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IDC Energy Insights Expects Global Smart Building Technology Spend to Reach $21.9 Billion in 2017FRAMINGHAM, Mass. --(Business Wire)-- IDC Energy Insights today announced the availability of a new report, Global Smart Buildings Forecast 2013-2018 (Doc #EI247447). The new report presents the state of the market, drivers for technology adoption, and the business value generated by developing smart buildings. In addition, IDC (News - Alert) Energy Insights' shares expectations for growth in investment across smart building technology segments and regions. Designed to help vendors better develop the value propositions and case studies to further advance the market, the forecast projects spending to grow from $7.3 billion in 2014 to $21.9 billion in 2018, representing a 28.4% compound annual growth rate (CAGR).
After several years of slower-than-expected growth, the smart buildings technology market is expected to grow rapidly as there is increasingly broad market awareness of the business values generated by deploying smart building solutions. Smart building technologies have matured to enable facility optimization through the convergence of information technology and building automation. Building owners and key decision makers are increasingly aware of the business value of these solutions; however, adoption of these technologies has been slow due to changes in business processes required for deployment and utilization. A number of recent case studies and demonstrations are helping educate the end-user market around the business case and benefits associated with developing smart buildings. Key findings of the report include:
"As businesses recover following the 'great recession,' building owners continue to focus on managing their operational energy costs and risks. Often, gathering building data is not the issue, rather combining, interpreting, and prioritizing that data is becoming the key challenge. Smart building solutions are valuable technologies for deploying energy management strategies that generate operational efficiencies, cost containment, and sustainability benefits that appeal to key stakeholders across chain of command in building management," said Jill Feblowitz, Vice President, IDC Energy Insights. This IDC Energy Insights forecast is bullish on the growth of the smart building technology marketplace. Solution adoption may vary by region, business segment, and solution type, but it is evident that demand is growing at the global scale. As business owners see firsthand, the business benefits associated with deploying the enabling technology within the smart building ecosystem, IDC Energy Insights expects continued strong expectations for these solutions in the years to come. For additional information about this report or to arrange a one-on-one briefing with Jill Feblowitz, please contact Sarah Murray at 781-378-2674 or [email protected]. Reports are available to qualified members of the media. For information on purchasing reports, contact [email protected]; reporters should email [email protected]. About IDC Energy Insights IDC Energy Insights assists energy businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the utility and oil and gas industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc.com/energy, email [email protected], or call 508-935-4400. Visit the IDC Energy Insights Community at http://idc-community.com/energy.
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