Top 7 Growth Opportunities for Smart Buildings in 2024

Although the automating building operations was well underway prior to the COVID-19 pandemic, the global crisis accelerated its adoption in my ways, opening up avenues for increased digitalization and emphasizing the imperative to reduce energy usage in buildings. Since then, there has been a noticeable surge in the demand for intelligent building management solutions. For example, the integration of Internet of Things (IoT), artificial intelligence (AI) and cloud technologies continues to propel the evolution of smarter buildings, despite inherent challenges.

These technologies have caused significant disruptions that influence how buildings are designed, operated and managed, shifting roles away from traditional skills toward technological expertise and collaborative efforts. Market trends are driving the need for new investments and business model changes while focus gradually shifts from providing individual products to offering holistic occupant experiences.

A recent study conducted by Frost & Sullivan has unveiled the top seven trends that are positioned to reshape the smart building landscape in 2024. Decarbonization and enhancing occupant well-being are central to these trends that underscore the enduring, technology-driven nature of the smart building sector. Industry stakeholders are invited to explore and capitalize on the growth prospects outlined in this research, expanding their portfolios in the identified areas to forge new revenue streams and fortify their position in this fiercely competitive domain.

Emerging Smart Buildings Trends

The report identified the following areas as the most promising for owners and developers interested in integrating their building portfolios with smart technology:

1. Digitalized management to drive development of intelligent buildings
2. Adoption of advanced building maintenance solutions to gain momentum
3. Health and wellness solutions to enhance occupant experience
4. Advanced building controls to support energy efficiency and sustainability targets
5. Digital twin to enhance building operations and management
6. New business models to accelerate transformation of smart buildings
7. Cybersecurity solutions to enhance and protect smart building systems

As the smart building industry continues to evolve, the topics explored in these trends may be instrumental in navigating the dynamic landscape and seizing emerging opportunities. 

To purchase a copy of this report visit https://www.researchandmarkets.com/r/qzy3ug.

This article was written with the assistance of artificial intelligence.