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Smart Building Market Forecast To Hit $24B By 2021

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Menkes Developments' One York Street in Toronto, a LEED Platinum office tower that incorporates IoT technology.

The smart building market is forecast to grow to $24.7B by 2021, representing a 34% increase from 2016, according to a new report from the Continental Automated Buildings Association. The association's research shows there will be 70 billion Internet of Things-connected devices by 2025, and the proliferation of IoT within the building industry is causing a “dramatic shift” from siloed building systems to an interconnected system of devices and sensors that collect and share data within and across portfolios. The building-related IoT market is projected to reach $76B by 2020, according to CABA.