Smart Building Market Analysis

Smart Building Market Analysis

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The solution segment will reach USD 300 billion by 2032. Energy-efficient buildings are gaining popularity globally to reduce greenhouse gas emissions. Smart building solutions help optimize energy usage and mitigate energy costs. They provide real-time data on energy consumption across the entire building infrastructure and enable efficient monitoring & controlling of HVAC and other systems.
 

The smart building market revenue from the commercial segment accounted for USD 55 billion in 2022, driven by rising adoption of IoT sensors in smart commercial buildings to collect data from various building systems and subsystems. Building operators can utilize this data to automate and enhance building operations & maintenance. Moreover, this data can also be used to improve building controls, automate important building-management duties, including heat & lighting, and detect operational inefficiencies in businesses.
 

The North America smart building market size is estimated to cross USD 150 billion by 2032. North America has witnessed the emergence of the most delinquent smart building solutions that leverage new technologies, such as big data,  IoT, cloud computing, deep learning, data analytics, and Artificial Intelligence (AI). The growing investments in smart buildings for speeding up renewable energy adoption and grid resilience may create favorable growth prospects for the market revenue in the U.S.