White Paper

The smart building market is one of the fastest growing market segments due to a variety of growing trends. Competition for tenants, growing focus on human centric design, and the need to reduce operational building costs are creating an environment for smart buildings to thrive. However, even with a bullish growth outlook, tackling a smart building project can be a daunting task. Learn how to navigate through the complexity of a smart building project with these key considerations.

EXCERPT:

The smart building sector is one of the fastest growing market segments. In 2022, Fortune Business Insights valued the smart building market at $80.6 billion (€82 billion) and anticipates growth that will put the market at $328.6 billion (€334 billion) by 2029.

There are several key reasons for this growth:

1. Competition for tenants. Many companies have shifted to work-from-home or hybrid work policies over the past several years, leading to fewer occupants in commercial real estate buildings. Increasingly, building owners are evaluating smart building features to improve the workplace, attract tenants, and remain competitive. 
2. Growing focus on human centric design and operation. Human centric design includes the health, safety, and wellbeing of building occupants. Many smart building applications can help improve comfort, reduce sick days, improve productivity, and make the building a more appealing place. 
3. Operational cost reduction and greater sustainability. Building automation systems can reduce energy consumption and create operational efficiencies that save on costs. At the same time, reduced energy consumption leads to a smaller carbon footprint, supporting sustainability efforts.