A recent report shows that smart building automation software and systems will reach $20.5 billion in North America by 2027. As urbanization leads to increasingly smarter cities, buildings are an integral part of a city’s ecosystem. Intelligent buildings lead to improved economic outcomes for both owners and users as well as improved satisfaction, safety, and wellbeing of occupants, the Research and Markets report points out.

The use of interdependent technologies improve operational efficiency and enable a safer and more productive environment. Because of this increase in the use of smart building software, leading companies within the commercial real estate sector are realizing tangible benefits, as owners are able to charge higher fees for technology-enabled intelligent buildings. Accordingly, over 78% of new construction will involve at least one facet of IoT and/or related smart buildings market-related technologies over the course of the next five years.