“Smart buildings/homes” and the “Internet of Things” (IoT) have dominated headlines in recent years as an emphasis on energy efficiency has remained a focus of global governments and corporations. However, headlines do not necessarily equate to guaranteed growth. Forecasts for overall growth in the development of “smart buildings” are strong – according to recent reports and press, the global smart building market will grow at a compound annual growth rate of 34-35% from 2016 to 2021, totaling roughly $25 billion by 2021, up from approximately $6 billion in 2016.
Such forecasts imply substantial opportunity for manufacturers of different types of smart technology, and have spawned tremendous investments by manufacturers in innovation and technological advancements of smart equipment. However, opportunity for smart technology manufacturers is not only about top-line growth in the smart building market – what matters more is understanding growth potential nuances by technology segment, as well as building and tenant type. Despite overall growth expectations in the market, not all technology segments are enjoying the same rate of adoption. The greatest opportunity exists for those manufacturers who are able to differentiate between segments, and excel in those segments that present the greatest growth potential.
Ducker Worldwide has been tracking this industry for several years. We recently conducted a study with large commercial architectural and engineering companies across the U.S. to assess the current level of smart building and smart technology installations, and to evaluate trends and perceptions within the industry for smart equipment. Despite headlines of projected exponential market growth, adoption of different types of smart equipment in commercial buildings varies by technology segment, and many segments still have a long trajectory toward becoming standard practice.
In Ducker's white paper: The Era of Smart – Trends in Smart Building Technology Adoption, you'll learn:
- Trends and perceptions related to smart technology
- Primary drivers of smart building development
- What factors have the greatest impact on end-users and their purchase decisions for smart technology
- What can be done to enhance interest in the market and expedite adoption of smart equipment technology