Global Smart Building Market Opportunities & Forecast (2018-2025)-GMI Global Smart Building Market Opportunities | Page 2

accumulate data and organize them according to their respective functions and
services. Smart buildings help in providing better asset security, performance,
and experience to building owners, staff and operators. Key benefit of smart
buildings is that they are energy efficient, thereby enhancing productivity gains.
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One of the key factors supporting the growth of the market for smart buildings is
a growing global need for reducing energy consumption, by both individuals and
organizations. In addition, penetration of the Internet of Things (IoT), control
systems and automation systems are also propelling growth of the smart
building market. For instance, Siemens AG developed a building automation
technology called as Desigo CC, which integrates all building systems such as
heat, ventilation, lighting, video surveillance etc. into one single platform that
can be operated intuitively. Moreover, development of smart cities across the
globe is also a driving factor in the growth of the smart building market.
However, factors such as high initial cost, lack of open standard and lack of a
skilled workforce are some of the factors that are hampering the growth of the
smart building market.
Various notable players operating in the market, include Siemens AG, ABB Ltd,
Schneider Electric, Cisco Systems, United Technologies Cooperation, IBM
Cooperation, Delta Controls, Building IQ, Honeywell International, Johnson
Controls, among others. In April 2018 for instance, Schneider Electric introduced
a new generation EcoStruxure building platform, which helps in maximizing
building efficiency, improving the productivity of the people and increasing the
building value thereof.
The Global Smart Building market has been segmented based on the building
type, building automation type and key geographies. Basing on the product type,
the market is segmented into Residential and Commercial. Commercial buildings
are further categorised into government, industrial, hospitals, airports,