By 2026, the market size of intelligent building automation technology will reach 118.7 billion U.S. dollars

According to a new study released by Polaris Market Research, by 2026, the smart building automation technology market is expected to exceed 118.7 billion U.S. dollars. In 2017, the business intelligence building automation technology segment led the global market in terms of revenue. It is expected that during the forecast period, North America will become a major contributor to global market revenue.

The main driving factor of the intelligent building automation technology market is the increasing demand for infrastructure to reduce carbon dioxide emissions. With the rise of the smart city trend, this has further prompted the government to provide more incentives.

IBAT (Intelligent building automation technologies) has also become a differentiating factor in the real estate business because it complies with improved safety and security systems. IBAT aims to significantly reduce operating costs by integrating an IoT platform. Several strict energy consumption regulations passed by governments around the world have promoted the adoption of intelligent building automation technology. Increasing attention to the environment, the exhaustion of fuel resources, and the increasing need to reduce energy consumption have further supported the growth of the intelligent building automation technology market.

Other factors supporting market growth include supporting government regulations, increased awareness and technological advancement. Suppliers' increased investment in technological advancement and research and development have further promoted market growth.

North America had the highest market revenue in 2017 and is expected to lead the global market throughout the forecast period. Increasing consumer concerns about the environment, coupled with increasing awareness of smart building automation technology, have promoted the growth of the smart building automation technology market in the region. Governments in North America are working with engineers and architects to promote the adoption of smart building automation technology. Due to strict government regulations and the need to reduce operating costs, commercial buildings are adopting intelligent building automation technology.