Smart building market could exceed $22bn by 2026
Occupant demand is forcing commercial building owners to invest in more intelligent building devices
Report from – Damien Carr
According to Navigant Research’s ‘IoT for Intelligent Buildings’ report, the global Internet of Things (IoT) for intelligent buildings market is forecast to rise from $6.3bn in 2017 to $22.2bn in 2026. The expected market growth is being fuelled by a combination of hardware prices continuing to drop and an increase in storage and computing power via cloud computing.
Meanwhile, commercial building owners are feeling the pressure to invest in intelligent building technologies that leverage IoT, providing better insight on operations and equipment as well as access to real-time data for productivity, convenience, and sustainability.
“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,” said Christina Jung, research analyst with Navigant Research.
“They support open communications and standards within the building space, assisting with reduced costs and improved integration possibilities,” she added.
The integration across buildings and systems with IoT systems, has meant that occupants have come to expect solutions that not only address energy management and operational efficiency, but also help to build the user case for 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 information that can be managed through an open and scalable infrastructure.