Smart building IoT market to grow 21.19% by 2030

As IoT technology continues to show strong benefits in supply chain and manufacturing, a new report by QKS Group predicts rapid growth in IoT-based smart buildings, with a projected CAGR of 21.19% by 2030. Smart Building IoT platforms are becoming essential for energy and asset management, driven by factors like energy optimization, evolving consumer demands, and ESG goals. Healthcare, data centers, and university campuses are expected to see the fastest adoption, supported by government incentives for energy-efficient buildings. Integration with AI and blockchain is also creating new opportunities. North America and Europe are expected to lead the market, while Asia, Latin America, and Africa follow.

Meanwhile, IoT-managed services are poised for similar growth. Insight Partners forecasts the sector to grow from under $5 billion today to over $200 billion by 2030, with a 20% CAGR. The increasing complexity of IoT systems and regulatory requirements are fueling demand for third-party management services, especially in healthcare, smart cities, logistics, and manufacturing. Companies like Cisco, Cognizant, IBM, and Microsoft are expected to dominate the market. Overall, the IoT sector is projected to reach a $1.5 trillion market capitalization by 2030, supported by growing investments in Big Data, blockchain, and AI technologies.

https://coingeek.com/smart-building-iot-market-to-grow-21-19-by-2030/