The move to smart buildings and facilities will significantly impact the marketplace. According to FortuneBusinessInsights.com, the smart-building market is projected to grow from $80.62 billion in 2022 to $328.62 billion by 2029, at a CAGR of 22.2% in the forecast period from 2022-2029 (Fig. 1).
Making buildings and facilities smarter isn’t just a fad—it delivers real-world operational and financial benefits. Intelligent sensors provide data that gives useful information, for example, to achieve reduced heating costs, optimize ventilation and HVAC, manage lighting, and improve the overall energy efficiency of the building. A smarter building is more sustainable, with reduced maintenance costs. It also optimizes use of its spaces, making occupants of the building more comfortable, which often leads to better productivity.
The cost barrier to adoption of such systems is real but often overblown. Still, facilities managers are sometimes hesitant to introduce intelligent systems in older buildings because of the cost of cabling to connect to the sensors and subsystems.
