The Latest Smart Building Industry Statistics Explained
The global smart building market is forecasted to reach USD 105.8 billion by 2024, growing at a compounded annual growth rate (CAGR) of 34.1%.
The statistic indicates that the global smart building market is expected to experience significant growth, with a projected value of USD 105.8 billion by the year 2024. This growth is estimated to occur at a compounded annual growth rate (CAGR) of 34.1%, showcasing a rapidly expanding industry. The rise of smart buildings, which incorporate technology for efficiency, sustainability, and enhanced user experience, is driving this market growth as organizations and individuals increasingly seek innovative and connected solutions for their buildings. The forecasted CAGR reflects a strong momentum in the adoption of smart building technologies worldwide over the next few years.
The energy management system in the smart building market is expected to grow with the highest CAGR between 2018–2024.
This statistic indicates that the energy management system segment within the smart building market is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2018 to 2024. This suggests that there is significant potential for growth and expansion within the energy management sector of smart buildings, driven by factors such as increasing awareness of energy efficiency, sustainability goals, and the adoption of smart technologies. The higher CAGR implies a faster rate of growth compared to other segments within the smart building market, highlighting the importance and opportunities present in energy management systems for the future development of smart buildings.
Switch Automation, Intel, and General Electric are considered as key players in the smart building industry.
The statistic “Switch Automation, Intel, and General Electric are considered as key players in the smart building industry” indicates that these three companies hold prominent positions within the smart building sector. As key players, they are likely to have significant market influence, innovative technologies, and a strong presence in this specific industry. Switch Automation, Intel, and General Electric may have a track record of successful projects, partnerships with other industry leaders, a wide range of products and services tailored for smart buildings, as well as a solid reputation for delivering high-quality solutions. Their presence in the smart building industry suggests that they play crucial roles in shaping the future of building automation and technology integration within the built environment.
In 2019, the residential segment held the largest share of 55.7% in the smart building market.
In 2019, the residential segment dominated the smart building market with a substantial share of 55.7%. This statistic indicates that residential properties were the primary focus for smart building technology adoption, surpassing other segments such as commercial, industrial, and institutional buildings. The significant market share held by the residential segment suggests a growing trend towards the integration of smart technologies in home environments to improve energy efficiency, convenience, security, and overall quality of life for residents. The high percentage further underscores the importance of smart building solutions in the residential sector and highlights the potential for continued growth and innovation in this market segment.
The Asia Pacific smart building market is expected to witness the fastest growth over the forecast period of 2020-2025.
The statistic regarding the Asia Pacific smart building market projecting to experience the quickest growth between 2020 and 2025 implies that the region is poised for significant advancements in the adoption and implementation of smart building technologies. This forecast suggests that factors such as rapid urbanization, increasing focus on sustainability, and growing investments in smart infrastructure are driving the demand for smart buildings in the Asia Pacific region. As a result, companies operating in the smart building industry may find lucrative opportunities for expansion and innovation in this market segment during the specified timeframe.
The U.S. dominates the North American smart building market due to the presence of a large number of market players and a high rate of adoption of smart technologies.
This statistic indicates that the United States is a significant leader in the smart building market within North America. The dominance is attributed to two key factors: the presence of numerous market players and a high level of adoption of smart technologies in the country. The large number of market players suggests a diverse and competitive landscape that drives innovation and advancement in smart building technologies. Meanwhile, the high rate of adoption of smart technologies by organizations and individuals in the U.S. further propels the growth and success of the smart building market, making it a prominent player in the region.
The facility management segment in the smart building market in Europe is expected to reach USD 399.05 Million by 2027.
This statistic indicates the projected market size for the facility management segment within the smart building industry in Europe by the year 2027, reaching an estimated value of USD 399.05 million. This forecast suggests a growth trend in the adoption of smart building technologies and services designed to optimize the management and operation of facilities through advanced automation, analytics, and connectivity solutions. The increasing focus on energy efficiency, cost savings, and sustainability in building operations is likely to drive the demand for facility management services in the European smart building market, leading to a substantial market value by 2027.
The smart building market in the Middle East is forecasted to grow at a CAGR of 19.5% during 2020-2027.
This statistic indicates that the smart building market in the Middle East is expected to experience a Compound Annual Growth Rate (CAGR) of 19.5% between the years 2020 and 2027. This forecast suggests a rapid and significant growth trend in the adoption and implementation of smart building technologies in the region over the specified time period. The rise in this CAGR reflects an increasing demand for smart building solutions driven by factors such as the need for energy efficiency, sustainability, improved operational efficiency, and technological advancements. This growth projection highlights the opportunities for investment and development within the smart building sector in the Middle East.
Implementing smart building technology can reduce energy costs by 8-15% and maintenance costs by 10-30%.
The statistic suggests that the adoption of smart building technology can lead to significant cost savings in both energy consumption and maintenance. Specifically, the implementation of such technology can result in reducing energy costs by an estimated range of 8-15%, indicating a considerable decrease in the amount of energy required to operate the building efficiently. Additionally, maintenance costs are projected to decrease by 10-30%, highlighting the potential for improved operational efficiency and reduced expenses associated with upkeep and repairs. Overall, these findings indicate that leveraging smart building technology can not only enhance sustainability and resource efficiency but also yield substantial financial benefits for building owners and operators.
The demand for green and smart buildings, which reduce carbon emissions and energy consumption, is set to rise by 23% annually until 2027.
The statistic indicates that there is a growing trend towards the adoption of green and smart buildings that are designed to decrease carbon emissions and energy usage. The forecast projects a substantial annual increase of 23% in the demand for such sustainable buildings until 2027. This growth is likely influenced by factors such as increasing environmental awareness, government regulations promoting sustainability, and a rising preference for cost-effective and energy-efficient solutions. This trend suggests a significant shift towards more environmentally conscious building practices and highlights the importance of addressing climate change and energy efficiency in the construction industry.
The global smart home devices market is expected to grow at a CAGR of 17.3% between 2020 and 2025.
The statistic that the global smart home devices market is expected to grow at a compound annual growth rate (CAGR) of 17.3% between 2020 and 2025 indicates a significant projected increase in the adoption and sales of smart home technology during this period. A CAGR of 17.3% suggests a strong and steady growth trajectory over the five-year period, driven by factors such as increasing consumer demand for smart home devices, advancements in technology, and expanding connectivity infrastructure. This growth rate points towards a promising future for the smart home industry, as more households are anticipated to integrate connected devices for enhanced convenience, security, energy efficiency, and entertainment options within their homes.
The market for wireless technology in smart buildings is expected to grow at a higher CAGR over the forecast period.
This statistic indicates that the market for wireless technology used in smart buildings is projected to experience a higher Compound Annual Growth Rate (CAGR) throughout the forecast period compared to previous years. This suggests a strong trend of increasing demand for wireless technology solutions within the smart building industry. Factors driving this growth may include advancements in wireless technology, rising adoption of smart building solutions, increasing focus on energy efficiency and sustainability, and the benefits of flexibility and scalability offered by wireless systems. The higher CAGR forecast implies that the market for wireless technology in smart buildings is poised for significant expansion in the coming years.
By 2020, IBM’s Watson IoT customers had executed more than 1 billion building management operations.
The statistic that by 2020, IBM’s Watson IoT customers had executed more than 1 billion building management operations indicates a significant uptake of IoT technology in the context of building management. This statistic showcases the widespread adoption of IBM’s Watson IoT platform by organizations looking to optimize and automate various operations related to building systems. These operations could encompass a range of activities such as monitoring energy usage, controlling HVAC systems, managing security protocols, and optimizing overall building efficiency. The fact that over 1 billion operations were executed by customers highlights the scalability and effectiveness of IoT solutions in streamlining building management processes, driving operational efficiencies, and ultimately improving the overall performance and sustainability of buildings.
The value of the AI in the smart building market is projected to grow at a CAGR of over 32.9% during the forecast period
This statistic indicates that the value of artificial intelligence (AI) in the smart building market is expected to experience significant growth over a specific period, with a compound annual growth rate (CAGR) of over 32.9%. This suggests that the incorporation of AI technology within smart building infrastructure is gaining momentum and expected to continue expanding rapidly in the coming years. The high CAGR indicates a strong trend towards increased adoption of AI in smart buildings, likely driven by the benefits of efficiency, cost savings, and enhanced capabilities that AI applications can bring to building management and operations. This projected growth underscores the increasing importance and potential of AI in revolutionizing the functionality and performance of smart buildings.
The security systems market segment is projected to grow at a CAGR of 20.6% during 2022-2031.
The statement indicates that the security systems market segment is expected to experience a Compound Annual Growth Rate (CAGR) of 20.6% over the period from 2022 to 2031. This growth rate represents the annualized rate of return that the market segment is anticipated to achieve over the specified time frame. A CAGR of 20.6% suggests a significant expansion in the market size and demand for security systems, indicating a promising outlook for the industry. This projection can be influenced by various factors such as increasing awareness of security concerns, technological advancements in security systems, regulatory requirements, and evolving threat landscapes, all of which contribute to driving the growth and demand in this market segment over the next decade.
The total revenue of the global smart connected buildings market was $6.3 billion in 2017.
The statistic “The total revenue of the global smart connected buildings market was $6.3 billion in 2017” indicates the total monetary value generated by smart connected buildings worldwide in the year 2017. This figure encompasses the revenue generated from various products and services related to smart buildings, such as building automation systems, energy management solutions, security systems, and other IoT-enabled technologies. The $6.3 billion revenue suggests a thriving market for smart connected buildings, highlighting the increasing adoption of digital and connected solutions within the real estate and construction industries to enhance operational efficiency, sustainability, and occupant comfort. This statistic serves as a benchmark for understanding the economic impact and growth potential of smart building technologies on a global scale during the specified time period.
The software segment had the highest share in the smart buildings market in 2019 and is expected to grow at a significant rate during the forecast period 2020–2025.
The statistic indicates that the software industry played a dominant role in the smart buildings market in 2019, holding the largest market share among all other segments. Furthermore, the anticipated growth rate of the software segment during the forecast period from 2020 to 2025 is expected to be substantial, suggesting a positive trajectory for this particular sector within the smart buildings market. This information suggests that software solutions are vital components driving innovation and adoption within the smart buildings industry, and investors and stakeholders should closely monitor this segment for potential opportunities and developments in the coming years.
Maintenance costs can be reduced by 20-40% in a commercial building by using smart building technology.
The statistic suggests that implementing smart building technology in a commercial building can lead to a significant reduction in maintenance costs, ranging from 20% to 40%. Smart building technology involves the use of sensors, automation, and data analytics to optimize building operations and maintenance processes. By collecting and analyzing real-time data on various building systems such as HVAC, lighting, and security, smart technology can help identify inefficiencies, detect maintenance issues early, and enable predictive maintenance strategies. This proactive approach to building management can not only lower maintenance costs by addressing issues before they escalate but also improve overall operational efficiency and occupant comfort. Consequently, the potential cost savings of 20-40% underscore the substantial benefits that smart building technology can bring to commercial building owners and operators.
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