Intelligent building technologies market to be worth $150b by 2028

Intelligent buildings technologies market

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A new market report from MarketsandMarkets has revealed that the global intelligent building automation technologies market is expected to reach $152.4 billion by 2028, up from $90.2 billion in 2023.

As outlined by the report, the market will grow at a compound annual growth rate (CAGR) of 11% during the forecast period.

The research report reveals that rapid technology breakthroughs, a greater emphasis on sustainability and energy efficiency, a move towards user-centric design and autonomous buildings are what will drive the growth of the market.

Key drivers

Based on solution, the report reveals that the security and access control system segment are predicted to hold the largest intelligent building automation technologies market size during the forecast period.

Advancements, such as smart card systems, biometric recognition and mobile access solutions, introduce secure and user-friendly methods for building access management.

These breakthroughs not only elevate security measures through multi-layered authentication but also align with the evolving preferences of modern organizations.

Smart card systems streamline entry with efficiency; biometric recognition adds a precision layer for authorized access and mobile access solutions contribute to user convenience, allowing smartphones to function as digital keys.

Industry and manufacturing

Additionally, by end use, the industrial segment is expected to hold a higher growth rate during the forecast period.

The role of intelligent building automation technologies in enhancing worker safety is a paramount factor driving their growth in the industrial segment.

These technologies incorporate a range of features designed to mitigate risks and create safer working conditions within industrial environments.

Automated emergency response systems, integral to intelligent building automation, enable swift and coordinated reactions to potential hazards or incidents, minimizing response times and ensuring the well-being of workers.

Intelligent surveillance systems contribute to enhanced safety by providing real-time monitoring of the industrial facility, enabling the proactive identification of potential safety issues.

Lastly, access controls, another key feature, limit unauthorized access to hazardous areas, ensuring that only qualified personnel enter specific zones.

Some of the key players in the market highlighted by the report include Honeywell International, Johnson Controls, Eaton Corporation, Rockwell Automation, Hubbell Incorporated, Lutron Electronics Company and Verdigris Technologies.

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