Smart Buildings Facility Services Revenue to Top $8 Billion in 2021
The bulk of the revenue will stem from North America and Western Europe
LONDON — Though the smart buildings market continues to suffer from a fragmented ecosystem as proprietary building automation solutions dominate, ABI Research forecasts smart buildings global facility services revenue will grow from $625 million in 2015 to more than $8 billion in 2021. The bulk of the revenue will stem from North America and Western Europe, as large buildings in these regions implement cloud-based smart building platforms or integrate existing building management systems to smart building platforms.
ABI Research finds the lack of initiative from incumbent service providers opens opportunity for device OEMs, system integrators, security companies, telcos, and platform vendors to offer managed building services. Two main services will be smart lighting and more intuitive HVAC control systems, which ABI Research estimates to respectively account for 32 percent and 49 percent of revenue from smart buildings by 2021.