Energy efficiency, recyclability and environmental change are more than buzzwords in today’s changing consumer and societal landscape. In fact, the smart building market is projected to grow from $60.7 billion in 2019 to $105.8 billion by 2024, at a compound annual growth rate (CAGR) of 11.7 percent from 2019 to 2024, according to Reportlinker.com’s “Smart Building Market by Component, Solution, Services, Building Type, Region – Global Forecast to 2024” report.
The rising adoption of the Internet of Things (IoT)-enabled building management systems, an intensifying awareness of space utilization and increased adoption of industry standards and regulations are expected to drive growth of the smart building market across the globe, the report states.