by Brianna Crandall — June 26, 2017 — Employees and customers have become reliant on devices and access to real-time building data for productivity, convenience, and sustainability, according to a new report from Navigant Research. As a result, commercial building owners and facilities managers (FMs) are feeling “a new kind of upward pressure” to invest in intelligent building technologies that leverage the Internet of Things (IoT), providing better insight on operations and equipment as well as access to real-time data for productivity, convenience, and sustainability to direct changes for corporate goals.
As hardware prices continue to drop while storage and computing power increase via cloud computing, the IoT’s market growth is increasing. According to the new white paper, the global market for IoT for commercial intelligent buildings is expected to grow from $6.3 billion in 2017 to $22.2 billion in 2026.
Christina Jung, research analyst with Navigant Research, stated:
Leveraging Internet-connected devices that collect and communicate data and software for data aggregation and analysis, IoT-enabled intelligent building solutions are secure, scalable, and interoperable. They support open communications and standards within the building space, assisting with reduced costs and improved integration possibilities.
Given the enterprise-level integration across buildings and systems with IoT systems, customers have come to expect solutions that not only address energy management and operational efficiency, but also offer use cases related to in-building experience as well as revenue generation services. According to the report, IoT solutions can facilitate those use cases, assembling data from one or multiple buildings and presenting normalized information that can be managed though one open and scalable infrastructure.
Some of the key questions addressed in the report include:
- What are the major trends shaping the Internet of Things (IoT) for intelligent buildings market?
- What technology and market dynamics are shaping the future of IoT for commercial buildings?
- How have building energy management systems evolved in the context of IoT trends?
IoT for Intelligent Buildings: Hardware, Software, and Services for IoT in Commercial Buildings: Global Market Analysis and Forecasts, available for purchase from the Navigant Research Web site, examines the global market opportunity related to IoT technologies for commercial buildings. The study provides an analysis of the value chain, use cases, and major market drivers and barriers for IoT in intelligent buildings.
Global market forecasts, segmented by region, customer (building) type, and offering type (hardware, software, and services), extend through 2026. The report also examines the key technology issues, as well as the competitive landscape, associated with IoT for commercial buildings, and identifies the key vendors in the market. An Executive Summary of the report is available for free download on the Navigant Research Web site.