Memoori estimates that the number of IoT connected devices installed in commercial smart buildings reached over 1.5 billion in 2022. This represents around 11.8% of the total installed base of connected devices worldwide. We forecast that the number used in commercial smart buildings will grow at a 13.7% CAGR between 2023 and 2028, reaching an estimated 3.25 billion devices by 2028.
Growth in the total installed base is driven by several factors. A greater proportion of companies are now moving beyond the conceptualization and planning phases into the adoption phase for their IoT deployments. In addition, surveys indicate a notable recent rise in the average number of IoT devices being deployed per project, with many device rollouts now including thousands or even tens of thousands of devices.
