Smart building market forecast to grow 22.11%

Smart building

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Research has suggested that the global smart building market could be worth US $96.99b by 2031.

Said to be worth US $80.63b in 2021, this new estimate indicates a CAGR of 22.11% from 2022-2031.

What is a smart building?

Smart buildings are technology-driven structures that utilise integrated technology.

Such technology plays a critical role in improving efficiency whilst adding value in other areas such as security, sustainability and building management.

For example, by integrating security systems with building management systems or HR, access and usage can be comprehensively monitored, efficiently, in line with compliance and safety protocols.

According to Adroit Market Research who conducted the research, smart buildings also feature a variety of sensors and IoT technologies that gather information.

As well as boosting security, these sensors can also identify occupants and measure temperature, humidity and air quality.

Benefits of smart buildings

Smart buildings produce a substantial amount of invaluable data concerning their usage patterns.

By analysing this data, you can gain insights into trends and patterns, empowering you to make informed decisions on how to enhance the efficiency of your building.

This process offers several advantages:

  • Increased Productivity
  • Reduced Operational Costs
  • Reduced Energy Consumption
  • Flexibility

To download the full report, click here.

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