The homes and buildings industry recorded a robust 8.6% growth in 2022, driven by demand for facility management services, smart home devices, customer experience platforms, and construction management solutions. Increasing adoption of internet of things (IoT) and artificial intelligence (AI)-driven smart building solutions also contributed to the growth. However, restraints such as rising construction material costs and project delays, market uncertainties and budget constraints, challenges in integrating operational technology (OT)/information technology (IT) systems, and other uncertainties due to geopolitical crises will likely affect industry performance in 2023.

In this outlook, Frost & Sullivan provides predictions and trends for 2023, identified based on an in-depth analysis of critical industry influencers and indicators. The report uses 2022–2023 as the study period, with 2022 as the base year. Industry segments covered are lighting, critical building equipment, smart building management, facility management, smart homes, and construction management. We also provide revenue forecast, revenue share by subsegment, leading participants, and analysis for each industry segment. Other vital information includes:
• Outlook by region: United States, United Kingdom (UK), Europe (excluding UK), India, China, the Rest of APAC, the Middle East, and Latin
America
• Notable companies: ABB, Calix, CIM, EcoEnergy Insights, Lifemote, Matterport, Plume, UrsaLeo, Woodblok

Most importantly, the report offers stakeholders insights into this dynamic market undergoing rapid changes due to digitization and sustainability measures while dealing with external economic and geopolitical forces. Frost & Sullivan also provides growth opportunities that participants can explore to create new revenue streams and enable growth.

Author: Anirudh Bhaskaran