Memoori’s new research report is an objective assessment of the market for Internet of Things Technologies, Networks and Services in Buildings 2014 to 2020.
Overall connectivity penetration rates across all building systems are currently only around 16%. This connectivity penetration rate will of course rise steadily over the coming years, and with it the market potential for the Internet of Things in Buildings (BIoT). Our new report projects that the global market for the BIoT will increase from approx. $23Bn in 2014 to over $85Bn in 2020.
The networking and related services segment of the market will show a steady growth of 22.6% CAGR rising to approx. $32Bn in 2020; which will represent 37% of overall revenues by 2020. Effective network deployment, in order to keep up with the rising bandwidth demands of the BIoT, will be crucial to the efficient delivery of services and the management of data flows.
Our underlying figures indicate that the overall market for systems in buildings will also grow from approx. $111Bn in 2014 to $181Bn in 2020, with Physical Security, Lighting Control and Fire Detection & Safety representing the 3 largest segments.
The value in the Internet of Things is as much in the data as 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 selling systems that collect, store and analyze data in the cloud, so they can use it to provide better operational efficiency for their clients.
