Intelligent Buildings Market Size, Share, Growth, And Industry Analysis By Type (Energy Management, Intelligent Security Systems, Infrastructure Management, and Network & Communication Management) By Application (Commercial, Residential, Government, Airports, Hospitals, Institutes, Manufacturing & Industrial Facilities, and Others) Regional Forecast By 2031

Updated On: 01 April 2024

Intelligent Buildings Market Report Overview

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The global intelligent buildings market size was USD 67.5850 billion in 2022.  Per our research, the market is expected to reach USD 451.97 billion in 2031, exhibiting a CAGR of 21.99% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the intelligent buildings market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Intelligent buildings have cutting-edge technology installed to offer their occupants a range of services. These services may cover energy management, safety, cozy lighting and temperature, and entertainment. To obtain data on the environment both within and outside of the building, intelligent buildings use sensors and other data-gathering tools. Computer systems use this data for analysis to maximize building performance.

Buildings with intelligence come in a variety of forms. A particular kind is referred to as an "adaptive" building, and it uses data on occupancy levels and changes in weather conditions to modify heating, cooling, and ventilation as necessary. The "smart home," another example of intelligent construction, automates many everyday home operations using modern technology (such as turning lights off when no one is home). Other elements frequently found in smart homes are energy-efficient appliances, remote monitoring and control, and integration with innovative home products like door locks and thermostats. Intelligent office buildings are a popular category of innovative structures; these frequently have amenities like automated lighting management, conference room scheduling, and video conferencing capabilities.

COVID-19 Impact: The Demand for the Products and Solutions for the Market Hampered the Market Growth

The Covid-19 epidemic is having a significant effect on the market for intelligent buildings around the world. The pandemic has compelled companies to review their working policies and make investments in technology that would enable them to maintain social distancing and stop the virus from spreading. As a result, a surge in demand for goods and services may make buildings more competent, more effective, and safer. Every area of our life has been affected by the Covid-19 pandemic, including how we work. To protect employees from the virus, businesses have been forced to reconsider their working policies. As a result, there is an increase in demand for goods and services that can contribute to the more thoughtful design of buildings.

Latest Trends

"The Virtual Reality Technology to Boost the Market Expansion."

The market is expanding quickly, and its popularity is rising daily. The most recent trend in this market is adopting Virtual Reality (VR) technology to give patients a more immersive and realistic experience. The popularity of VR in other sectors, such as entertainment and gaming, is what's fueling this development. The use of virtual reality (VR) in healthcare can give patients a more personal, intimate experience that will increase their comfort level and engagement with their treatment. For instance, virtual reality (VR) can offer a walkthrough of a medical operation or a simulation of a human body tour. This can make patients more inclined to follow their care plan since they will better comprehend their ailment or therapy. The potential benefits of virtual reality in healthcare are enormous, yet the technology is still in its infancy. VR can improve healthcare since it can increase patient knowledge and involvement.

Intelligent Buildings Market Segmentation

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• By Type Analysis

According to type, the intelligent buildings market can be segmented into energy management, smart security systems, infrastructure management, and network & communication management. Among these, energy management is projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into commercial, residential, government, airports, hospitals, institutes, manufacturing & industrial facilities, and others. The commercial is expected to hold the most significant intelligent buildings market share in the upcoming years.

Driving Factors

"The Noval Technologies to Fuel the Market Expansion"

Intelligent buildings have cutting-edge technology that makes them more effective, secure, and environmentally friendly. In most cases, they are made to use energy as efficiently as possible, conserve water, reduce waste, and enhance indoor air quality. Since the Covid-19 outbreak, several companies have been eager to invest in intelligent buildings to safeguard their staff members. Innovative structures can contribute to halting the development of Covid-19 in various ways. They could have automatic doors and other touchless fixtures, for instance, to reduce human contact. They could also be equipped with sophisticated ventilation systems that remove bacteria and viruses. For example, there have been substantial developments in data analytics and artificial intelligence in recent years. Building managers can now identify and address any issues that develop immediately.

"The Rising Popularity and Government Incentives to Propel the Market Growth"

In the upcoming years, there will likely be a significant increase in the market for "intelligent buildings." It is brought on by a variety of controlling and restraint elements. The rising popularity of intelligent buildings is one of the fundamental driving forces in this trend. People are becoming increasingly aware of the significant benefits these structures can provide in terms of energy efficiency, comfort, safety, and security. Due to this, demand from both commercial and residential customers is rising. The market for intelligent buildings is being boosted in part by government incentives. No financial incentives are available in many nations for companies investing in energy-efficient structures. It is motivating more businesses to choose it for their location.

Restraining Factors

"High Initial Investment to Hinder the Market Growth"

Despite these supportive elements, some restricting factors are also at work. The significant initial investment needed for an intelligent building project is one of the critical problems. It can be a substantial barrier for many small and medium-sized organizations. Another difficulty is that some people who use buildings could resist change and are unwilling to use new tools or methods of operation. Due to this, it may be challenging to appreciate the advantages of an intelligent building project fully.

Intelligent Buildings Market Regional Insights

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"U.S. to Dominate Market Due to Modern Technologies in the Industry"

Between 2022 and 2031, the intelligent buildings market will be dominated by U.S. Factors driving the market growth in this region include the rising prevalence of chronic diseases.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The rising popularity and government incentives fuel regional market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Cisco Systems (U.S.)
• Siemens (Germany)
• Schneider (France)
• ABB (U.S.)
• Johnson Controls (Switzerland)
• IBM (U.S.)
• United Technologies (U.S.)
• BuildingIQ (U.S.)
• Delta Controls (Canada)
• Honeywell (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.