International. The size of the smart building market is expected to grow from $5.73 billion in 2016 to $24.73 billion in 2021, at a compound annual growth rate (CAGR) of 34.0% during 2016-2021, according to the MarketsandMarkets report.
The main drivers of the increased demand for smart building technology solutions include the emphasis on energy-efficient buildings and the reduction of CO2 emissions, the growing initiatives of government authorities for the development of smart building projects, the growing need for integrated security systems, and the increasing adoption of IoT platforms within building automation technology.
The evolution of cloud IoT-based platforms, environmental concerns, and green building initiatives offer significant opportunities for smart building solution providers. Buildings consume a lot of energy. According to the International Energy Agency, almost 40% of the world's energy is consumed by buildings.
The growing consumption can be attributed to the growing number of electrical appliances; the increasing use of energy is increasing the amount of energy waste and CO2 emissions, leading to an urgent need for sustainable and efficient use of energy.
