Basingstoke, UK – 13th May 2024: A new study from Juniper Research, the foremost experts in the Internet of Things market, found that the market value of industrial smart building deployments will grow by 95% to $14 billion by 2026 globally.
This growth, from only $7 billion in 2024, will be driven by sustainability initiatives and the need for cost reductions in building management. The study anticipated that AI-based building management solutions will be key to securing a return on investment in smart buildings platforms, whilst accomplishing sustainability and energy goals.
An extract from the new report, Global Smart Buildings Market 2024-2029, is now available as a free download.
Automation Is the Answer for Cost Reductions and Sustainability
To reap the maximum benefits of industrial smart building solutions, the study urged service providers to implement AI at the core of their portfolios. AI detects operative anomalies through the use of in depth data analytics; resulting in increased safety and decreased operational costs, whilst reducing the extent of required human intervention.
The study identified buildings such as warehouses, factories and agricultural buildings as those that will benefit the most from AI-based smart building technology. As these industries have particularly high operational costs, AI can be used to detect potentially expensive issues, such as high-value equipment malfunction, before they occur, thus providing savings in the long term. The benefits that AI brings to smart building platforms will enable global spend to exceed $42 billion by 2028.
Additionally, the study predicted that smart building solutions will enable operations managers to meet sustainability goals. By integrating IoT networks and sensors with AI systems that automate building functionality in real-time, significant savings and emissions reductions can be achieved.
About the Research
The research suite offers a comprehensive assessment of the smart buildings market to date, including insightful market analysis and in-depth forecasts for 60 countries. The dataset contains over 19,600 market statistics within a five-year period. It includes a ‘Competitor Leaderboard’ to examine current market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global IoT sector, and is retained by many of the world’s leading network operators and technology platforms.
For further details, please contact Sam Smith, Press Relations
E: sam.smith@juniperresearch.com
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