The smart building market will double to $70 billion by 2023 as the ICT industry, commercial real estate and governments embrace smart buildings as the gold standard in commercial construction.
Fully integrated systems are enabling advanced building automation for increased efficiency, optimized operations and enhanced occupant productivity, safety, security and wellbeing. Now, new 5G, IoT and edge computing combined with advancements in analytics, machine learning and artificial intelligence (AI) will allow buildings to become even smarter.
Unfortunately, to date, there have been no assessment programs that take a holistic approach and consider the entirety of the building. TIA, through its Smart Buildings Program Working Group, has defined the following six core elements of a smart building:
- Health and wellbeing
- Life and property safety
- Power and energy
Our new position paper explores how new holistic smart building assessment criteria will enable wider adoption of smart buildings, both as standalone real estate entities and as building blocks within the larger smart city macrocosm.