The major driving factors for the Intelligent Building Automation Technologies market are efforts to reduce CO2 emissions, enhanced safety and security in intelligent buildings, sizeable reduction in operating costs, and incentives provided by government. Challenges faced in the Intelligent Building Automation Technologies market are lack of education and promotion among end users and the barriers of high initial investment and unproven technologies. Today’s high-rise buildings are technologically equipped and consume a lot of energy; thus, enterprises are always looking for solutions to reduce their CO2 emissions along with reducing their overall energy consumption and lowering their operational costs at the same time.
MarketsandMarkets forecasts the intelligent Building Automation Technologies market to grow from $58.9 billion in 2014 to $74.8 billion by 2019. In terms of regions, North America and Europe are expected to be the biggest markets in terms of revenue contribution, while Asia-Pacific, Middle East and Africa, and Latin America are expected to experience increased market traction, during the forecast period.