Ltd., PointGrab Ltd., and other companies. The key players operating in the global smart building market are focusing on strategies such as mergers, acquisitions, and new product launches that expand their market share.

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About us
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The smart building market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart building market.