A report from IDC estimates that there’s so much interest in so-called smart buildings that spends will grow to $17.4 billion worldwide by 2019.
IDC said that although the market had been expected to blossom before now, it’s flowering pretty vigorously and will soon bear fruit.
Growth will be concentrated at first in North America, Europe and Asia Pacific, with people becoming a bit smarter themselves and realising that investing in the technology can save money.
Commercial buildings in particular are expected to grow more than domestic buildings and companies realise that such construction can save energy as well as create operational efficiencies, the report said.
In Europe, legislation driven by EU regulations is helping the market to burgeon.
Spending in 2014 was only $6.3 billion but that’s expected to rise at a compound annual growth rate (CAGR) of 22.6 percent, reaching $17.4 billion by 2019.
That figure, however, is only a small percentage of the whole construction market.
