Navigant: Global market for IoT for smart buildings to exceed $22B by 2026

Monday June 12, 2017 0 comments Tags: Boulder, Navigant Research, IoT, Christina Jung

BOULDER -- The global 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 report from Navigant Research.NavigantNEWlogoUSE

The report examines the global market opportunity for Internet of Things (IoT) technologies for commercial buildings, providing global forecasts, segmented by region, customer, and offering through 2026.

Navigant said 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, the report notes. 

“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, Navigant research analyst.

“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, Navigant said 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.

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

The reportIoT for Intelligent Buildings, examines the global market opportunity related to IoT technologies for commercial buildings. The study 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. An Executive Summary of the report is available for free download on the Navigant website.