Big data, cloud computing, and Internet of Things (IoT) technologies optimise workplaces, enhance individual working environments, increase productivity, and help employees adapt to changing lifestyles and careers. For instance, in December 2020, Hitachi, Ltd. launched an IoT platform for enhanced building operation quality and added value. The platform offered enhanced user experience and high management efficiency. These developments are expected to set the framework for inventing revolutionary technologies that will significantly improve human lifestyles in the coming years.

Specialist modifications

To enhance the management and performance of smart buildings, companies are providing maintenance and support for upgrading solutions. Moreover, the companies are pursuing routine solution evaluations to make specialised technological modifications and procedure improvements for performance optimisation. The researchers found that companies such as Johnson Controls, Siemens AG, and IBM Corporation are investing a huge amount in R&D to introduce new technologies to the market and maintain their market dominance. For instance, in December 2020, Johnson Controls incorporated Microsoft's Digital Twin in its Openblue IoT platform, enabling it to construct in-depth digital replicas of actual structures, assets, and systems.

Smart initiatives

Several government bodies worldwide are pursuing smart building initiatives, emphasizing sustainability, drafting energy efficiency legislations, and encouraging public-private partnerships toward this end. Further, the rapid adoption of smart solutions by city administrations is prompting governments worldwide to support and fund the development of smart cities. For instance, an Australian consortium obtained government funding worth up to AUD 28 million (USD 16.3 million) to pursue an initiative aimed at transforming the way buildings is planned and constructed in Australia. All these efforts are expected to play a vital role in driving the growth of the market during the forecast period.

The research concludes that the largest potential growth areas for this market include the building infrastructure management segment expected to observe a CAGR of 23.7% during the forecast period, the consulting segment is expected to observe a CAGR of 27.1% over the same period and the industrial segment is expected to witness significant growth of a CAGR of 24.1%.

More effective property management

In industrial buildings, smart industrial building technologies are used to automate the building's climate control, security, and maintenance for more effective property management. Further, the industrial segment is anticipated to embrace smart building solutions to increase productivity, reduce costs and energy use, improve identification, and access control, and improve surveillance.

The main players cited by Grand View Research in the report include many huge global players, such as  ABB, Cisco, Emerson Electric, Hitachi, Honeywell, Johnson Controls, Legrand, Schneider Electric, Siemens and Telit.