Global Revenue for Intelligent Buildings Solutions Is Expected to Experience a Compound Annual Growth Rate of 16% over the Decade
Services are increasingly important in helping building owners navigate digital transformation
A new report from Navigant Research examines and sizes the global market for intelligent buildings solutions across the key segments of hardware, software, and services through 2028.
Intelligent building solutions have become the toolkit for optimizing commercial buildings. These technologies use a combination of hardware, software, and services to supplement building equipment, including lighting and HVAC systems, to deliver new insight into space use and operations. Click to tweet: According to a new report from @NavigantRSRCH, global revenue for intelligent buildings solutions is expected to experience a compound annual growth rate of 16.4% from 2018 to 2028, reaching $95.2 billion by the end of the forecast period.
“Customers realize financial benefits by changing how building systems operate,” says Casey Talon, research director with Navigant Research. “However, ROI is not the only consideration. Pressure is mounting for building owners and managers from occupants, customers, and even shareholders who want connected, customized, sustainable, and automated commercial spaces.”
Services have become increasingly important in the intelligent building technologies market, helping building owners navigate the digital transformation with guidance on technology selection, implementation and management, and long-term strategy development. According to the report, vendors are challenged with expanding competencies spanning IT, operational technologies, and Internet of Things (IoT). At the same time, vendors must understand the perspective of a growing group of customer stakeholders that range from facilities management to human resources to the C-suite.
The report, Intelligent Buildings Overview, analyzes the global market for intelligent building solutions in three key segments: hardware, software, and services. The study provides an analysis of key market issues, including technology trends, competitive landscape, key industry players, and global market forecasts through 2028. Forecasts are also broken out by construction type and building size. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Intelligent Buildings Overview, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant - a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.