Smart buildings market size is estimated to increase by USD 46.12 billion from 2022 to 2027
The smart buildings market's growth momentum will progress at a CAGR of 9.73% during the forecast period.
An emerging trend in the smart buildings market is the growing concept of BIoT. BIoT is the new vision of making the building intelligent to take insights from the information and react automatically.
Smart building is the integration of all standalone automated systems with additional support features such as cloud integration. The cloud infrastructure connects the sensors and actuators to exchange information among themselves and improve the working conditions. In addition, BIoT enables the integration of handheld devices such as mobile phones and tablets with building control to manage the process remotely. Moreover, the analytical reports help managers to optimize energy efficiency and the working environment further.
Vendors are also making continuous efforts to integrate smart buildings with cyber security and connected buildings technology. Thus, the rising adoption of BIoT in smart building solutions will drive the growth of the market in focus during the forecast period. Source: Technavio
According to a recent analysis by Technavio, the market is estimated to grow at a CAGR of 5.92% between 2022 and 2027.
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