By 2024, the global smart building market is expected to be worth nearly $62 billion dollars — well above 2016’s market size of $5.8 billion.
This means that buildings are going to be adopting smart technology at an increasingly rapid pace.
Smart buildings are quickly becoming the new standard because of their convenience. Facility managers can use smart tech to remotely track information and analyze data, allowing them to interact with buildings like never before.
This immediate access to information also makes smart buildings safer and any current safety implementations more efficient.
But the biggest reason the smart building market is expected to boom is that smart technology is a proven way to reduce costs.
Saving Energy, Time, and Money
Buildings are massive consumers of power and electricity. Not only does this place a burden on the environment and the increasingly scarce global energy supply, but it pushes costs higher.
Energy is already one of the largest operating costs for any business or organization with a physical location. Because energy prices grow consistently each year, the real operating costs of commercial buildings will also continue to rise.
To combat this, many buildings have turned to smart technology — and with impressive results.
According to the American Council for an Energy-Efficient Economy, smart tech could reduce energy usage in buildings by up to 20%. That translates to real savings in operating costs.
Smart technology works because it finds patterns in buildings and learns from them. Even simple actions such as turning off lighting at a specific time each day can reduce costs. By allowing smart technology to monitor systems such as lighting, plumbing, and HVAC, building managers can easily reduce costs without making any changes to their current operations.
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These technologies don’t just save money by reducing energy, though. Smart buildings significantly reduce the need for paper by storing records on the cloud. This means less time spent searching through stacks of pages, eliminating the possibility of wasted time (and money).
Smart buildings enjoy long-term savings, too. The more data is collected, the easier it is to implement changes that further cut costs. All information is easily accessible via the cloud, and managers can monitor buildings in real time from anywhere with internet access, allowing them to solve any sudden issues remotely.