The smart buildings market size has the potential to grow by USD 19.17 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

Thesmart buildings market and it is poised to grow by USD 19.17 billionduring 2020-2024, progressing at a CAGR of almost 13% during the forecastperiod. The report offers an up-to-date analysis regarding the current marketscenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth ofvarious industries, the immediate impact of the outbreak is varied. While a fewindustries will register a drop in demand, numerous others will continue toremain unscathed and show promising growth opportunities. Technavio’s in-depthresearch has all your needs covered as our research reports include all foreseeablemarket scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report onCOVID-19 Impacts

The market is fragmented, and the degree of fragmentation willaccelerate during the forecast period. ABB Ltd., Advantech Co. Ltd., CiscoSystems Inc., Honeywell International Inc., International Business MachinesCorp., Johnson Controls International Plc, Larsen and Toubro Ltd., RaytheonTechnologies Corp., Schneider Electric SE, and Siemens AG are some of the majormarket participants. To make the most of the opportunities, market vendorsshould focus more on the growth prospects in the fast-growing segments, whilemaintaining their positions in the slow-growing segments.

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The growing need for building automation has been instrumental indriving the growth of the market. However, high switching and installationcosts might hamper market growth.

Technavio's custom research reports offer detailed insights on theimpact of COVID-19 at an industry level, a regional level, and subsequentsupply chain operations. This customized report will also help clients keep upwith new product launches in direct & indirect COVID-19 related markets,upcoming vaccines and pipeline analysis, and significant developments in vendoroperations and government regulations.

Smart Buildings Market 2020-2024: Segmentation

Smart Buildings Market is segmented as below:

  • Product
    • BMS
    • HVAC
    • Lighting Control
    • Security And Access Control
    • Others
  • Geography
    • Europe
    • North America
    • APAC
    • South America
    • MEA
  • Solution
    • Software
    • Hardware
    • Services

Smart Buildings Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study,synthesis, and summation of data from multiple sources. The smart buildings market reportcovers the following areas:

  • Smart Buildings Market Size
  • Smart Buildings Market Trends
  • Smart Buildings Market Industry Analysis

This study identifies the increasing integration of IoT with buildingautomation software as one of the prime reasons driving the Smart BuildingsMarket growth during the next few years.