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Next-gen smart building solutions market worth $2 billion

The smart building market has begun to grow and evolve away from the traditional areas of HVAC, lighting, access control and safety to more advanced needs.

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Smart buildings aspire to be more sustainable as well as efficient
Smart buildings aspire to be more sustainable as well as efficient

The next wave of smart building solutions is forecast to grow at 32 per cent compound annual growth rate (CAGR) over the next eight years to create $2 billion in software and services revenues by 2026.

 

According to a new report from global tech market advisory firm ABI Research, the smart building market has begun to grow and evolve away from the traditional areas of HVAC, lighting, access control and safety to more advanced needs.

 

Improved building sustainability

 

Emerging applications in space management, environmental monitoring, asset management, and cleanliness and hygiene management are being offered as either standalone solutions or to augment existing building automation systems for improved building sustainability.

 

With a wider range of concerns, goals to meet and access to more data, building-owners, occupants and general contractors are targeting these newer sectors that go beyond the traditional smart building elements.

 

“Real-time insights mean that managers can deploy staff as needed to relevant areas of the building.”

 

Space management solutions are being created and engineered with a variety of sensors, including contact, motion and occupancy, reports Smart Buildings 2.0: Building Automation.

 

Typically implemented into office buildings, new space management solutions are becoming more useful in significantly larger commercial buildings, such as airports or stadiums.

 

“Occupancy and motion sensors can be used to help improve the speed in which travellers can manoeuvre themselves through the airport. Real-time insights mean that managers can deploy staff as needed to relevant areas of the building,” said Harriet Sumnall, research analyst at ABI Research.

 

Environmental monitoring consists of sensors that are monitoring noise levels, air quality and natural lighting systems. These solutions enable the ability to see real-time conditions of areas within buildings and monitor the conditions in each room to improve overall occupant wellness and comfort.

 

Asset management solutions are becoming increasingly important within specific commercial buildings, especially healthcare entities. The use of asset management solutions helps hospitals improve their inventory management, lower operational costs and automate the clinical inventory processes.

 

The current HVAC, lighting, access control, and fire and life safety solutions combine to create the core applications of building management systems (BMS) offered by market leaders.

 

“In this more complex supplier market with more applications, interoperability will be what differentiates all market participants.”

 

However, as the smart building market evolves, the ecosystem is no longer limited to the traditional BMS vendors. Now it includes the OEMs of consumables and construction materials adding complementary IoT solutions, said ABI.

 

“The more important competitive dynamic to recognise is that newer suppliers, most with wireless solution offerings, can more easily sell into the untapped market of older and smaller buildings,” added Sumnall.

 

“This won’t necessarily change the focus of the traditional BMS vendors. However, their competitiveness will be greatly diminished if their systems are not interoperable with solutions from these newer suppliers.

 

“In this more complex supplier market with more applications, interoperability will be what differentiates all market participants.”

 

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