Global intelligent building market to reach US$42.6 billion by 2024
May 16, 2018
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According to a new report published by Allied Market Research, entitled, “Intelligent Building Market by Component, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2024“, the global intelligent building market was valued at US$12.3 billion in 2017, and is projected to reach US$42.6 billion by 2024, growing at a CAGR of 19.6% from 2018 to 2024.
Driving the market are the rise in need for new energy efficient interventions, increased market for building automation and control systems, supportive industry standards and regulations toward smart buildings, and extensive IoT penetration in building management systems However, high initial investment and complex interoperability between various systems and devices deployed for managing infrastructure hampers the intelligent building market growth.
“Based on type, the intelligent security system segment led the intelligent building market in 2017 and is projected to maintain its dominance in the future,” the report states. “However, the building energy management system segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission and for energy conservation.
Some of the key players operating in the intelligent building market that are profiled in the report include ABB, Cisco Systems, Inc., Delta Controls, Honeywell International Inc., Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.
Allied Market Research (AMR) is the market research and business-consulting wing of Allied Analytics LLP based in Portland, Ore.
Further information on the report is available at https://www.alliedmarketresearch.com.