CHICAGO, Oct. 2, 2019 /PRNewswire/ -- According to a new market research report "Smart Building Market by Component (Solution,Services), Solution (Security, Emergency Management Energy Management), Services, Building Type (Commercial, Industrial), Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2024", published by MarketsandMarkets™, the Smart Building Market size is expected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major drivers for the Smart building include Rising adoption of IoT-enabled building management system, raising awareness of space utilization increased industry standards and regulations.
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The Security and Emergency Management solution in the solution type segment is expected to lead the Smart Building Market in 2019.
IoT consulting services help in refining the business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures. The providers of IoT consulting services ensure development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. The providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology. IoT consulting services can be classified into technology consulting services, business consulting services, and operational consulting services.
Industrial building segment is expected to grow with the fastest growth rate during the forecast period.
Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers.
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North America to lead the Smart Building Market during the forecast period.
The growth of the market in North America can be attributed to the region has witnessed the emergence of latest smart building solutions that leverage new technologies, such as IoT, big data, cloud computing, data analytics, deep learning, and artificial intelligence, for saving energy, reducing operational expenditures, increasing occupancy comfort, and meeting increasingly stringent global regulations and sustainability standards. Moreover, North America is a technologically advanced region in the world due to the rapid adoption of emerging technologies by the organizations in the region. Furthermore, the US and Canada are prominent countries contributing to technological development in this region; for instance, US organizations are heavily investing into smart building measures, such as building controls and building systems integration, to leverage energy efficiency and energy storage and deliver smarter, safer, and more sustainable buildings while the Canadian government is taking initiatives to support Canada's commitment to protecting the environment and its resources by making federal buildings more energy-efficient and reducing greenhouse gas emissions, driving the growth of smart buildings
The major vendors covered in the Smart Building Market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).
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