International. The global market for smart building automation technologies is estimated to reach $106 billion by 2027, with compound annual growth of 9.8% between 2022 and 2027, analyst IndustryARC reported.
Some key findings from the report:
1. In the smart building automation technologies market by category, the commercial buildings segment accounts for the largest share of up to 34% in 2021. This is due to the financial viability to implement the technology and the need for energy conservation.
2. The report also finds that the services segment has the largest market share in 2021. This is due to an increase in demand for simplified and targeted solutions and to reduce operating costs for client companies.
3. The North American market had the largest 35% share in 2021 and is expected to grow during the forecast period 2022-2027. This is due to the growing awareness of energy conservation among people who drove the growth of green technology solutions. The financial potential with advanced technological research in North America helps in the growth of this market.
4. The COVID-19 pandemic increased the demand for AI- and ML-assisted automated technologies and devices in buildings. Growing concerns about pollution and global warming among people have increased the need for green technology solutions to conserve energy-like smart building automation technologies. All these factors are analyzed to significantly drive the market.
