by Brianna Crandall — May 22, 2019 — The Smart Buildings Market by Technology (AI, IoT, Indoor Wireless), Infrastructure, Solutions (Asset Tracking, Data Analytics, IWMS), and Regions 2019-2024 report from Mind Connections has been added to the ResearchAndMarkets.com offerings.
This report evaluates the global smart buildings market including technologies, players and solutions. It analyzes smart buildings challenges and opportunities and assesses market potential for 2019-2024.
The report includes an analysis of technologies supporting smart buildings automation, integrated workplace management system (IWMS) software, and smart workplace applications and services. Smart buildings solution areas covered include 5G, AI, data analytics, and edge computing.
Select report findings:
- Internet of Things (IoT) solutions will improve lifecycle cost management for facilities and equipment through more intelligent utilization, maintenance and predictive replacement.
- Enterprise will benefit in general, as will certain management services companies that operate large industrial facilities and equipment such as drives, pumps, cooling towers, and compressors, which are all expensive and utilize significant amounts of electricity.
- Intelligent use of IoT technologies will be the key to continuous improvements in the areas of process automation for smart buildings and the overall smart workplace ecosystem.
- IoT technologies are also anticipated to facilitate substantial positive revenue improvements within the commercial real estate (CRE) sector, enabling CRE companies to charge higher rents to tenants of IoT-enabled intelligent buildings as well as leverage various capabilities to provide smart workplace solutions.
The smart buildings market consists of warehouses, factories, office buildings and other enterprise, industrial, and government structures. Intelligent structures leverage a variety of interdependent technologies such as artificial intelligence (AI), broadband wireless (including WAN and indoor wireless), cloud computing (including edge computing), and Internet of Things (IoT) networks to improve operational efficiency and enable a safer and more productive environment.
The smart buildings market is related to the smart workplace market, which includes some important enterprise and industrial automation systems and solutions such as integrated workplace management systems (IWMS), decision support systems utilizing advanced data analytics, and business asset management.
Leading companies within the commercial real estate sector are realizing tangible benefits by leveraging smart buildings market solutions as owners are able to charge higher fees for technology-enabled intelligent buildings. Accordingly, over 80% of new construction involves at least one facet of IoT and/or related smart buildings market-related technologies. However, it is important to note that roughly 90% of legacy buildings in developed economies have issues that will require substantial retrofitting, according to the report.
What makes a building smart?
The term “smart building” or “intelligent building” refers to an enterprise structure that is supported by software and systems to ensure more efficient and effective operations. Additional goals are to enhance the health and well-being of occupants and to protect enterprise assets. Intelligent buildings are also closely associated with the concept of the smart workplace, which extends beyond a centralized work zone to include distributed and remote employees and corporate assets.
Commercial real estate owners are able to charge higher lease fees for intelligent buildings for a variety of reasons including lower operational costs as well as support for improved safety, comfort, security, and productivity for workers. Smart workplace benefits facilitated by intelligent buildings include work process improvement, workflow improvement, and internal and external supply chain management optimization.
Smart buildings data analytics
Many of the solutions that make buildings smarter involve IoT capabilities. However, data and information systems to enable better decision-making are also critically important. AI may be implemented in conjunction with big data tools to enable enhanced data analytics. Analytics solutions are good at looking for patterns and unstructured data; supplementing them with AI can provide an additional benefit of learning from experience.
Since enterprise verticals in many different industries rely on buildings for operation, many market segments can benefit. For example, AI algorithms in an office building can learn from the patterns of workers to determine the optimal time to adjust lighting and heating, ventilation and air-conditioning (HVAC). In another example, AI support at healthcare facilities can help with critical care, ensuring that resources are available where they are needed the most based on historical patterns of occupancy and resource allocation.
Integrated workplace management systems (IWMS)
The most efficient and effective smart buildings are those that include an integrated workplace management system (IWMS). An IWMS solution is leveraged to both support a more integrated building control system and to optimize the workplace. This includes orchestrating workflow in processes relative to building resources and the environment in terms of things like optimal lighting, heating and ventilation for workers.
IWMS solutions rely heavily upon IoT technology and data processing for optimal operation, points out the report. The integration of AI can make these systems more efficient. For example, AI can assist IWMS solutions in determining the optimal allocation of building resources based on environmental factors, workflow, and the availability and location of personnel and organizational assets. This is particularly useful in a corporate campus environment or university where there are multiple buildings that are often multi-purpose and shared among departments.
Report benefits include:
- Smart buildings market sizing from 2019 to 2024
- Market sizing for edge computing in the smart buildings market
- Identify smart buildings market challenges and opportunities
- Understand the smart buildings marketplace including players and solutions
- Identify how key technologies such as AI and IoT support intelligent structures
- Identify how integrated workplace management systems (IWMS) support smart buildings
For an Executive Summary and outline of the Key Topics Covered, and to purchase the complete Smart Buildings Market by Technology (AI, IoT, Indoor Wireless), Infrastructure, Solutions (Asset Tracking, Data Analytics, IWMS), and Regions 2019-2024 report, visit the ResearchAndMarkets.com website.