Connected Building Market Projected to Surpass $9.3 Billion by 2030
In a recent report published by MarkWide Research, titled “Connected Building Market,” the global market for connected buildings is on a trajectory of significant growth. This surge is driven by the increasing demand for smart and energy-efficient building solutions, advancements in IoT (Internet of Things) technology, and the growing focus on sustainability, comfort, and security in building management.
Connected buildings leverage IoT technology to enhance efficiency, occupant comfort, and overall building performance.
The global connected building market is projected to surpass a valuation of $9.3 billion by 2030, with a forecasted compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. Several key factors are contributing to this growth:
1. Smart Building Adoption: The adoption of smart building solutions is accelerating, driven by the need for better resource management and operational efficiency.
2. IoT Advancements: Continuous advancements in IoT technology are enabling seamless connectivity and data-driven insights in building management.
3. Energy Efficiency: Connected buildings prioritize energy efficiency, offering substantial cost savings and environmental benefits.
4. Building Automation: Automation of building systems, including HVAC, lighting, and security, enhances occupant comfort and reduces energy consumption.
5. Sustainability Goals: Connected buildings align with sustainability objectives, reducing environmental impact and promoting responsible resource use.
6. Security and Safety: Integrated security and safety solutions enhance building occupants’ well-being and protection.
7. Remote Monitoring: Remote monitoring and control capabilities enable building management from anywhere, improving operational efficiency.
8. Real-time Data Analytics: Real-time data analytics provide insights into building performance and enable predictive maintenance.
MarkWide Research’s comprehensive analysis of the global connected building market offers valuable insights into market dynamics, key players, and emerging trends. This information equips industry stakeholders with the knowledge needed to make informed decisions and capitalize on the growing opportunities within the market.
In conclusion, the global connected building market is poised for significant growth, driven by the demand for smart and sustainable building solutions, IoT advancements, and the focus on enhancing building performance and occupant experience. With a projected CAGR of 5.7% by 2030, the market presents substantial opportunities for technology providers, building management companies, and stakeholders committed to creating intelligent, efficient, and eco-friendly building environments.