Building Automation Systems Market Size

Building Automation Systems Market size was valued at USD 89.14 billion in 2023 and is expected to exceed USD 315.09 billion by 2036, expanding at over 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of building automation systems is assessed at USD 96.41 billion. The growth of the market can be attributed to the increasing need for proper energy management, and rising emphasis on overcoming utility costs across the globe. Along with these, growing technological advancements in wireless communication technologies, and escalating number of government and private projects associated with building automation are also expected to drive market growth in the upcoming years. Furthermore, rapid growth of IoT technology, and initiatives associated with reducing carbon emissions is projected to offer profitable opportunities to the market in the near future. It was calculated that the automotive and enterprise internet of things industry grew by more than 20 percent in 2020, since the last year. Moreover, by the end of 2019, more than 4.5 billion IoT endpoints were evaluated to be in use.