IoT for Intelligent Buildings

Internet-connected devices that collect and communicate data are changing the way the construction industry does business and the way that buildings are built.

Today, Internet of Things (IoT)-enabled intelligent building solutions are becoming more secure, scalable, and interoperable. They support open communications and standards within the building space, assisting with reduced costs and improved integration possibilities. Contractors who are familiar with the technology and able to upgrade the systems will have the advantage in the market.

A new report from Navigant Research examines the global market opportunity for IoT technologies for commercial buildings. Commercial building owners are feeling the pressure to invest in intelligent building technologies that leverage the IoT, providing better insight on operations and equipment as well as access to realtime data for productivity, convenience, and sustainability. As hardware prices drop while storage and computing power increase via cloud computing, the IoT’s market growth is increasing. The global IoT for intelligent buildings market is expected to grow from $6.3 billion in 2017 to $22.2 billion in 2026.

Given the enterprise-level integration across buildings and systems with IoT systems, customers have come to expect solutions that not only address energy management and operational efficiency, but also offer use cases related to in-building experience as well as revenue generation services.

IoT solutions can facilitate those use cases, assembling data from one or multiple buildings and presenting normalized information that can be managed through one open and scalable infrastructure.

As IoT becomes the standard in buildings, the contractors who know the most about it will have a competitive advantage.

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