Connected building solutions are expected to help manage existing infrastructure, and assist in the development of new smart infrastructure. Connected building solutions offer efficient services to the citizens of different countries by providing systematic workflows. In heating, ventilation, and air conditioning (HVAC) building, the increasing the demand for thermostats, zone and climate control, sensors, and keypads is supporting the growth of the Connected Building Solutions Market.
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As the technology used in various industries is changing, initiatives have been taken in several countries to manage cities by incorporating connected building solutions. Connected building solution projects are adopted in several regions such as North America, SEA & Others of APAC, and several others. Connected building solution initiatives aim at addressing environmental concerns such as climate change, as well as different kinds of pollution such as air, water, and noise. Sanitation can also be improved with connected building solutions technology. As the connected building solutions market comes under the automation and control sector, which is rapidly growing, it leads to the growth of the connected building solutions market that is largely driven by electronic security & safety, due to the increasing demand for CCTV and biometrics-based security systems in buildings. Connected building solutions also focus on the integration of Internet of Things (IoT) data streams, and provides and analyses mechanisms to aggregate and create a high level of abstractions from multimodal streaming data. Connected building solutions are expected to be used by different groups of people who act in different roles, for delivering better output in smart city projects.
The growth of the global connected building solutions market is expected to be driven by the need for lower operating costs and lower CO2 emissions, and the scarcity of energy resources. At present, the connected building solutions market is experiencing noteworthy developments that are driven by various connected building solution developers catering to different industries. Energy monitoring is one of the major solutions that helps monitor energy consumption rate and optimize energy usage. Vendors of connected building solutions, such as AWS and Cisco, are currently working on developing new and innovative connected building solution technologies. These are the primary factors that are driving the connected building solutions market.
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The challenges faced by the connected building solutions market are increasing following the boom in smart city projects in most countries. Challenges such as high installation and manufacturing costs, economic development, and social progress are hindering the growth of the connected building solutions market. The main challenges that cities face lie in the smart governance action field, which are related to the urgent need for a change of government model in different regions such as Latin America and MEA.
The global connected building solutions market has been segmented based on type, building type, and region.
Examples of some of the key participants identified across the value chain in the global connected building solutions market include ABB, Siemens AG, Intel Corporation, Honeywell International Inc., Schneider Electric, Legrand SA, Panasonic Corporation, BuildingIQ, Cisco Systems Inc., and DELTA CONTROLS.
On the basis of geography, the North American connected building solutions market is expected to capture the largest share in the market, owing to the presence of connected building solution developing vendors. Europe and Japan are also expected to gain substantial shares in the connected building solutions market, due to the introduction of new technologies and applications. APAC is expected to be the fast-growing connected building solutions market, owing to the government initiatives for the improvement of technologies by emerging economies such as India and China.
The connected building solutions markets in Latin America and MEA are expected to witness high growth rates in the coming years, due to an increase in the demand for smart city projects.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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