The Smart building market is estimated to grow at a CAGR 9.12% rate from 2021 to 2026.

The major factors driving the Smart building market include Rising adoption of IoT-enabled building management systems, raising awareness of space utilization, increased industry standards and regulations. Energy management segment of the Smart building market is projected to grow at the highest CAGR. Energy management solutions for smart buildings help to reduce and monitor the energy consumption of the building. Moreover, keeping operational expenses low is a continuous challenge for owners and managers of multistory buildings, schools, or building complexes which can be achieved through smart building energy management solutions.

The commercial segment is expected to lead the market. The growth of the commercial segment can be attributed to need for appropriate and tailor-made solutions for optimized energy performance to reduce building energy consumption without compromising comfort or security and enhancing energy performance of the commercial buildings as these buildings consume higher energy and also generate more waste in the form of carbon and other solid wastes.
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Smart Building Market By Component
Solutions
Services
Smart Building Market By Solution
Building Infrastructure Management
Parking Management System
Smart Water Management System
Elevators and Escalators Management System
Security and Emergency Management
Access Control System
Video Surveillance System
Safety System
Energy Management
HVAC Control System
Lighting System
Network Management
Workforce Management
Smart Building Market By Service
Consulting
Integration and Deployment
Support and Maintenance
Smart Building Market By Building Type
Residential
Commercial
Office Buildings
Retail and Public Assembly Buildings
Hospital and Healthcare Facilities
Airports and Railway Stations
Others
Industrial
Smart Building Market By Region
North America
United States
Canada
Europe
United Kingdom
Germany
Rest of Europe
Asia Pacific
China
Japan
Australia
Rest of Asia Pacific
Middle East and Africa
Israel
United Arab Emirates
Rest of Middle East and Africa
Latin America
Brazil
Mexico
Rest of Latin America
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