The COVID-19 pandemic has impacted nearly every sector and has forced various industries to undergo business transformation initiatives to adapt to the new normal environment. The Homes and Buildings (H&B) industry is no exception and is expected to face an acute recovery challenge both from the supply and demand side of the industry in 2021. As homes and buildings industry participants deal with continued slowdown and fundamental shifts brought by the pandemic, there are distinct pockets of industry opportunities. Although the effect of the pandemic was severe in traditional markets such as HVAC, lighting, and building automation, technology-based software markets, driven by the penetration of the Internet of Things (IoT) at the field level of buildings, emerging adoption of AI-driven solution at the management level, and cloud-based remote services were resilient during the pandemic. Frost & Sullivan sees an increased awareness among building managers and customers on the value creation from these technologies. Industry participants of traditional markets integrate digital offerings to provide technology-enabled solutions that play a vital role in seamless integration with existing systems and delivering building performance optimisation. The H&B industry will continue to evolve with the penetration of advanced technologies delivering energy and cost benefits and, above all, value-based outcomes.