The global Internet of Things (IoT) for intelligent buildings market is expected to grow from $6.3 billion in 2017 to $22.2 billion in 2026, according to a new study from Navigant Research.
The report examines the global market opportunity for IoT technologies for commercial buildings, providing global forecasts, segmented by region, customer, and offering, through 2026.
Commercial building owners are feeling the pressure to invest in intelligent building technologies that leverage the IoT, providing better insight on operations and equipment as well as access to real-time data for productivity, convenience, and sustainability.
As hardware prices continue to drop while storage and computing power increase via cloud computing, the IoT’s market growth is increasing.
“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,” says 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.”
Jung says that 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.
The report finds that 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.