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Strategic Analysis of the Global Building Automation and Control System Market, Forecast to 2027 Shubham Jamdade Jul 13
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Advancements in Machine Learning and Internet of Things ﴾IoT﴿ to Fuel Market Growth Technological advancements continue to make a mark across a host on industries, including automotive, consumer electronics, oil & gas, and healthcare. The building & construction sector is no exception to this continual evolution of the technology. Government bodies across the world are increasingly encouraging the development of smart cities wherein smart buildings are expected to hit the mainstream. The building & construction sector is set to undergo a major overhaul over the forecast period, owing to signi몭cant advancements in technologies, novel technologies including the Internet of Things (IoT), Wi-몭, and Zigbee are being integrated in modern building automation and control systems. While the construction sector has conventionally emerged as ‘slow’ adopter of new innovations and technologies, building automation and control systems are expected to gain a considerable amount of popularity in the coming years. Advancements in cloud computing, machine learning, and arti몭cial intelligence, and connectivity technologies are expected to boost the growth of the global building automation and control system market during the assessment period. At present, a large number of small to medium-size residential as well as commercial buildings are adopting building automation and control systems worldwide– another factor that is anticipated to boost the growth of the building automation and control system market that is projected to surpass the market value of ~US$ 326 Mn by the end of 2027.