While there is still some confusion about how the Internet of Things (IoT) will be applied in business and industrial applications, the commercial IoT market is beginning to move out of the “earlier adopter” phase and is poised for a surge in growth, according to an article in The News.
More building owners want to know how to incorporate IoT elements into their smart buildings, the article says. Building owners are also asking how to leverage the data in their buildings to help them make better, more impactful decisions. These questions are being accompanied by a need for enhanced analytics that are easier to access and read. In addition to dashboards and graphs, building owners are looking for consultants who can provide audits and turn data into actionable recommendations and solutions.
To meet the growing demand for more smart building technology, HVAC manufacturers like Siemens, Honeywell and Schneider Electric are forming partnerships and alliances with consortiums and IoT providers to design suitable analytic platforms.
Integrated building management and building automation systems (BASs) in the worldwide market will grow from $20.1 billion in 2013 to $34.7 billion by 2021, according to Navigant Research.