Building IoT and Access Control Technologies Surge: Market Analysis and Future Projections
The growth of global technology, particularly in the realms of smart building and access control technologies, is projected to exceed the annual global growth rate by significant margins. The Building Internet of Things (BIoT) market, which was valued at $53.5 billion in 2022, is expected to grow at a compound annual growth rate (CAGR) of 10.33% to reach $96.5 billion by 2028, according to research firm Memoori. Concurrently, the global access control market is also expanding, with Memoori valuing it at $10.3 billion in 2023 and projecting a CAGR of 5.2% from 2023 to 2027, while Future Market Insight estimates a slightly higher market value of $11.8 billion for the building access control security market in 2023, with a more aggressive CAGR of 14% for 2023-2033.
Smart Buildings: Advanced Automation and Integrated Technology
Smart buildings are increasingly incorporating advanced automation and integrated technology to enhance energy efficiency, operational optimization, and occupant comfort. These innovative structures are equipped with features such as automatic adjustment of lighting and temperature and predictive maintenance systems. The ENGIE Cofely UAE, for instance, has developed its own IoT platform, iCEE, to monitor assets and environment, leading to significant cost reductions and increased reliability. The firm has also integrated machine learning-enabled energy management platforms and the ENGIE SMART O M tool, underscoring the technological revolution in IoT-enabled maintenance and the shift towards data-driven strategic FM.
Access Control in Smart Buildings
Access control in smart buildings is improving security by managing entry based on pre-set criteria, including biometric authentication. This technology is integrated with building management systems to provide personalized settings for occupants. The adoption of 5G technology is enhancing the capabilities of access control systems with increased wireless bandwidth, enabling mobile entry, real-time monitoring, and centralized control.
Sustainability and Regulatory Compliance
Sustainability is a key driver for smart building development, as buildings are a major contributor to global emissions. Investments in infrastructure are necessary for the integration of smart technologies. Regulatory compliance is increasingly important, with regulations mandating smart features and setting energy benchmarks. The EU’s NIS2 directive and the upcoming sustainability reporting legislation are examples of regulatory efforts to ensure the cybersecurity of technical systems and sustainability in large companies.