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Smart building market will exceed $22bn by 2026

IoT-enabled buildings support open communications and standards, contributing to reduced costs and improved integration possibilities

Customers have come to expect more intelligent and connected buildings
Customers have come to expect more intelligent and connected buildings

The global Internet of Things (IoT) for intelligent buildings market is forecast to soar from $6.3bn in 2017 to $22.2bn in 2026, a new white paper finds.


A combination of hardware prices continuing to drop while storage and computing power increase via cloud computing is fuelling the IoT’s market growth according to Navigant Research’s report IoT for Intelligent Buildings.


Meanwhile, 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.


“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.”


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 states.


According to the report, IoT solutions can facilitate those use cases, assembling data from one or multiple buildings and presenting normalised information that can be managed through one open and scalable infrastructure.


IoT for Intelligent Buildings provides an analysis of the value chain, use cases, and major market drivers and barriers for IoT in intelligent buildings.


Global market forecasts, segmented by region, customer (building) type, and offering type (hardware, software, and services), extend through 2026. The report also examines the key technology issues, as well as the competitive landscape, associated with IoT for commercial buildings.


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