Smart building solution is driven by smart city initiatives around the globe and buildings are looking for ways to increase operational and financial efficiency to keep up with the trend.
There is no denying buildings are getting smarter. By 2022 the global smart building market is expected to reach US$31.7 billion, at a compound annual growth rate (CAGR) of 33.7 percent from 2017 to 2022, according to a report by MarketsandMarkets. A growing demand for integrated security and safety systems, along with increasing government initiatives for smart building projects are among those driving market growth.
The smart cities market is also growing rapidly, and smart buildings are playing an integral role. In fact, smart buildings will make up 7 percent of the total global smart city market in 2025, according to Frost & Sullivan. Furthermore, with several research firms expecting the global smart cities...