Intelligent Building Automation Technologies Market Size, Share, Growth Analysis, By Component(Hardware, Software, Service), By Product(Facility Management Systems, Security Systems Defense & Aerospace, Manufacturing, Healthcare), By Application(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

Intelligent Building Automation Technologies Market size was valued at USD 78.17 billion in 2019 and is poised to grow from USD 83.82 billion in 2023 to USD 148.99 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

The intelligent building automation technology has gained a huge momentum due to increasing urbanization, and need for sustainable living. As the urban landscapes are expanding, it has resulted into a huge consumption of resources with creating more demands for energy resources. To address the unmet demands of urbanization, automation technologies have surfaced up to address energy distribution challenges and create a pathway for sustainability. Other reasons such as rising energy prices, increased concerns about global warming, and expanding public awareness for energy saving, it is contributing to developing more robust solutions.

The market for intelligent building automation technologies (IBAT) will be further driven by increase in consumer awareness of environmental protection. Technically, building automation systems (BAS) combine lighting, energy, safety, and security systems into a single, user-friendly system that balances energy consumption better efficiency. Additionally, intelligent building automation solutions offer resistance to a certain level against natural calamities such as earthquakes, tremors, and fire. When these solutions are deployed, the severity of financial losses can be reduced with optimizing rescue operations for human lives under these circumstances.

Intelligent building automation technologies are being rapidly adopted by businesses because of their many applications, including regulating lighting, controlling air conditioning and heat ventilation, and analysing building data. Organizations are primarily concentrating on ways to reduce energy use by turning on and off lights, HVAC systems, and other devices.

US Intelligent Building Automation Technologies Market is poised to grow at a sustainable CAGR for the next forecast year.