Top Trends Taking Over The Smart Building Industry In 2024

With the ever-progressing advancements in technology continuing to change our lives, the idea of smart buildings came about. Smart buildings are buildings that have integrated technological systems that help in delivering and enhancing their functions. It’s now been part of the real estate and property management industry for many years as a key part of its future.

Now they’re everywhere, and many see it as an effective method of managing your property or workplace. The numbers don’t lie as its expected value as an industry is forecasted by experts to reach over $100 billion in 2024. This prediction comes after reaching $60.7 billion in 2019.

This upward trend isn’t the only thing that is affecting the sale and construction of smart buildings. There are more than these eye-popping financial figures that you just read. Here are the top trends that are taking over the smart building industry this year.

1. Building management system services

Technology in smart buildings is the core responsible for managing the property. The management system usually serves as the control center and data hub of the building itself. For the sake of the affordability of smart buildings, building management system (BMS) providers are now providing the smart building solution technology as a service.

If you’re familiar with the phrase “as a service” (aaS), that’s because it usually relates to software and platforms. This means people can now own the BMS and only pay for what they consume to operate the building. It’s a pay-as-you-go scheme that gains more savings for the property owner.

It also offers other advantages for many kinds of property managers and owners, such as scalability. With the BMS aaS, the need to purchase multiple software and hardware for other buildings that you own is eliminated since you can use the solutions you’re already paying for.

2. Reduced wiring and greater power

Building management system structures are widely known to be composed of hundreds of wires. Too many cables in any system is a handful to manage, but that will be removed from the BMS equation from 2020 moving forward. Infrastructure for BMS’s is evolving for better utilization.

Many are already using universal connectors, and plenty more will follow suit. With that type of equipment, smart building management will be as easy as pie. All of your different management systems in one building are integrated into one central platform, saving you from more expenses and providing convenient use.

3. Better cybersecurity

Since most BMS utilize the internet-of-things (IoT) systems, the worries for cyber threats are legitimate. This downside is now addressed better this year through the latest trend of biometric authentication. These types of security features are now more accessible to more people because of the latest smartphone technology advancements.

The same tech used to secure our smartphones are also the ones that can save your smart buildings from cyber attacks. Effectivity-wise, it’s nearly impossible to have two identical pieces of biometric data, so it’ll be quite challenging to hack a BMS that has biometrics as its security measure is too high.

Final thoughts

2024 will mark the beginning of smart buildings’ rise to its peak in the next four years. These trends show how great these buildings’ potential is, which possibly means more immense opportunities are coming soon. This industry will be a significant part of the future of property management and real estate.