Smart Building Market is expected to grow from USD 5.92 Billion in 2016 to USD 47.8 Billion by 2024, at a CAGR of 34.8% between 2017 and 2024.

Report includes assessment of market definition along with the identification of key players and analysis of their strategies, complete quantitative analysis of the industry from 2016 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities, market analysis and comprehensive segmentation with respect to the software, service, deployment type, organization size, end-users and geography to assist in strategic business planning.

The key driving factor for this market include the growing need for integrated security and safety systems and decreasing operational costs and Implementation of IoT platform within the building automation technology are some of the major factors driving the market. Some of the major key factors that are anticipated to hamper the market growth over the forecast period are the high initial investment indulged in order to design and installation of the buildings with automated technology.

Europe is expected to hold a major chunk of the market during the forecast period:

Geographically, the Smart Building Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The swift growth of the market in the Europe region is anticipated to dominate the market over the forecast period majorly owing to increased initiatives by the region’s governments for building smart and Schneider Electricligent structures. Additionally, in Europe initiatives to further push smart and zero energy buildings, with mandatory changes to country level building codes and the Energy Performance of Buildings Directive (EPBD).