International. The size of the smart building market is estimated at US$5.73 billion in 2016 and is projected to reach US$24.73 billion by 2021, at a CAGR of 34.0% from 2016 to 2021, due to the growing need for integrated safety and security systems and a growing concern to reduce carbon footprints and energy waste in the different types of buildings.
The integrated security system segment is expected to lead the global building automation software market between 2016 and 2021, owing to the growing need to maintain the robust level of security, monitor activities, and control access in all types of buildings. With regard to geographical analysis, Europe is likely to benefit from its technological advances and a large number of smart city initiatives that are being carried out in the region, which are already underway.
The commercial building segment is estimated to be the largest segment of the smart building market in 2017. Commercial buildings represent an important part of the overall building automation software market, as it includes large office buildings, commercial parks, commercial facilities such as shopping malls and commercial stores, hotels and restaurants, and other non-manufacturing commercial buildings that involve the use of increasingly automated technology with the aim of maintaining smart building initiatives.
Asia-Pacific (APAC) is expected to lead the smart building market by region between 2016 and 2021. The growth can be attributed to hyper-urbanization and industrialization and the growing number of government initiatives.
