DUBLIN--(BUSINESS WIRE)--The "Smart Building Market by Automation Type, by Service, and for Applications: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" report has been added to ResearchAndMarkets.com's offering.
The global smart building market was valued at around USD 5,800 million in the year 2016 and it is expected to reach approximately USD 61,900 million by 2024. The global smart building market is expected to exhibit a CAGR of more than 34% between 2017 and 2024.
The major factor driving the growth of smart building market is the globally increasing concerns about the energy consumption. The utilization of energy is increasing at a rapid rate thus making it necessary to find efficient ways to utilize it wisely.
Since there has been an increase in the number of commercial complexes that consumes a significant amount of electricity and other types of energy the requirement for the automation systems has increased.
High initial investment is required for developing, designing, and installing systems coupled with the increased technical knowledge these factors are expected to limit the growth of the market.
Intelligent security systems are most widely used automation type in smart buildings. Rising security concerns and the latest technological advancement and reliability that is provided by the intelligent security systems is increasing its demand in the global market.
Professional services segment contributed more than 50% of the market share in 2016. The professional services segment is expected to retain its dominance in the forecast period.
The commercial buildings segment accounted for the largest share in 2016 and is expected to retain its dominance throughout the forecast period. The commercial building segment is anticipated to register CAGR of approximately 34% during the forecast period. Increasing energy-saving concern in order to reduce the operational cost will drive the growth of this segment.
Key Topics Covered
2. Executive Summary
3. Smart Building - Market Dynamics
4. Global Smart Building Market - Competitive Landscape
5. Global Smart Building Market - Automation Segment Analysis
6. Global Smart Building Market - Services Segment Analysis
7. Global Smart Building Market - Application Segment Analysis
8. Global Smart Building Market - Regional Segment Analysis
9. Company Profiles
- Siemens AG
- ABB Group
- Cisco Systems
- Schneider SE
- United Technologies Corporation
- Buildingiq Inc.
- Honeywell International
- IBM Corporation
- Johnson Controls
- Delta Controls
For more information about this report visit https://www.researchandmarkets.com/research/mzvzh8/the_2018_global?w=4