Market Challenges And Opportunities

Global Smart Building Market Drivers:

Increasing concerns regarding energy consumption to drive growth of the market

The use of energy in office buildings focuses on developing a healthy, comfortable and optimal environment for workers. The energy used in these buildings is mostly spend on things such as, lighting, ventilation, and air conditioning. However, in a food manufacturing plants, the energy used is spent on production processes, due to which, the energy needs are primarily focused on things such as ovens, steam systems, refrigeration units, and furnaces among others. These things account for largest share of energy consumption in this sector. Thus, growing concerns of energy consumption is thus expected to boost growth of the global smart building market over the forecast period.

Rise in initiatives from governments on smart infrastructure projects to fuel market growth

Smart infrastructure is a combination of the real and digital worlds in energy systems, industries, and buildings, which enhances the way people work and live, and it significantly can improve sustainability and efficiency. Smart buildings develop an ecosystem using data and technology, where they learn, interact and adapt to different conditions and requires different stakeholders in their life cycles. Several governments of countries around the world are taking initiatives on smart infrastructure projects, through smart cities and other projects. Thus, the demand for smart building is growing all over the world, which in turn is likely to drive growth of the global smart building market during the forecast period.

Global Smart Building Market Opportunities:

The rapid technological development including cloud, AI, and edge computing is expected to create growth opportunities in the global smart building market during the forecast period. With growing development of such technologies, the smart building segment is witnessing evolution. Due to this, more solution innovations are being introduced in the market. IoT has become the most significant aspect in the digital market, and the use of IoT devices is growing building energy management systems. This factor in turn is likely to bring multiple opportunities in the global smart building market in the coming future.

Increasing focus of governments on sustainable development to generate business opportunities in the global smart building market over the forecast period. Due to this, the adoption of smart building solutions is increasing all over the world, as the tech sector is focusing on catering the demand, as many companies are focused on development of these solutions. Market players are creating solutions around specific end user segments. These factors are in turn creating lucrative environment for growth opportunities in the market.

Global Smart Building Market Restraints:

Lack of technology alignment to hinder the market pace

With increasing technological advancements, the complexity of smart buildings continues to grow, needing for a faster follow-up looks through retro-commissioning. In some cases, ongoing monitoring-based commissioning is needed too. Along with this, the risks related to sustained operational integrity are growing too. This factor in turn is likely to hinder adoption of smart building solutions, which is further expected to restrain growth of the global smart building market over the forecast period. However, growing development of user-friend technologies in smart buildings, which is likely to support the market growth.

Dearth of skilled workforce to limit the market growth

The market is witnessing a lack of competent workforce skilled in assessment of smart solution systems. Professionals working in the field are required to have knowledge of the installation and design changes in the context of future requirements. If failed, it could lead to complications. Thus, lack of skilled professionals is expected to hamper growth of the global smart building market during the forecast period.