Industry and News Smart Building Market Size, Share, Growth, Trends | Page 2

Rising technological advancements through R&D endeavors, increasing government regulations and
growing need for security & safety are anticipated to propel the smart building market growth over
the next seven years. However, rising cost of initial installation and assembly is projected to
challenge the market growth. The development of smart cities and smart grids is projected to create
considerable opportunities for smart buildings market growth.
Smart buildings are preferably incorporated with real-time systems that manage the functioning of
a building through a single interface. Smart buildings rely majorly on the use of software and
hardware that helps in improving life span of a building by tracking issues and alarming the
residents at the same point of time. Building automation system (BAS) coupled with other network
technologies help in enabling the easy installation and bringing efficient building operations. Cloud
based technology and wireless technology have great potential over the next seven years primarily
owing to growing awareness of people in using wire free tools and energy efficient technologies,
thus achieving smooth communication system function.
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Social and environmental challenges such as power deficits, water shortages, sewage problems and
uncontrolled pollution are expected to drive the demand of smart building market. Increased
urbanization is also a major factor anticipated to fuel the market growth. Government through
adoption of public-private partnership model is trying to bring organizations together who faces
several challenges in construction of smart building, including the lack of finances. The partnership
primarily supports entities to bring easy funding from banks, institutions, and government bodies. It
also helps in bringing construction permits and access of technologies to private companies mainly
regarding smart buildings. Smart buildings are a high potential source of energy savings as current
buildings use more than 30% of the total energy intake of a country. Growing opportunities’ such as
IP based solutions and green building initiatives are expected to bring easy access of work and
pollution free environment in building.