HomeInternet of Things (IoT)Global smart building market to reach $10.2 billion by 2026

Global smart building market to reach $10.2 billion by 2026

According to Navigant Research, smart building technology can aid government operations and services

The global smart building market is expected to grow from $3.6 billion in 2017 to $10.2 billion by 2026, according to a recent study by Navigant Research.“There is a growing market opportunity at the intersection between the smart city concept and smart building technologies. Smart city agendas can encourage smart buildings market growth through regulations, incentive programs, and creative initiatives like open data platforms,” said Christina Jung, research analyst at Navigant Research. “Large volumes of data from benchmarking and reporting disclosure, as well as building management systems from public buildings, can be shared directly with the public, empowering city inhabitants with real-time information about their surroundings.”

According to the report, smart buildings can also become part of urban infrastructure to aid government operations and services by means of building security and motion sensors; remote shutdown of electrical equipment; temperature and humidity sensors for libraries and other sensitive environments; and building door and window sensors associated with alarm systems for security.

Smart Cities Council expands readiness challenge grants

In related news, the Smart Cities Council has expanded eligibility for its 2018 readiness challenge grants to include government jurisdictions across the U.S., Canada and Mexico.

Cities, counties, states, provinces and regional authorities are invited to apply. The council said that the deadline for submitting an application is November 10.

The 2017 challenge saw grants awarded to five U.S. cities – Austin, Indianapolis, Miami, Orlando and Philadelphia.

The five winning jurisdictions will receive a full year of vendor-neutral mentoring, plus an on-site readiness workshop custom-tailored to each community’s needs and priorities.

“We bring world-class experts to each city for a day of strategizing with elected officials, city staffers, civic leaders and community activists,” said council chairman Jesse Berst. “Then we use our proven process to deliver each city a customized Readiness Roadmap. The council has refined its readiness program over the past five years by collecting best practices from its worldwide network of smart city practitioners.

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