With hardware costs dropping and advancements in cloud computing providing greater computing power and storage, the market for Internet of Things (IoT) technologies continues to grow. Owners of commercial buildings are the latest to increase their investments in IoT technology, with research firm Navigant Research projecting growth in the market for intelligent buildings to reach $22.2 billion by 2026 from $6.3 billion in 2017.
Christina Jung, a research analyst at Navigant Research, commented, “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.”
Smart buildings leveraging IoT technology provide the owner access to data on convenience, sustainability, and productivity updating in real time, as well as giving them a clearer picture of equipment and operations. However, the expectation remains for IoT solutions to not only address these areas, but also generate revenue from services and in-building experience.
According to the 71-page report, the IoT solutions can cater to these use cases. Additionally, the report analyzes the value chain, major market drives, key technology issues, and barriers for IoT technology in the context of intelligent buildings.
