The concept of smart building

For those who are unfamiliar, the concept of smart building was initially introduced to optimize energy consumption and reduce operating costs, so as to enable end-users to analyze energy operational data for actionable insights. Smart buildings enable facility optimization through the convergence of information technology and building automation. Some of the major factors that are driving the growth of the smart building market include the growing government initiatives for the development of smart building projects, rising focus on green buildings, and evolution of building management IoT platforms.

The smart building market size is projected to reach USD 24.73 billion by 2021 at a CAGR of 34.0% by 2021, according to Research and Markets.