Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "IoT Devices in Smart Commercial Buildings 2023 to 2028: Device Projections, Adoption & Meta-Trends Analysis Q2 2023" report has been added to ResearchAndMarkets.com's offering.
This Report is a New 2023 Study into IoT Device Projections, Adoption & Meta-Trends Analysis.
Companies Mentioned
- Project Haystack
- Brick Schema
- Google Digital Buildings
- RealEstateCore
- Quantum
- OAP
- IAP
This new research into IoT devices in commercial real estate focuses on the installed base of IoT devices. It provides a completely fresh assessment of the industry based on the latest information.
New for 2023, it INCLUDES at no extra cost, a spreadsheet containing the data from the report AND high-resolution presentation charts showing the key findings. It is the first instalment of a two-part series, with the second report (published later in Q2) covering market sizing data and the competitive landscape.
Key Questions Addressed
- How do you define the Building Internet of Things? It is a network connecting all building services which monitors, analyzes, and controls the smart building without the intervention of humans.
- How many connected IoT devices have been installed in commercial smart buildings? The publisher estimates that the commercial buildings sector currently represents around 11.8% of the total installed base of IoT devices worldwide. We forecast that the number of IoT devices used in commercial smart buildings will grow at a 13.7% CAGR between 2023 and 2028, reaching an estimated 3.25 billion devices by 2028.
- What systems account for the most connected IoT devices? In terms of system application, security & access devices account for the biggest percentage, and the publisher estimates it will grow at 11.9% CAGR to reach 646 million connected devices by 2028. HVAC and building energy management devices account for the 2nd biggest percentage.
- What role do Open Standards and Protocols play in driving growth? The rapid pace of IoT innovation necessitates interoperability across all industries, connecting customers, businesses and products. Open standards facilitate the interoperability of IoT systems, which is essential for unlocking the true value of IoT.
The publisher estimates the number of connected IoT devices installed in commercial smart buildings was over 1.5 billion in 2022. Growth in the total installed base is driven by several factors.
A greater proportion of companies are now moving beyond the conceptualization and planning phases into the adoption phase for their IoT deployments. In addition, surveys indicate a notable recent rise in the average number of IoT devices being deployed per project, with many device rollouts now including thousands or even tens of thousands of devices.
In the context of smart building systems, Artificial Intelligence (AI) and Machine Learning (ML) technologies are increasingly serving as innovative tools empowering building operators to collect, process, and utilize data within the building.
Generative AI models, like GPT-4, offer potential benefits for BIoT systems in terms of natural language processing (NLP) and improved human-AI interactions. Integrating NLP with BIoT systems and data can provide simplified user interfaces, increased adoption, enhanced data analysis, and improved scalability.
Within its 163 pages and 22 charts and tables, the report filters out all the key facts and draws conclusions, so you can understand exactly what is shaping the future of commercial smart buildings.
- The BIoT industry focuses on enhancing data value by improving systems integration and merging networks, systems, sensors, devices, and cloud-based software into a robust and secure architecture. This integration boosts scalability, and flexibility, and reduces costs. Many in the industry advocate adopting a horizontal systems architecture, which uses open standards, open protocols, and non-proprietary solutions.
- As of 2021, 33% of commercial real estate assets were still managed manually. The transition to higher levels of BIoT maturity (Levels 2 & 3 in the diagram above) is slowed by challenges such as legacy systems, cost, technical expertise, data privacy and security, interoperability, vendor lock-in, regulatory compliance, change management, and scalability. To facilitate this transition, organizations should adopt a gradual and phased approach to smart building development, prioritizing a roadmap that delivers tangible benefits to stakeholders.
The commercial real estate sector faces numerous challenges and uncertainties as it contends with the long-term shift towards remote and hybrid working practices and macro factors such as inflationary pressures on energy, labor, and materials. - The slow and uneven recovery in global office markets is creating a divide between prime and secondary office buildings. Landlords that invest in sustainability credentials, amenities, and digital connectivity will gain a competitive advantage and improve future returns, while outdated buildings risk becoming obsolete.
Key Topics Covered:
1. Key Elements of the IoT
2. The Building Internet of Things (BIoT)
3. The State of the Market
3.1 IoT Device Projections
3.2 IoT Devices in Smart Buildings
3.2.1 Installed Based of BIoT Devices in Commercial Smart Buildings
3.2.2 BIoT Devices by Market Vertical
3.2.3 BIoT Devices by Application
3.2.4 BIoT Devices by Region
3.3 Market Investment & Adoption Trends
3.3.1 Adoption Trends for the Wider IoT
3.3.2 BIoT Specific Trends
3.4 BIoT Solution Maturity
3.5 How AI & Machine Learning Are Impacting the BIoT
3.5.1 AI/ML Technologies in BIoT Systems
3.5.2 Existing AI/ML Use Cases
3.5.3 Challenges and Barriers
3.5.4 Future Outlook and Opportunities
4. Meta Trend Analysis
4.1 Macro Economic Outlook
4.1.1 Economic Outlook
4.1.2 Inflationary Pressures
4.1.3 Corporate Sentiment
4.1.4 Banking Sector Woes
4.2 Supply Chain Trends
4.2.1 Supply Chain Pressures Ease
4.2.2 Impacts on IoT Devices & Sensors
4.2.3 Building Supply Chain Resilience
4.3 Real Estate Trends
4.3.1 The Impact of Hybrid Work
4.3.2 Commercial Office Space Demand
4.3.3 The Flight to Quality
4.3.4 A Buyer's Market
4.3.5 Transforming Underutilized Spaces
4.3.6 CRE Construction Outlook
4.3.7 CRE Sector Performance
4.3.8 Implications for IoT Spending
4.4 Environmental, Social & Governance Trends (ESG)
4.4.1 Environmental factors
4.4.2 Social & Wellness factors
4.4.3 Governance factors
4.5 IoT Skills & Job Markets
4.5.1 The Availability of Skilled Professionals
4.5.2 Will Tech Sector Layoffs Close the Skills Gap?
4.5.3 Educational and Training
4.6 The War in Ukraine
4.6.1 Energy Impacts
4.6.2 Materials Impacts
4.6.3 Regional Economic Effects
4.7 Geopolitical Tensions & Trade Barriers
4.7.1 US/China Dynamics
4.7.2 Western Sanctions and Trade Restrictions
4.7.3 Chinese Positioning & Response
5. Standards & Protocols
5.1 Integration, Interoperability & Legacy Building Systems
5.2 The Importance of Open Standards
5.3 Connectivity Standards
5.4 Smart Building Protocols
5.5 Application Layer Protocols
5.6 Building Data Management
5.6.1 Project Haystack
5.6.2 Brick Schema
5.6.3 Google Digital Buildings
5.6.4 RealEstateCore
5.6.5 Quantum
5.6.6 OAP
5.6.7 IAP
For more information about this report visit https://www.researchandmarkets.com/r/pnsmb8
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