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the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine are expected to drive innovation in smart apartments manufacturing, thus driving the market during the forecast period.

The global smart apartments market is expected to grow from $2.67 billion in 2022 to $3.1 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The global smart apartments market size is expected to grow to $5.3 billion in 2027 at a CAGR of 14.3%.

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Global Smart Apartments Market Segments Include:

• By Product: Building Management System (BMS), Heating, Ventilating, and Air Conditioning (HVAC), Lighting Control, Security and Access Control, Emergency Alarm and Evacuation System, Audio and Visual Effects
• By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies
• By Application: Residential, Hotel, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global smart apartments market in 2021.

Major Market Players in the smart apartments market include Johnson Controls, ABB Ltd., Siemens AG, Honeywell International Inc., Hitachi, IBM, Schneider Electric, Hewlett-Packard, TYCO International.

The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartment market. In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of time. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartments as a service enables the rental operators to streamline their operations and costs, thus enhancing the resident’s experience and discovering new revenue streams for the owner. For instance, as reported by Entrata, a USA-based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology is installed in an apartment.

The Smart Apartments Global Market Report 2023  provides a smart apartments market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart apartments market forecast analyzes smart apartments market size, smart apartments market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Smart apartments construction is the process of building, altering, repairing, improving, or demolishing any smart apartment using a detailed design and plan. Smart apartments are multifamily properties that are futuristic buildings equipped with advanced electronics and wireless devices. The smart apartments system requires a web portal or smartphone application to interact with the automated system as a user interface.

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