Intelligent Building Automation Technologies Market Worth $118.7 Billion By 2026
The intelligent building automation technologies market is anticipated to reach more than $118.7 billion by 2026, according to a new research published by Polaris Market Research. In 2017, the commercial intelligent building automation technologies segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The major driving factor for the intelligent building automation technologies market is the increasing need of infrastructure with reduced CO2 emissions, which further triggers governments to provide more incentives as the trend of smart-cities is on a rise. IBAT also has become a differentiator in the real estate business as it conforms with improved safety and security systems. The IBAT aims to reduce operational costs substantially through the integration of IoT platforms. Several stringent energy consumption regulations passed by governments worldwide have boosted the adoption of Intelligent Building Automation Technologies. Growing concerns regarding environment, depleting fuel resources, and increasing need to reduce energy consumption further support the growth of intelligent building automation technologies market. Other factors supporting market growth include supportive government regulations, increasing awareness, and technological advancements. Increasing investments by vendors in technological advancements coupled with research and development further boost the market growth.