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Smart Building Market to Grow at 34.0% CAGR by 2021: Key Driver, Top Vendors, Industry Application Analysis and Outlook

Friday, February 10, 2017 5:11
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(Before It's News)

The smart building market size is estimated to be USD 5.73 billion in 2016 and is projected to reach USD 24.73 billion by 2021, at a CAGR of 34.0% from 2016 to 2021, due to the increasing need for integrated security and safety systems and increasing concern for reducing carbon footprints and energy waste across the various building types.

The report “ Smart Building Market by Building Automation Software (Intelligent Security Systems, Energy Management, Infrastructure Management), Building Type (Commercial, Residential, Government), Services (Professional and Managed) – Global Forecast to 2021 “, analyses and studies the major market drivers, restraints, opportunities, and challenges in the emerging nations.

Browse detailed TOC, Tables, Figures, Charts and Companies mentioned in Smart Building Market Report @ http://www.marketreportsworld.com/10265436  

 

“Growing initiatives by government authorities for the development of smart building projects is the major factor expected to drive the growth of the smart building market”

 

The integrated security system segment is expected to lead the global building automation software market between 2016 and 2021, due to the increasing need for maintaining the robust security level, monitor activities, and control access across the building types.

 

“Europe is expected to dominate the market in 2016, whereas APAC would grow at the highest CAGR during the forecast period”

 

With regards to the geographic analysis, Europe is likely to benefit from its technological advancements and a large number of smart city initiatives being undertaken in the region, which are already underway.

“Intelligent security system segment is estimated to be the fastest-growing market segment”

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Smart Building Market Drivers

  • Growing initiatives by government authorities for smart building projects
  • Emphasis on energy efficient buildings and reduction in CO2 emission
  • Rising need for integrated security and safety systems
  • Rising adoption of IoT platforms within building automation technology
  • Growing demographics and hyper-urbanization
  • Decreasing operating costs

Smart Building Market Restraints

  • High initial cost of deployment
  • Complexities in replacing or upgrading the legacy systems
  • Limited technically skilled staff

Smart Building Market Opportunities

  • Environmental concerns and green building initiatives
  • Evolving cloud-based internet of things platforms
  • Rising wave of smart cities

Smart Building Market Challenges

  • Lack of awareness among end users
  • Integration of real-time streaming analytics capabilities into smart solutions

 

Asia-Pacific (APAC) is expected to lead the smart building market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization and the increasing number of government initiatives.

In the process of determining and verifying the market size for several segments and subs egments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.

The various key smart gird vendors profiled in the report are as follows:

1. ABB Group (Switzerland)

2. Siemens AG (Germany)

3. Schneider Electric SE (France)

4. Cisco Systems, Inc. (U.S.)

5. IBM Corporation (U.S.)

6. Delta Controls (U.S.)

7. Johnson Controls (U.S.)

8. Honeywell International, Inc. (U.S.)

9. United Technologies Corporation (U.S.)

10. BuildingIQ (U.S.)

“Our Value Added Services provide you with 10% on demand customization with no additional costs”

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Objectives of the study:

• To define, describe, and forecast the smart building market on the basis of five regions, namely, North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.

• To provide detailed information regarding the major factors influencing the growth of the smart building market (drivers, restraints, opportunities, and challenges).

• To strategically analyze each sub-segment with respect to individual growth trends, future prospects, and contribution to the total market.

• To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the smart building market.

• To strategically profile the key players of the smart building market and comprehensively analyze their core competencies in the market.

• To track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global market

 

Key Target Audience

• System design and development vendors

• System integrators/migration service providers

• Consultants/consultancies/advisory firms

• Support and maintenance service providers

• Network service providers

• Smart building products and solutions provider companies

• Academic and research institutes

• Government associations

 

About Market Reports World:

Market Reports World is the credible source for gaining the market research reports that will exponentially accelerate your business. We are among the leading report resellers in the business world committed towards optimizing your business. The reports we provide are based on a research that covers a magnitude of factors such as technological evolution, economic shifts and a detailed study of market segments.

 

Contact

Mr. Ameya Pingaley

Market Reports World

+1 408 520 9750

Email – sales@marketreportsworld.com

For Latest News about Current Market Trends and Forecast Visit at: http://www.marketreportsworld.com/news/

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