BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research analyzes the global market for Internet of Things (IoT) solutions aimed at small and medium-sized buildings, including hardware, software, and services, with global market forecasts for revenue, through 2027.
While owners and occupants of small and medium-sized buildings have not been aggressive adopters of IoT technologies, signs of growth beyond the early adopters are emerging. As increasingly compelling IoT products and services come to market and strong use cases for small and medium-sized buildings become more apparent, market traction is increasing. Click to tweet: According to a new report from @NavigantRSRCH, global revenue associated with IoT solutions for small and medium commercial buildings is expected to increase from $533.8 million in 2018 to over $4.0 billion in 2027 at a compound annual growth rate of 25.1%.
“Among the key market drivers are prices that continue to drop for IoT hardware and vendors that are willing to bundle solutions for use cases that provide benefits to the building owners and tenants,” says Neil Strother, principal research analyst with Navigant Research. “At the same time, prices for data processing and analytics related to IoT solutions have dropped, creating further interest in this market segment.”
Other drivers of adoption include viable use cases for small and medium buildings, according to the report. For example, a well-designed IoT-enabled lighting or HVAC system can produce double-digit energy savings for a tenant or building owner. The payback might not be immediate, but over the course of a few months or a year, the savings can be apparent.
The report, IoT for Small and Medium Buildings, analyzes the global market for IoT solutions aimed at small and medium-sized buildings, including hardware, software, and services. It examines the competitive landscape and use cases and provides case studies highlighting IoT solutions for HVAC, lighting, and security applications. Global market forecasts for revenue, segmented by offering type, building type, and region, extend through 2027. The study also examines the market issues, including key drivers and barriers for IoT solutions in small and medium commercial buildings, as well as prevailing and emerging communication protocols for IoT systems. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, IoT for Small and Medium Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.