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Opportunities for Internet of Things (IoT) in Smart Buildings

Opportunities for Internet of Things (IoT) in Smart Buildings

  • March 2015
  • ID: 3275062
  • Format: PDF
  • By Frost & Sullivan

Summary

Table of Contents

Key CEO 360 Degree Perspectives on IoT in Smart Buildings

Solving issues related to data privacy, security, and interoperability of devices with wireless protocols is the key to surpassing the smart building industry’s IoT expectations.
Development of flexible and cost-effective cloud-based applications that convert green and smart data into a decision-making platform will help extract the full potential of IoT.
Adoption of Internet of Things (IoT) in building management will change the market dynamics of smart buildings because of low prices of IoT-based components and availability of advanced software solutions.
IoT plays a significant role in shaping the future of building automation systems, as it reduces the infrastructure and operating costs of a building through improved centralisation and the zero-retrofit process.
Cross-industrial partnerships between building technology providers and IoT providers are essential to demonstrate pilot models and develop scalable technologies.

3 Big Predictions

IoT is a game-changing opportunity for smart building participants. It enables them to provide integrated solutions to maximise operational and energy efficiency, enhance innovation, develop remote services more easily, and create new and valuable insights for end users.
Rapid urbanisation, global connectivity, and digital convergence of next-generation IT solutions are the top trends expected to induce partnerships that exploit new growth opportunities in smart buildings, enabled by IoT and cloud-based solutions.
Innovation of low power and low data-rate connectivity devices and the adoption of common standards for data security and privacy and communications are influential factors in the acceptance of the IoT value proposition by end users.Relevant Mega Trends for IoT in Smart Buildings

Connectivity and Convergence
New technologies will increase growth for many innovative applications, and create a connected world, changing the way people live, communicate, conduct business, and interact with machines. Technological advancement coupled with satellite development and artificial intelligence, will create several new business models and growth opportunities. Future convergence will be defined as a joining of products (e.g., electric car), industries (e.g., healthcare and IT) and technologies (e.g., smart home hub).

Smart is the New Green
Green products and services will be replaced by smart products and services. A smart product is one that has intelligent sensing technology. This trend is increasingly being integrated with Internet technologies; it creates optimised operations, improved efficiency, and products capable of reacting and communicating to changing environments. Smart products have a strong business case, can typically provide energy and efficiency savings up to x %, and have a x - to x -year Return on Investment (RoI).

Urbanisation: City as a Customer
Increasing urbanisation will lead to an integration of central cities with suburbs and emerging cities, resulting in expanding city limits, which will have a massive impact on the future of mobility, working life, and society. As a result, Mega Cities, Mega Regions, Mega Corridors, and smart and sustainable cities will emerge. ‘City as a customer’ is an implication of urbanisation, wherein cities (and not countries) are considered to be potential customers and investment hubs for wealth creation and economic growth. Every city will have unique infrastructure demands and offer cross-sectoral micro-implications and opportunities for companies.

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