STOCKHOLM--(BUSINESS WIRE)--The Internet of Things (IoT) is now starting to have a transformative effect on smart building automation and control. It is disrupting long established business models and offering significant new opportunities to improve the efficiency of buildings, raise employee productivity, as well as stimulating the development of innovative services.
Memoori is projecting that the combined global market for the Internet of Things in Buildings (BIoT) will continue to grow significantly, rising from $34.8Bn at the end of 2017 to $84.2Bn by 2022, representing a CAGR of 19.4%.
The market for Big Data and Cloud Based Software & Services has matured significantly since our last assessment, and continued innovation in areas including SaaS solution delivery and data visualization tools are helping vendors to develop a wider range of offerings in this area. At the same time, rising data volumes and continued investment in improved AI powered data analytics will ensure continued market growth to 2022.
Memoori expects commercial smart building connected devices to rise from their current level of 2 Billion to around 5 Billion devices by 2022. Device growth is set to be significant in all commercial building subsectors.
Much of the hype of the early years of the IoT revolved around the technology, which often failed to capture the attention of building industry decision makers as they were unable to interpret how these concepts would help them to generate business value. Vendors that have taken the early lead in terms of market penetration from IoT solutions have focused on demonstrating the business value of their offerings; specifically addressing the pain points of building owners, occupiers and enterprise managers.
About the Report
At 223 pages with 59 charts & ONLY $1,750 USD for a single user license, our brand new report filters out all the important conclusions about the impact of IoT technology on the Smart Building industry. For more information, visit; https://www.memoori.com/portfolio/internet-things-smart-commercial-buildings-2018-2022/
Memoori is an independent smart building research organization offering advice on technology in smart buildings to companies across the value chain. For more information, visit https://www.memoori.com