The smart buildings market size is expected to grow from USD 72.6 billion in 2021 to USD 121.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The major factors driving the smart buildings market include rising adoption of IoT-enabled building management system, rising awareness of space utilization, increased industry standards and regulations, and increase demand for energy efficient system.
The major vendors covered in the Smart buildings market include 75F (US), ABB (Switzerland), Aquicore (US), Bosch (US), BuildingIQ (US), Cisco (US), CopperTree Analytics (Canada), ENTOUCH (US), Hitachi (Japan), Honeywell (US), Huawei (China), IBM (US), Igor (US), Intel (US), Johnson Controls (Ireland), KMC Controls (US), Legrand (France), Mode: Green (US), PTC (US), Schneider Electric (Germany), Siemens (Germany), Softdel (US), Spaceti (Czechia), Telit (UK), and Verdigris Technologies (US), Spacewell (Belgium), Gaia (India), eFacility (India). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the smart buildings market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
Johnson Controls is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers in more than 150 countries. The Company’s products, services, systems, and solutions advance the safety, comfort and intelligence of spaces to serve people, places and the planet.
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Johnson Controls delivers the blueprint for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through its comprehensive digital offering OpenBlue. Johnson Controls offers the world’s largest portfolio of building technology, software as well as service solutions with some of the most trusted names in the industry. In January 2022, Johnson Controls completed the acquisition of FogHorn, the leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. By pervasively integrating Foghorns world-class Edge AI throughout Johnson Controls OpenBlue solution portfolio, it accelerated toward its vision of smart, autonomous buildings that continuously learn, adapt and automatically respond to the needs of the environment and people. In July 2020, Johnson Controls launched OpenBlue, a complete suite of connected solutions and services that combine the Company’s 135 years of building expertise with cutting-edge technology. This open digital platform, when integrated with Johnson Controls core building systems and enhanced by Fortune 100 technology partners, would make shared spaces safer, more agile and more sustainable.
Siemens (Germany) is another top player in the Smart buildings market and has majorly adopted organic and inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in May 2021, Siemens collaborated with Telefónica Tech. This collaboration agreement would enable both companies to present a joint value proposition that included solutions for increasing physical security, monitoring and operational and energy efficiency, as well as user experience and the digitalization of services, where connectivity played a leading role. Similarly, they would offer an infrastructure to facilitate data collection and analysis to turn data into useful information for making better decisions.
Smart Buildings Market by Component (Solution (Safety and Security Management, Building Infrastructure Management, Network Management, and IWMS) and Services), Building Type (Residential, Commercial, and Industrial), and Region - Global Forecast to 2026
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