Global IoT for Smart Buildings Revenue Is Expected to Experience a 14% Compound Annual Growth Rate from 2020-2029
As building owners and managers plan for reopening of facilities, IoT solutions are an enabling tool to create smarter office, retail, and educational spaces
A new report from Guidehouse Insights examines the global Internet of Things (IoT) market for smart buildings, providing forecasts and revenue for annual IoT device unit shipments, software, and services, through 2029.
The IoT for smart buildings market is under strain from the coronavirus pandemic. Yet, despite challenges such as reduced budgets in the face of tenant failures and the lingering uncertainty of business reopening plans, the market is expected to have staying power. Click to tweet: According to a new report from @WeAreGHInsights, global IoT for smart buildings revenue is anticipated to grow from $19.8 billion in 2020 to $63.6 billion by 2029 at a compound annual growth rate (CAGR) of 13.8%.
“IoT technologies are useful for certain building categories that house organizations meeting the definition of essential,” says Neil Strother, principal research analyst at Guidehouse Insights. “For example, warehouses have been busy, and IoT solutions can help with asset tracking. In healthcare, the pandemic has created urgency for tracking assets and monitoring patients to keep them at safe distances as they access medical services.”
As building owners and managers plan for reopening facilities, IoT solutions are an enabling tool to create smarter office, retail, and educational spaces, according to the report. After the downward effects of the coronavirus pandemic fade in the long term, Guidehouse Insights expects this market to demonstrate resilience. The value of IoT technologies is expected to become more widely apparent, and the market for IoT solutions is expected to see steady growth through 2029.
The report, Market Data: IoT for Smart Buildings, has been prepared for IoT and smart buildings market stakeholders with analysis and forecasts of how the market is likely to evolve during the next 10 years. The study provides analysis of the market opportunities, key drivers of growth, and technology trends associated with the evolving IoT for smart buildings trend. The report’s purpose is to provide a strategic examination from an overall tactical business perspective. Market forecasts and revenue for annual IoT device unit shipments, software, and services extend through 2029 and are segmented by region and technology segment. 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, Market Data: IoT for Smart Buildings, 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.