Category: Smart City

Smart Buildings Market size to grow by USD 46,123.2 million from 2022 to 2027; the growing need for building automation to enhance business outcomes drives market growth

The smart buildings market size is estimated to increase by USD 46,123.2 million from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 9.73% during the forecast period. The growing need for building automation to enhance business outcomes is a major factor driving the smart buildings market growth. 

Assessing smart buildings in the digital era

Through the input of more than 60 leading commercial real estate, asset management, technology and ICT industry leaders, the Telecommunications Industry Association (TIA) in conjunction with UL, the leading global safety science company, has defined six criteria that form the basis of the SPIRE™ Smart Building Program for assessing and rating smart buildings. None of these criteria alone make a building smart, but they work together in harmony to provide a complete, balanced assessment methodology that considers the modern-day challenges that come with the increasingly digital world we live in today.

2021 – The year of the Smart Building

While the workplace will be for ever changed, it is not a matter of “if” but “when” and “how” we will return to “in-person” collaboration. Returning trust to the workplace will take effort. This is where the “smarts” of a smart building comes into play. The same data used to reduce cost by reducing energy use can be further refined beyond just general occupancy to detect density allowing HVAC systems to adjust airflow, humidity, and temperature.