Our new research report is an objective assessment of the market for Internet of Things Technologies, Networks and Services in Commercial Smart Buildings.
The Internet of Things (IoT) is now starting to have a transformative effect on smart building automation and control. It is disrupting long established business models and offering significant new opportunities to improve the efficiency of buildings, raise employee productivity, as well as stimulating the development of innovative services.
We are projecting that the combined global market for the Internet of Things in Buildings (BIoT) will continue to grow significantly, rising from $34.8Bn at the end of 2017 to $84.2Bn by 2022, representing a CAGR of 19.4%.
Growth has slowed slightly since our last assessment published in 2016, largely due to the growing maturity of the market, but in part also due to other factors including persistent concerns over data privacy and security as well as lower overall smart device proliferation estimates.
The market for Big Data and Cloud Based Software & Services has matured significantly since our last assessment, and continued service innovation in areas including SaaS solution delivery, user interface design and data visualization tools are helping vendors to develop a wider range of offerings in this area. At the same time, rising data volumes and continued investment in improved AI powered data analytics will ensure continued market growth to 2022.
We expect commercial smart building connected devices to rise from their current level of 2 Billion to around 5 Billion devices by 2022, with the office sector accounting for over 60% of these. Device growth is set to be significant in all commercial building subsectors.
Much of the hype of the early years of the IoT revolved around the technology which often failed to capture the attention of building industry decision makers, as they were unable to interpret how these concepts might help them to generate business value.
Vendors that have taken the early lead in terms of market penetration from IoT solutions have focused on demonstrating the business value of their offerings; specifically addressing the pain points of building owners, occupiers and enterprise managers.
At 223 pages with 59 charts & tables & ONLY $1,750 USD for a single user license, our brand new report entitled The Internet of Things in Smart Commercial Buildings 2018 – 2022 report filters out all the important conclusions, supported with facts, as to the impact of IoT technology on the Smart Buildings industry. For more information, visit; https://memoori.com/portfolio/internet-things-smart-commercial-buildings-2018-2022/