The Smart Building Market size is expected to grow from USD 60.7 billion in 2019 to USD 105.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The major factors driving the smart building market include Rising adoption of IoT-enabled building management system, raising awareness of space utilization increased industry standards and regulations,
The Security and Emergency Management solution in the solution type segment is expected to lead the Smart building market in 2019.
IoT consulting services help in refining the business processes of organizations and are used for formulating different strategies, developing use cases, planning roadmaps, assessing technologies, and framing IoT architectures. The providers of IoT consulting services ensure development and implementation of the appropriate IoT applications and architecture in organizations. They guide companies to create new IoT infrastructures to enhance their existing systems. The providers of IoT consulting services also help non-IT companies with minimal expertise to understand IoT technology. IoT consulting services can be classified into technology consulting services, business consulting services, and operational consulting services.
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Industrial building segment is expected to grow with the fastest growth rate during the forecast period.
Industrial buildings are often large and have many moving parts. Smart industrial building solutions automate building temperature control, security, and maintenance for more efficient property management through various mobile computing devices, such as mobile devices and computers.
The major vendors covered in the Smart building market include Honeywell (US), Johnson Controls (US), Cisco (US), Hitachi (Japan), Siemens (Germany), IBM (US), Schneider Electric (Germany),Intel (US),Huawei (China),ABB (Switzerland),L&T Technology Service (India),75F (US), Telit (Switzerland), Pointgrab (Israel), LogicLadder (India), Spacewell (Belgium), PTC (US), Avenet (US), Softdell (US), Spaceti (Czech Republic).
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 building market. Partnerships and new product launches have been the most adopted strategies by major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.
Honeywell (US) is one of the leading vendors of the Smart building market. The company is working toward enhancing its market share and presence with the help of the organic and inorganic growth strategies, such as partnerships and collaborations, and mergers and acquisitions. For instance, in August 2019 Honeywell launched new Enterprise Building Integration (EBI), Command and Control Suite (CCS), and Digital Video Manager (DVM), a suite of solutions enabled by the Honeywell Forge for buildings platform, which drive facility efficiency, streamline complex functions, and deliver savings across an enterprise. Additionally, In July 2019, Honeywell launched the 30 Series IP cameras, a new suite of video cameras that strengthens building safety and security through advanced analytics and secure channel encryption.
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Siemens (Germany) is another top player in the Smart building 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 organic growth strategies, in November 2018, Siemens partnered with the University of Central Florida (UCF) to advance smart infrastructure technologies that can improve the performance and efficiency of buildings and energy grids in the university and in June 2018, Siemens acquired Building Robotics Inc. popularly known by its product name Comfy. Comfy is a leading digital workplace app, which creates more personalized and responsive workplaces while providing analytics for efficient building operations.
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