According to a new report Global Intelligent Building Automation Technologies Market, published by KBV Research, The Global Intelligent Building Automation Technologies Market size is expected to reach $103.7 billion by 2025, rising at a market growth of 7.3% CAGR during the forecast period. Rising awareness of sustainability in the wake of increasing global warming effects is projected to drive demand over the forecast period for Intelligent Building Automation Technology (IBAT). Additionally, it is expected that technological advances like the Internet of Things (IoT) and Artificial Intelligence (AI) will boost market growth.
The Hardware market dominated the Global Intelligent Building Automation Technologies Market by Solution Type 2018, growing at a CAGR of 6.3 % during the forecast period. The Software market is anticipated to witness a CAGR of 8% during (2019 - 2025). Additionally, The Services market would witness highest CAGR of 8.6% during (2019 - 2025).
The commercial segment reported the highest market share in 2018. In large commercial sites, such as industrial areas, office parks, shopping malls, airports, and seaports, smart building automation technology helps a large percentage to reduce energy costs, space management, and maintenance. The Industrial market is expected to witness highest CAGR of 7.8% during (2019 - 2025).
The Europe market is expected to witness a CAGR of 6.4% during (2019 - 2025). Due to the adoption of smart building automation technology in emerging economies like China and India, the Asia Pacific market is expected to see increased traction. In addition, governments are investing in the development of smart cities in countries including India, South Korea, and China. Therefore, the enhancement of the region's network infrastructure is anticipated to provide lucrative opportunities for market players over the forecast period. Due to huge investments in the construction of public infrastructure, the Middle East and Africa are projected to see significant growth over the forecast period. In addition, the increasing number of international visitors bodes well for security systems implementation, further boosting the intelligent building automation technology market.
Structural Insights: https://www.kbvresearch.com/intelligent-building-automation-technologies-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of United Technologies Corporation, Honeywell International, Inc., Schneider Electric SE, Siemens AG, Johnson Controls International Plc., Ingersoll-Rand Plc., ABB Group, Azbil Corporation, Eaton Corporation Plc., General Electric (GE) Co. and Hubbell, Inc.
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