How do smart building projects define and deliver value? A classification of business modelling characteristics to support design and development

Abstract

Both public administrations and real estate developers have been investing in innovative Smart Building projects to reduce energy consumption while improving housing quality and occupant comfort. Despite a booming market and an ever-growing academic interest in Smart Building technologies, few studies are available to understand the value generated by Smart Building projects and how these initiatives are able to achieve business success and distribute value to their stakeholders. To fill this gap, this study presents an empirical analysis of 300 Smart Building projects implemented internationally. The projects' characteristics have been analyzed on a business model framework in order to identify general concepts and discarding redundant information. The result of this effort has been a classification of business modelling characteristics able to illustrate the main value and business objectives pursued by Smart Buildings projects and the strategies through which these projects distribute and deliver value to their customers and stakeholders. This study presents two main implications. First, it helps scholars in their study on the development and implementation of Smart Building projects. Second, it supports the decision-making processes of both public and private developers acting as a collection of best practices for the design and development of Smart Building initiatives.