The smart buildings (nonresidential buildings) market consists of sales of smart buildings (nonresidential buildings) and related services. Smart buildings have automated processes and increase operational efficiency of a non-residential, commercial as well as industrial buildings.
The global smart buildings (nonresidential buildings) market is expected to decline from $49.23 billion in 2019 and to $41.72 billion in 2020 at a compound annual growth rate (CAGR) of -15.26%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $54.94 billion in 2023 at CAGR of 9.61%.