April 7, 2014: Smart Building Technology Market to Reach $21.9 Billion in 2018
Forecast Projects a 28.4 Percent Compound Annual Growth Rate
FRAMINGHAM, Mass. — A new report, Global Smart Buildings Forecast 2013-2018, which presents the state of the market, drivers for technology adoption, and the business value generated by developing smart buildings, has been released by IDC Energy Insights. The forecast projects spending to grow from $7.3 billion in 2014 to $21.9 billion in 2018, representing a 28.4 percent compound annual growth rate (CAGR).
After several years of slower-than-expected growth, the smart building technology market is expected to grow rapidly as there is increasingly broad market awareness of the business value generated by deploying smart building solutions, noted IDC Energy Insights. Smart building technologies have matured to enable facility optimization through the convergence of information technology and building automation. Building owners and key decision makers are increasingly aware of the business value of these solutions; however, adoption of these technologies has been slow due to changes in business processes required for deployment and utilization. A number of recent case studies and demonstrations are helping educate the end-user market around the business case and benefits associated with developing smart buildings, stated IDC.