Commercial Digital Building Connectivity Market Will Grow at a Compound Annual Growth Rate of Over 9% Through 2031
Emerging technologies such as AI and wireless connection further driving technological innovation of intelligent buildings
A new report from Guidehouse Insights analyzes IT-based digital technologies, such as internet protocol (IP)-based BMS and sensor networks, that manage intelligent or smart buildings. Market estimates are broken down by region and segment, and extend through 2031.
According to the International Energy Agency (IEA), buildings account for half of electricity demand worldwide, and intelligent building design is important for energy reduction. Amidst the global effort for a sustainable climate, digital technology has taken a central role in designing sustainable buildings. According to a new report from Guidehouse Insights, the commercial digital building connectivity market is anticipated to grow to $16.4 billion in 2031 at a compound annual growth rate (CAGR) of 9.3%.
“Digitally enabled intelligent buildings can technologically support the comfort and safety of occupants,” says Young Hoon Kim, senior research analyst with Guidehouse Insights. “These intelligent buildings can also contribute to energy savings by leveraging digital technology, as many occupied buildings consume high amounts energy.”
Digital technologies, such as cloud computing and wireless connection, optimize building management systems’ (BMSs’) operation and connectivity while ensuring energy efficiency and occupant comfort in intelligent buildings. Emerging technologies, such as AI and wireless connection, have further driven the technological innovation of intelligent buildings. AI is beginning to converge with BMS, and innovative technology improves wireless networks' reliability and scalability, according to the report.
The report, Digital Building Connectivity, analyzes IT-based digital technologies, such as IP-based BMS and sensor networks, that manage intelligent or smart buildings. The estimates are broken down by region and segment as follows: cloud BMS, non-cloud BMS, HVAC control components, HVAC control sensors, lighting control components, lighting control sensors, wired sensors, and wireless sensors. Estimates extend through 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Digital Building Connectivity, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.