In today’s fast-paced digital world, we are more connected than ever before, and this will continue to accelerate as technology evolves and gets ‘smarter’ with the proliferation of Internet of Things (IoT). Smart Buildings are very quickly being seen as a transformational necessity for corporations all over the world ¹ and are getting increased attention by many decision-makers who are wanting to transform their offices into energy efficient spaces to help meet greenhouse gas (GHG) emission reduction targets, as well as evolving regulatory requirements. What’s more, they can be a means to attract talent, support a differentiated experience to users and drive operational excellence. These are just some of the reasons why Smart Buildings should be at the forefront of companies’ minds!
Let me give you some facts. The Smart Building market is projected to grow rapidly over the next few years. Actually, Research and Markets expects the global Smart Building market size to grow at a compound annual growth rate of more than 25 percent from today to reach a staggering $570 billion by 2030.2 The research house cites the 3 main drivers for growth:
- Increasing demand for energy-efficient systems
- Rising government initiatives for smart building projects to reduce energy consumption across building infrastructure to achieve sustainable goals
- Growing adoption of IoT-enabled building management systems
Alongside this, companies around the world are being driven by these key significant changes:
The world is going through a radical transformation to reverse the planet’s unsustainable trajectory. Corporations have increased their commitments to sustainability and are focusing on digitalizing their real estate to achieve decarbonization goals while transforming the way we live, work, and play.
According to the World Economic Forum (WEF), buildings are a critical piece of our transition to a lower-carbon future, as they are responsible for approximately 40 percent of global energy consumption and 33 percent of GHG emissions.3 WEF goes on to say that ensuring new buildings are sustainable and energy efficient will be key to global efforts to tackle climate change. Smart buildings can optimize energy usage through energy conservation measures (ECM’s) such as automated HVAC (heating, ventilation, and air conditioning) controls and smart lighting, real-time energy monitoring and predictive maintenance, and lead to significant cost savings for building owners and operators.
Another key factor at play is that job seekers are also making employment decisions based on how committed a corporation is to the environment, and this is pushing companies to integrate sustainability-enabling technologies in their business processes and in the workplace.
Flexible Work Preferences
Since the COVID-19 pandemic, end-user expectations have evolved. Work and personal life have become intertwined and fluid. Employees are looking for a differentiated and elevated, more bespoke experience that can help them fit their work responsibilities with personal or family commitments.
Added to that, different employees have diverse needs, values, and work styles. Corporations are therefore evolving the workspace and work-model to consider a variety of work cultures and needs.
Smart buildings can also provide inhabitants with a healthier, more comfortable space by leveraging data from various IoT-enabled sensors and systems to create a personalized and convenient work environment. In some cases, employees can even control the working environment themselves, like lighting or room temperatures. These factors have the potential to boost productivity
Digitally Smart & Sustainable
Incorporating digital solutions to your business can also pay kudos to your company’s reputation. Investors and other stakeholders at large are focusing more and more on sustainability. Therefore, it is time for companies to consider IoT technologies and switching to ‘smarter’ solutions for their business. It can benefit companies and their bottom line, as well as people and our planet.
In part 2 of my blog series, I will address the top 10 questions companies should address when looking at Smart Building Solutions.