IoT In Smart Buildings Market Forecast And Outlook

Friday, May 25, 2018 - 09:30

This Smart Building research focuses primarily upon commercial real estate (CRE), such as office buildings and warehouses, which can be augmented with Internet of Things (IoT) technologies for improved communication, automation, and many workplace benefits for both humans and machines. In addition to optimization of tenant operations, CRE owners recognize the ability to realize significantly higher leasing fees with intelligent buildings. Accordingly, over 80 percent of new construction involves at least one facet of IoT and/or related Smart Building technologies.

It is important to note that roughly 90 percent of legacy buildings in developed economies have issues that will require substantial retrofitting

Supporting technologies such as Artificial Intelligence (AI), Mobile Edge Computing, 5G networks will all support new and enhanced smart building system related applications and services. The anticipated massive growth of IoT smart building systems also creates a substantial market opportunity for asset tracking systems and real time IoT analytics, especially associated with smart workplace solutions. Mind Commerce sees many opportunities for AI in Integrated Workplace Management Systems (IWMS), especially pertaining to simultaneous resource allocation and workflow management optimization.

This research evaluates the Smart Buildings marketplace including technologies, players, and solutions. The report analyzes Smart Buildings challenges and opportunities, assessing market potential and provides accompanying forecasts globally as well as regionally and by market segment for 2018 - 2023. The report includes analysis of technologies supporting building automation, IWMS, and smart workplace applications and services. Solution areas covered include 5G, AI, Data Analytics, and Edge Computing.

Key Findings:

  • Global IoT smart building market will approach $51.44B USD globally by 2023
  • 33 percent of IoT smart building market will be powered by AI technologies by 2023
  • North America will lead the IoT smart building market with 36 percent share by 2023
  • Smart Building automation systems will grow at 48.3 percent CAGR from 2018 - 2023
  • MEC, 5G, real-time IoT data analytics, and asset tracking are key solution areas

Purchase the full report here.

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