Technological advances are being built into buildings to increase efficiency, save energy and connect products for a more convenience. New IoT (Internet of Things) devices for residential and commercial use have expanded, and a new study examines the growth of the market.
According to Navigant Research, global residential and commercial IoT-device revenue is expected to grow from $29.4 billion in 2016 to $123.8 billion in 2026. The report analyzes the market for residential and commercial IoT devices. Global market forecasts for IoT device revenue attributed to the residential and commercial sectors, segmented by device, sector and region, extend through 2026. The report highlights the expected trends related to residential and commercial IoT devices and examines the potential market size.
Areas where the IoT devices are growing:
- Smart devices
- EV chargers
- Wireless wensors
- Energy management
- Automation systems
Residential consumers and commercial building owners and operators continue to adopt new IoT devices for their residences and buildings. Benefits from the latest IoT technologies include enhancde energy management, greater control and increased comfort. This trend is also fueled by a growing awareness that connected devices can enable greater efficiency through intelligence at the edge of networks and cloud-based IoT solutions.
With a market poised to more than quadruple, the IoT device market demands attention by all those involved in construction. These devices and technologies will be requested and required in future projects.