The COVID-19 pandemic has accelerated the need to automate buildings, presenting opportunities to increase digitalization and underscoring the need to decrease energy consumption in buildings. This has resulted in a spurt in demand for smart building management solutions. The Internet of Things (IoT), artificial intelligence (AI), and cloud technologies continue to make buildings smarter. These technologies are causing significant disruptions, influencing how buildings are designed, operated, and managed and 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.

In this study, Frost & Sullivan reveals the top 7 trends for smart building industry participants to look out for in 2024. Major trends relate to decarbonization and building occupant experience, and overall the smart building industry will remain technology-driven. Industry participants should explore and leverage the growth opportunities highlighted in this research and expand their portfolios in the listed areas to create new revenue streams and solidify growth in this highly competitive field.

Author: Viswesh Vancheeshwar