Smart Building Market Worth $24.73 Billion by 2021
PUNE, India — The global smart building market is forecast to grow from $5.73 billion in 2016 to $24.73 billion by 2021, increasing at a compound annual growth rate (CAGR) of 34 percent from 2016 to 2021, according to a report published by MarketsandMarkets.
The major drivers for an upsurge in demand for smart building technology solutions include an emphasis on energy efficient buildings and reducing CO2 emission, growing initiatives by government authorities for the development of smart building projects, rising need for integrated security and safety systems, and rising adoption of Internet of Things (IoT) platforms within building automation technology.