IoT to Open New Opportunities in Smart Buildings Market, Report Says
The Internet of Things could be a game-changer for companies that provide integrated solutions that can process and analyze large amounts of data that will maximize the operational and energy efficiency of smart buildings, according to a report released by Frost & Sullivan.
Flexible, secure and cost-effective cloud-based applications that can convert building data into a decision-making platform will also help expand the market for the Internet of Things—in which everyday objects have network connectivity and can send and receive data.
The report, “Opportunities for Internet of Things (IoT) in Smart Buildings,” found that rapid urbanization, global connectivity and digital convergence of next-generation IT solutions will open up growth opportunities for IoT and cloud-based solutions in smart buildings.
The report also predicts green products and services will be replaced by smart products, which have intelligent-sensing technology. Smart products have a real business case and can typically provide energy and efficiency savings of up to 30 percent, and generally have a two- to three-year return on investment, the report argues.
Interconnected devices from various departments within a buildings can generate large amounts of data that must be processed and analyzed. The demand for enhanced analytics support plays a pivotal role in driving the adoption of IoT in smart buildings, says Anirudh Bhaskaran, an energy and environment research analyst at Frost & Sullivan.
The adoption of IoT in building management will change the market dynamics of smart buildings due to falling prices of IoT-based components and the ability to run advanced software in it, the report says. However, the acceptance among early adopters hinges on innovations in low power, low data rate connectivity devices and the adoption of standards in data security and privacy in communications.
A UL study released in March 2015 predicts disruption in the building market over the next five to 10 years as owners, operators and investors of buildings increasingly recognize the potential of innovation in building energy consumption, water usage and indoor air quality to positively impact their bottom lines.
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