The Global Intelligent Building Automation Technologies is valued at $63.48 billion in 2015 and is expected to grow at a CAGR of 4.8% to reach $88.27 billion by 2022. Growing need for improved security and safety in intelligent buildings, implementation of these systems in residential buildings and adoption of different protocols of building automation are some of the factors driving the market growth.
Moreover, a tax benefit provided by the government to developers is also further fueling the market growth. On the other hand, lack of professional labor, absence of uniformity in the deployment of technology and huge initial investments has been the key issues in the market growth.
Life safety systems segment is poised to witness the quick growth owing to the existence of several features such as emergency service during fire and earthquakes. Facilities management systems segment is estimated to generate more revenue to the market.
Furthermore demand for physical security systems is anticipated to grow on a huge scale. North America and Europe are the major markets in terms of revenue owing to large investments in building security and services coupled with rising technological developments in the regions.
Asia-Pacific is anticipated to gain market traction due to the adoption of these technologies in developing countries such as China and India.
Some of the key players in global Intelligent Building Automation Technologies market are ABB,
Azbil Corporation, Eaton Corporation, General Electric, Honeywell, Ingersoll Rand, Johnson Controls Inc., Rockwell Automation, Schneider Electric, Siemens Building Technologies , Tyco International, Echelon, Bosch Security Systems and Ingersoll Rand Inc.