Global smart building market to reach $25B by 2021 year
• A
Markets and Markets report predicted the global smart building market will grow
from $5.73 billion in 2016 to $24.73 billion by 2021, increasing at a compound
annual growth rate of 34% over the period.
• Major
demand drivers cited in the report include a growing interest in
energy-efficient buildings and CO2 emission reduction, increased adoption of
Internet of Things (IoT) platforms, government initiatives that encourage
construction of smart buildings, and growing demand for integrated security
systems.
• Smart
city initiatives will give Europe the largest smart buildings market share,
while the system integration and deployment services segment is expected to
grow at the highest CAGR during the forecast period to satisfy an accelerated
rate of adoption, according to Markets and Markets.
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