The installed base of connected building automation systems in Europe and North America is forecast to 34.4 million in 2024, compared to an estimated 20.5 million systems in 2019, according to a new research report from IoT analyst firm Berg Insight.
Berg Insight estimates that the installed base will grow at a CAGR of 11% in these two regions during the 2019-2024 period.
The building automation market in Europe and North America generated revenues of close to 29.5 billion euros ($34.9 billion) in 2019. The market will grow at a CAGR of 10.4 percent to 48.4 billion euros in 2024, according to Berg?s study.
The Swedish research firm noted that building automation systems include a wide range of solutions for controlling, monitoring and automating functions in buildings such as commercial office spaces, retail stores, hotels, schools, hospitals and industrial buildings.
Building automation has been around for many decades, but there is a new urgency due to factors such as energy conservation as well as mandates for green construction. IoT, cloud computing, data analytics, deep learning, artificial intelligence and other new technologies allow building owners to easily measure and conserve energy, Berg said. These technologies also help reduce operational expenditures, meet stringent global regulations and sustainability standards as well as increase occupancy comfort.
?New sensor-based solutions that provide real-time data on indoor climate, workplace occupancy and space utilization have really gained traction during the past few years?, said Martin Backman, senior analyst at Berg Insight.
Building automation systems can help boost workplace productivity and optimize office space, which in turn cut costs and increase revenues for companies. Data generated from these solutions can also be used to reduce the spread of viruses and other diseases inside buildings, something that is particularly important since the outbreak of COVID-19. ?Providers of occupancy and space utilization applications now market their services as a tool to help workers return to work safely?, Backman added.