Building technology has significantly changed with time such as building automation, physical security, and energy management is being widely adopted. Information and Communication Technologies (ICT) can be implemented to improve the building quality in terms of safety, security, efficiency, and management. A smart building is an integration of different building components and implementation of communication and management system which helps in reducing the operating costs, energy consumption, and carbon emission from buildings. A smart building also identifies opportunities to save energy and provides information about it.

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The smart building market ecosystem includes key players, such as the ABB Group (Switzerland), Siemens AG (Germany), Schneider Electric (France), Cisco Systems, Inc. (US), International Business Machines Corporation (US), Delta Controls (Canada), Johnson Controls (US), Honeywell International Inc. (US), United Technologies Corporation (US), Legrand (France), and Building IQ (US) that provide solutions and services required for smart buildings.

Objectives of the study:

• To determine and forecast the global smart building market based on type, building type, and region from 2017 to 2022. and analyze the various macro- and micro-economic factors that affect market growth
• To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the smart building market
• To strategically analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the market

The smart building market is projected to grow from USD 5.71 Billion in 2016 to USD 31.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7% during the period 2017–2022.  The base year considered for the study is 2016.