by Jim Sinopoli

Numerous research companies and organizations are predicting significant growth in the smart building market. One company, Markets and Markets, expects the global marketplace to grow at a stunning compounded annual rate of 35% over the next five years. While it's difficult to compare market research because there are various definitions of what sub-markets (smart homes, smart grid, etc.) make up the larger smart building market, most research of the smart building area indicates substantial growth worldwide. Given the general economic outlook for the global economy is relatively flat or for modest growth it's impressive that smart buildings are such a rapidly growing segment, but this is by no means a surprise.

There are several factors creating demand for smart buildings. One of the most potent are the results from building owners that have already deployed smart building technology. These building owners have found reductions in energy consumption, enhancements to operations and a very attractive return on investment. Such examples and stories validate the approach, verify the likely results and reduce the risk for other building owners to plan to deploy the technologies. Another element driving the market for smart buildings is our global society's habituation to real-time information and communications technology; people not only accept cutting-edge technology as an integral part of our buildings but expect that their buildings will be smart.

An additional factor is that while the marketplace is expansive and rapidly evolving, there are elements that comprise a smart building. These include system integration, advanced building management tools, extensive automation and sensors, energy management, enterprise data management, data analytics, software applications and the leveraging and incorporation of IT. It is this type of emerging clarity that can guide designers, contractors and manufacturers, as we complete the definition of a smart building by addressing HVAC, communication and data infrastructure, access control systems, advanced building management systems and sustainability.

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