Memoori’s new research report is an objective assessment of the market for Big Data Software in Smart Buildings over the next 5 years to 2020.
Whilst the market for Big Data and Cloud based services in buildings is still nascent, Memoori believes growth in this area will be the most pronounced of all Building Internet of Things technology over the next 5 years.
Driven by falling technology costs, more confidence in emerging solutions and improving ROIs; Memoori’s Report predicts that the market will grow from $9.17 Billion in 2015 to $29 Billion by 2020. This represents a Compound Annual Growth Rate of over 33%.
The value in the Internet of Things is more in the data than the device. Collecting data from more building services and equipment will provide a much more granular view of exactly how each building is performing. Building equipment manufacturers and providers must start using Big Data Software to collect, store and analyze data in the Cloud; so they can use it to provide better operational efficiency for their clients.
Big Data projects in buildings often face difficulty integrating data generated by various networks, working on different standards and protocols. In the short-term, no single standard or communications protocol is likely to emerge to manage the flow of data between devices, networks and the Cloud.
Legacy standards and protocols will co-exist with newer solutions designed for compatibility and interconnectivity for years to come. The industry will therefore need to find ways of integrating data sources in multiple formats.