LONDON--(BUSINESS WIRE)--The overall market for smart building software will grow from $6.4 billion in 2021 to surpass $8.5 billion in 2025 according to a new study from independent research firm Verdantix. The forecasted annual growth rate of 7% will be driven by digitization programmes and customers adopting new generation software solutions that drive better performance across processes such as maintenance management and room booking. Vendors positioned to benefit from this growth include firms offering smart building software, including BrainBox AI, Envizi, Envoy, Goby, Honeywell, Johnson Controls, Measurabl, MRI Software, Schneider Electric and Siemens.
“As expected, COVID-19 and the global economic downturn has had a far-reaching impact across the smart building market over the past 12 months,” commented Verdantix Analyst Joy Trinquet. “Despite suppressed market growth, digitization programmes and covid-19 recovery will fuel growth across real estate investment, property management, maintenance management, space and workplace management, and energy management.”
The Verdantix report, Market Size And Forecast: Smart Building Software 2020-2025 (Global), provides vendor executives with all the information they need to assess their market opportunity. Revenue projections find that the global market spend on smart building software will reach $8.5 billion in 2025. Space and workplace management solutions will see the most significant increase in spending, growing at a compound annual growth rate of 13%, driven by space rationalization programmes, increasing focus on occupant wellbeing and demand for innovative workplaces. Global market growth will reach a CAGR of 7% between 2020 and 2025 with APAC growing at the fastest rate, at a CAGR of 8% per year, followed by EMEA (7% CAGR), followed by North America (6%).
“Greater economic growth prospects in European countries, as well as higher electricity prices, contribute to the rapid expansion of the EMEA market,” continued Trinquet. “Some of the key factors underpinning the stronger APAC growth trajectory are its growing workforce and high rates of predicted GDP growth throughout the forecast period.”
Read the full report here.