Rise in IoT-Enabled Devices has Greatly Contributed in Developing The Intelligent Building Automation Technologies and Shall Also Drive This Market.
IndustryARC, in its latest report, predicts that the Intelligent Building Automation Technologies Market size is forecast to reach US$106 billion by 2027, growing at a CAGR of 9.8 % from 2022 to 2027. Intelligent building or home automation is the centralized control of the buildings, lighting, HVAC, access control, IoT devices, and security systems, software, and other such integrated smart grid systems. Its application is found in buildings of the various sectors like aviation, education, retail, manufacturing, healthcare, and many others. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways :
1. In the Intelligent Building Automation Technologies Market by category, the commercial building segment accounts for the largest share of up to 34% in 2021. This is due to the financial feasibility to implement the technology and the need for conservation of energy.
2. The Intelligent Building Automation Technologies Market segmented by category finds the service segment has the largest market share in 2021. This is due to a surge in the demand for simplified and specific solutions and to reduce the operational costs for the client companies.
3. North America market held the largest share of 35%, in 2021 and is expected to grow over the forecast period 2022-2027. This is due to increasing awareness about energy conservation among people who fuelled the growth of green technology solutions. The financial potential with advanced technological research in North America helps in the growth of this market.
4. The COVID-19 pandemic increased the demand for automated technologies and devices assisted with AI and ML in buildings. The increasing pollution and global warming concerns among people have boosted the requirement of green technology solutions to conserve energy-like intelligent building automation technologies. All these factors are analyzed to significantly drive the market.