Research firm Guidehouse Insights predicts the global IoT for smart buildings market to expand at a compound annual growth rate (CAGR) of 13.8% between 2020 and 2029.
Market revenue is anticipated to grow from $19.8 billion in 2020 to $63.6 billion by 2029.
The IoT for smart buildings market is under strain from the coronavirus pandemic. Yet, despite challenges such as reduced budgets in the face of tenant failures and the lingering uncertainty of business reopening plans, the market is expected to have staying power.
As building owners and managers plan for reopening facilities, IoT solutions are an enabling tool to create smarter office, retail, and educational spaces, according to the report.
After the downward effects of the coronavirus pandemic fade in the long term, Guidehouse Insights expects this market to demonstrate resilience.
The value of IoT technologies is expected to become more widely apparent, and the market for IoT solutions is expected to see steady growth through 2029.
Neil Strother, a principal research analyst at Guidehouse Insights, said: “IoT technologies are useful for certain building categories that house organisations meeting the definition of essential.
“For example, warehouses have been busy, and IoT solutions can help with asset tracking. In healthcare, the pandemic has created urgency for tracking assets and monitoring patients to keep them at safe distances as they access medical services.”
Learn more about the report.