The smart buildings industry has made significant investments in sensors, dashboards, Internet of Things (IoT), and artificial intelligence (AI). By 2030, this investment is projected to exceed $200 billion.
Over 70% of new commercial building constructions worldwide incorporate at least one smart building platform. Though historically this was required by code, such as building management systems (BMS), these systems have taken on greater purpose and meaning over the last 20 years as analytics have entered the picture. Some 58% of enterprise facility operators are now integrating cloud-based building analytics to improve their operational efficiency. Last year, global connected building deployments surpassed 1.3 billion installed IoT devices and supported software-driven automation functions. These software-driven automation functions, often merged with AI in many cases, have given purpose and true value to the data previously locked in building systems. This has been exceptionally apparent in energy management systems, as intelligent software helps reduce electricity consumption by up to 25% in monitored facilities.