The Connected Building Market, valued at USD 99.01 billion in 2023, is projected to grow at a CAGR of 10.9%, reaching USD 204.27 billion by 2030. This market encompasses a variety of technologies and systems used to manage and automate building functions, including heating, ventilation, air conditioning (HVAC), lighting, and security systems. The market segmentation includes components such as solutions (building infrastructure management, security & emergency management, energy management) and services, with applications across residential and commercial sectors.

Market Drivers

• Energy Consumption Concerns: The increasing focus on reducing energy consumption and carbon emissions in buildings drives the adoption of smart building technologies. These technologies, such as IoT and AI, enable significant energy savings and efficient management of resources.
• IoT-enabled Building Management Systems (BMS): The adoption of IoT in BMS enhances operational efficiency by providing real-time data and control over building systems, thereby reducing costs and improving tenant experiences.
• Rise in Smart City Projects: Global investments in smart city initiatives boost the demand for connected building technologies, facilitating improved urban infrastructure and services.

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Market Restraints and Challenges

• Cybersecurity Risks: As connected buildings integrate various systems, they become vulnerable to cyberattacks. This risk necessitates stringent cybersecurity measures, which can be complex and costly to implement.
• Lack of Standardization: The absence of standardized protocols for integrating different systems and devices hampers seamless interoperability, posing a challenge to market growth.

Key Market Segments

• By Component:

  • Solutions: This includes systems for managing building infrastructure, security, emergency responses, and energy management. Energy management solutions are particularly crucial due to increasing regulations and green building initiatives.
  • Services: Encompasses consulting, system integration, deployment, support, and maintenance.

• By Application:

  • Commercial: Dominates the market, with significant investments in smart buildings by corporate offices, healthcare facilities, hotels, and retail spaces. The healthcare sector, in particular, is adopting advanced technologies to optimize operations and improve patient care.
  • Residential: Gaining traction due to the growing demand for smart home solutions that enhance security, efficiency, and convenience.

Regional Insights

• North America: Leading the market due to early adoption of smart building technologies and substantial investments in building system integration. The region's focus on sustainability and energy efficiency further drives market growth.
• Asia-Pacific: Expected to experience the fastest growth, driven by rapid urbanization, modernization, and increased construction activities. Major economies like China and India are investing heavily in smart infrastructure projects.
• Europe: Also a significant market, driven by stringent energy efficiency regulations and the widespread adoption of smart building solutions.

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Key Players

Honeywell International Inc
Siemens AG
ABB Ltd.
Schneider Electric SE
IBM Corporations
Huawei Technologies Co. Ltd
Intel Corporations
Hitachi Ltd
Johnson Controls International PLC
PTC Inc
Cisco Systems
Endeavor Business Media
Legrand SA

Market Trends

• Integration of AI and Machine Learning: These technologies enhance predictive maintenance and operational efficiency in connected buildings.
• Growth of Edge Computing: As more data is generated from building systems, edge computing is becoming essential for real-time data processing and analytics, improving response times and reducing latency.
• Sustainability Focus: There is a growing emphasis on sustainable building practices, with an increasing number of connected buildings incorporating renewable energy sources and energy-efficient technologies.

Future Outlook

The Connected Building Market is set for robust growth, driven by technological advancements, regulatory support for energy-efficient buildings, and increasing urbanization. The ongoing evolution of IoT and AI technologies, along with the global trend towards smart cities, presents significant opportunities for market expansion and innovation.

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segments with their sub-segments and Region 
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective 
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis 
• PORTER’s analysis 
• Value chain and supply chain analysis 
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis 
• Recommendations 

About Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. We provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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