April 6, 2015: Smart Building Technology Spending Forecast to Grow to $17.4 Billion in 2019
Aggressive Adoption in Asia/Pacific, North America, and Western Europe
FRAMINGHAM, Mass. — Global smart building technology spending is forecast to grow from $6.3 billion in 2014 to $17.4 billion in 2019, registering a compound annual growth rate (CAGR) of 22.6 percent, according to a new report from IDC Energy Insights. The most aggressive adoption will be in Asia/Pacific, North America, and Western Europe.
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 values generated by deploying smart building solutions. Smart buildings 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. In fact, the 2015 IDC MarketScape on Smart Building solutions (forthcoming) shows that over 90 percent of firms will increase their investment in smart building technologies once the methodology for valuing those investments becomes more widely accepted and standardized.