The Global Market for AI & Machine Learning in Smart Commercial Buildings
The potential for Artificial Intelligence (AI) to help transform the performance of commercial buildings has been well documented for several years. But as with most technology innovations, the industry has been slow to adopt AI and Machine Learning techniques. Coupled with this, marketing hype from vendors has often painted a confusing picture of what AI actually is, and what its real benefits are.
However, over the last couple of years, some genuinely transformational and highly innovative commercial AI solutions are emerging in the smart buildings space. Against this backdrop, we present a comprehensive market analysis based on a bottom-up model that evaluates the AI and Machine Learning offerings of 255 companies, ranging from the world’s largest tech firms, to niche startups based in a total of 17 different countries around the globe.
We estimate that the market for AI & Machine Learning in Smart Commercial buildings generated total revenues of $1.11 billion in 2020, and we forecast it will grow by 24.3% CAGR through to 2025 nearly tripling in value to approx. $3.3 billion by 2025.
While organic sales growth of new AI powered solutions will be responsible for the majority of the expected growth in the market, it will also be driven, in part, by AI taking responsibility for an ever-greater proportion of existing building systems already in operation. AI devices will increasingly displace older generations of edge devices, and AI powered analytics will displace some more traditional forms of software analytics being sold today.
The global AI industry is attracting significant investment and this trend also applies to those with solutions for the Smart Building market. 120 of the 255 firms in our list having received some form of declared equity investment. Of these, 111 have received $1 million or more in declared funding with the median total amount of funding received running at $12 million across all of the companies in our list. Our analysis indicates that Chinese firms are in receipt of the largest amount of total funding since 2010, with over $6.3 billion, compared to $3.9 billion for US firms.
Within its 265 pages and 42 charts and tables, the report filters out all the key facts and draws conclusions, so you can understand exactly how AI technology will be applied to commercial buildings and why. For more information, visit; https://memoori.com/portfolio/ai-machine-learning-in-smart-commercial-buildings/