Intelligent Building Market Size Flourishes in the Era of IoT and Automation | Forecast to Hit USD 42.65 Billion by 2024

The market for intelligent buildings worldwide was estimated to be worth $12,371 million in 2017, and by 2024, it is expected to have grown to $42,649 million, with a CAGR of 19.6%.

The demand for new energy-efficient interventions is rising, the market for building automation and control systems is expanding, there are more industry standards and regulations supporting smart buildings, and IoT is widely used in building management systems, all of which are factors driving the growth of the global intelligent building market. The expansion of the intelligent building market is, however, constrained by high starting costs and difficult compatibility between diverse systems and equipment used for managing infrastructure.

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Based on type, the intelligent security system segment led the intelligent building market in 2017 and is projected to maintain its dominance in the future. However, the building energy management system segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to reduce the carbon emission and for energy conservation.

The integration of the Internet of Things (IoT) into building systems is a driving force behind the intelligent building market. Sensors and connected devices are being used to gather data on building operations, energy usage, and occupant behavior. This data is then leveraged to optimize building performance, reduce energy consumption, and enhance occupant comfort and safety.

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Sustainability is a paramount concern, and intelligent buildings are at the forefront of energy-efficient design and operation. The trend toward sustainable construction practices, coupled with the use of intelligent systems to monitor and manage energy consumption, is driving the adoption of green building standards and certifications.

Intelligent buildings are focused on enhancing the occupant experience. This includes features like smart lighting, climate control, security, and access control systems. Additionally, mobile apps and building management platforms are being used to provide occupants with greater control and customization of their workspace environment.

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With the increasing importance of security and safety in buildings, intelligent systems are being used for advanced access control, video surveillance, and emergency response. These technologies not only improve building security but also contribute to the overall well-being of occupants.

Some of the key players operating in the intelligent building market that are profiled in the report include ABB, Cisco Systems, Inc., Delta Controls, Honeywell International Inc., Intel Corporation, Johnson Controls, Legrand, Schneider Electric, Siemens AG, and United Technologies Corporation.

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