International. The smart building market is projected to reach US$31.74 billion in 2022, up from US$7.42 billion in 2017, with a CAGR of 33.7% during 2017-2022, driven by the growing need for integrated building security and protection systems and the implementation of the IoT platform in building automation technology.
Asia-Pacific is expected to grow at a higher CAGR in the smart building market during the forecast period. The smart building market has been studied for North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Countries such as China, India, Australia and Singapore have started the initial phases of smart construction projects. In addition, the increasing use of cloud-based technologies as well as IoT technologies and the increase in strategic alliances between technology providers are encouraging governments to undertake initiatives for the development of smart and green buildings.
Based on type, the building automation software segment is estimated to be the largest segment of the smart building market in 2017. This is due to the increase in the adoption of building automation for facilities management and emergency response, in-building communication systems.
The commercial building is estimated to be the largest segment. Commercial buildings represent an important part of the global building automation software market as it includes large office buildings, commercial building parks, shopping malls and retail stores, hotels and restaurants and other non-manufactured commercial buildings that involve the use of increasingly automated technology with the aim of maintaining smart building initiatives. There, the demand for energy conservation and the reduction of overall operating costs is the highest in this sector.
