Smart Buildings

The global smart building market is projected to reach USD 570.02 billion by 2030, with a CAGR of 26.8% from 2023 to 2030. Governments worldwide are investing in smart city initiatives, driving the adoption of smart buildings in different regions.

These governing bodies are expected to be strong promoters of smart solutions, facilitating adaptive regulations and safeguarding public and city interests. For example, the Indian government developed the Energy Conservation Building Code (ECBC), which sets energy performance requirements for structures, including lighting systems that contribute to energy conservation.

Smart buildings rely on IoT sensors and computer networks to automate functions like lighting, heating, elevators, fire detection, surveillance, and access control. However, they are vulnerable to cyberattacks due to inadequate cybersecurity capabilities. Cyberattacks can disrupt business continuity, resulting in operational interruption, data loss, financial losses, and reduced public safety. To address this, businesses are segregating the Building Automation System (BAS) from the network and implementing real-time monitoring and threat response systems.

Smart buildings offer opportunities for self-generation or grid-supplied low-carbon energy solutions. In the past, smart building management systems have been used to minimize energy costs and meet functional requirements, but they have primarily been implemented in large buildings or groups of buildings due to high costs. Artificial Intelligence (AI) and Machine Learning (ML) can enhance building operations and revenue generation by analyzing building data.

Smart Buildings (SB) Framework - The Smart Buildings Framework (inclusive of BAS and BIoT) provides a clear roadmap for building owners and technology buyers to the best practices, use cases, benefits, technologies, standards and vendor offerings (e.g. edge devices, sensors, gateways, networks, control platforms, analytics tools, portals and applications) in the market place.