Global smart building market size is expected to reach USD 450.53 billion by 2030
Governments of various countries are taking supportive initiatives for digitalization, and significantly launching projects of smart cities is propelling the market growth.
The rising public and private investment in digital infrastructure is also contributing to the growth of the market. Furthermore, the growing need among the commercial sector to optimize energy consumption, enhance operational efficiency, and automate processes has escalated the market growth.
The market for smart buildings is growing primarily as a result of the quickening pace of technological advancement. In the future years, it is anticipated that advances in artificial intelligence research will lay the groundwork for the creation of game-changing technologies that will greatly improve human lifestyles.
In addition to helping people adapt to changing lifestyles and vocations, big data, cloud computing, and Internet of Things (IoT) technologies also help to improve workplaces and individualized working environments. For instance, in March 2023, ABB launched a new smart building management tool that allows emission reduction and significant energy savings.
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