Smart Building Market size worth USD 215.52 Billion, Globally, by 2030 at 11.1% CAGR

The Global Smart Building Market is projected to grow at a CAGR of 11.1% from 2023 to 2030, according to a new report published by Verified Market Research®.

The report reveals that the market was valued at USD 92.85 Billion in 2022 and is expected to reach USD 215.52 Billion by the end of the forecast period.

The proliferation of smart cities worldwide and the escalating demand for energy-efficient structures are propelling the market's expansion. Smart buildings stand at the forefront of this movement by integrating advanced technology systems to optimize energy consumption.

The rising adoption of Internet of Things (IoT)-based remote monitoring devices is creating a surge in demand for smart building solutions. These devices enable real-time monitoring and management of various building functions, further catalyzing market growth.
 
Beyond energy savings, building automation systems are becoming increasingly popular for diverse applications, including security, entertainment, telecommunications, and facility management. This widespread adoption is a key factor driving the industry's growth.

Rapid urbanization and increased government initiatives to construct intelligent infrastructure in both developed and developing nations are fostering a fertile ground for the smart building industry. Government investments are particularly robust in digital infrastructure, further amplifying market prospects.

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the industry by enabling data analysis to optimize building functions and revenue generation. These technologies are invaluable in the uncertain and rapidly evolving global landscape, making smart buildings more effective and efficient.

The Global Smart Building Market is poised for exponential growth in the foreseeable future. Market players can anticipate robust opportunities in the following areas:

    North America Dominance: North America is anticipated to be the epicenter of market growth, driven by significant governmental and private investments and a growing wave of digitalization. The United States, in particular, is accelerating its transition to a digital economy with substantial investments in smart building infrastructure.