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The major driving factors in the GCC smart building market include increasing adoption of IoT enabled building management systems. Rising consumer preference and adoption of applications of information technologies will further boost the growth of the GCC smart building market. Increasing consumer awareness for proper space utilization is expected to further propel the GCC smart building market. Rising rapid urbanization and high disposable income in middle-class families are strengthening to adapt IT that manages urban infrastructure and digitalizing urban services is expected to bolster the growth of the GCC smart building market.
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Smart building is a structure that comprises automated processes to control various building operations such as conditioning, ventilation, lighting, pumps, heating, fire alarms, security and other systems. Smart building includes a wide range of electronic home equipment from a remote location to make a more comfortable lifestyle. The smart building contains sensors, actuators and microchips to monitor databases for the business services. The smart building reduces energy consumption by around 5%-35% as per the usage of smart technology and improves building efficiency by maximum space utilization. Smart building is comfortable, raise the standard of living, and ensures health as well as safety considerations. The smart building is raising the productivity of the staff, improves building operations, support sustainability efforts, and enhance decision-making across the organization.
Read Full Report Description: GCC Smart Building Market by Component (Solution and Services), By Solution (Building infrastructure Management, Security and Emergency Management, Energy Management, Network Management and Workforce Management), By Service Type (Consulting, System Integration and Deployment and Support and Maintenance), By Building Type (Residential, Commercial and Industrial) and By Countries (UAE, Saudi Arabia, Oman, Kuwait and Rest of GCC) – Opportunities & Forecast, 2019-2026. https://www.gmiresearch.com/report/gcc-smart-building-market/
Furthermore, increasing adoption of technological advanced products by the commercial and residential end-users are expecting to drive the GCC smart building market during the forecast period. Increasing government initiatives and guidelines are fuelling the demand of the GCC smart building market. However, lack of technology-savvy labor, and significant requirement of new networking infrastructure due to the volume and speed of data are hampering the GCC smart building market.
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Based on components, the GCC smart building market is segmented into solutions and services. The solution segment helps to solve the operational activities in the smart buildings. The IoT solution improves building efficiency, improves occupancy services and reduces operational costs. The smart building services offers illumination, thermal comfort, air quality, physical security, sanitation, and many more at a low-price and environmental impact onto the smart building lifecycle.
Based on solution type, the GCC smart building market is segmented into building infrastructure management, security and emergency management, energy management, network management and workforce management. The energy management solutions in smart building reduce the energy consumption of the building and lower chances of the operational expenses in multi-storey buildings. The parking management system manages multiple parking facilities to reduce the time for parking complexities and congestions.
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Based on service type, the GCC Smart Building market is segmented into consulting, system integration and deployment and support and maintenance. The consulting service delivers to understand the importance of smart building solutions. The support and maintenance manage seamless operations of the smart building solutions to increase the demand for support and maintenance.
Based on the countries, the GCC smart building market is segmented into UAE, Saudi Arabia, Oman, Kuwait and rest of GCC. Saudi Arabia and UAE are building smart cities and are require technologically advanced smart building systems. For instance, Saudi Arabia Crown Prince Mohammed bin Salman planned to build a new megacity named NEOM at a planned amount of USD 500 billion. NEOM will be a technology-driven smart megacity with more than 10,000 square miles of land.
Various notable players operating in the market, include Honeywell Intentional Inc., Johnson Controls Intentional PLC, Cisco Systems Inc., Hitachi Ltd., Siemens AG, IBM Corporation, Schneider Electric SE, Intel Corporation, Huawei Technologies Co. Ltd., ABB Limited, L&T Technology Services Limited, 75F LLC., Telit Communications PLC, PointGrab Ltd., Spacewell among others.
The GCC smart building market has been segmented based on component, solution, service type and building type. Based on component, the market is segmented solution and services. Based on solution type, the market is segmented building infrastructure management, security and emergency management, energy management, network management and workforce management. Based on service type, the market is segmented into consulting, system integration and deployment and support and maintenance. Based on the building type, the market is segmented residential, commercial and industrial. Based on countries, the market is segmented into UAE, Saudi Arabia, Oman, Kuwait, and the Rest of GCC.
Key questions answered in this research report:
GCC Smart Building Market by Component
GCC Smart Building Market by Solution
GCC Smart Building Market by Service Type
GCC Smart Building Market by Building Type
GCC Smart Building Market by Countries
GCC Smart Building Market Leading Market Players (Option 6 : Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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