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A building with the incorporation of Internet of Things (IoT) solutions and services is known as a connected building. Connected buildings, with the help of IoT devices, help enable building automation and provide real time analytics and location-based services among others. A connected building can be an industrial building, educational institute, information technology (IT) company, or enterprise and commercial buildings. Connected buildings securely connect building networks, people, technologies, and processes with the use of Internet of Things (IoT). They enable technology and humans to work together and generate more cost effective and efficient IT processes. With the use of IoT, connected buildings integrate the physical and IT processes. Connected buildings visualize new aspects of operational processes. The feature of real time analytics helps building owners launch scalable and advance monitoring and security solutions. Connected building solutions are used in commercial and non-commercial applications.

They have significant adoption across security applications. Connected building services such as connected enterprise services help businesses engage customers and enhance customer experience. Further, connected enterprise solutions also help drive sales and generate an integrated enterprise for delivering consistency among people, processes, and technology solutions. Connected buildings, with their optimized business performance, support different industrial companies by enhancing faster product launches in the market and reducing the total cost of proprietorship.

Moreover, utilization of assets increases through connected buildings as they reduce unplanned idle time for productive operation. They also help manage building risk in complying with rules and regulations. The overall connected building market is anticipated to expand at a significant compound annual growth rate (CAGR) over the forecast period.

Significantly increased demand for automation and cloud computing solutions such as Big Data, IoT, and data analytics is expected to drive the global connected building market in the near future. Moreover, the need for saving energy is expected to boost demand for connected building solutions. This, in turn, is anticipated to drive the global connected building market during the forecast period. Furthermore, an increase in the necessity for cloud computing and automation across industries and the potential use of large amounts of data to improve operations and processes are some of the factors projected to drive the global connected building market between 2018 and 2026.

Organizations are making connected buildings a reality as they join networks to generate a common production platform. Connected buildings allow unparalleled access to data, which increases productivity; improve the quality of the product; and increase real time delivery. However, poor communication compatibility between sensors, systems, and IoT software is anticipated to hamper the connected building market in the near future. Further, absence of uniform IoT standards is expected to hinder the market. Nevertheless, a rise in demand for system integrators is expected to create lucrative opportunities for vendors in the connected building market.

The connected building market can be segmented based on platform, service, end-use industry vertical, and region. Based on platform, the market can be divided into device, connectivity, and application management. In terms of service, the connected building market can be segmented into business process management, customer engagement, maintenance and support, and deployment and integration services. Based on end-use industry, the market can be classified into manufacturing; entertainment; government; infrastructure; IT & telecommunications; banking, financial services, & insurance (BFSI); residential; retail and e-commerce; and health care.

In terms of region, the connected building market can be divided into Europe, North America, Middle East & Africa, Asia Pacific, and South America. Further, the market is analyzed at the country level across each geographic region.

Some of the major players operating in the connected building market include Rockwell Automation, Inc., Jacobs, Tech Mahindra Limited, Infosys Limited, Capgemini Service SAS, Fujitsu, Bain & Company, General Electric, Constellation Research Inc., Enghouse Interactive, CBT Company, Wipro Limited, Bosch Software Innovations GmbH, Intel Corporation, and International Business Machines (IBM) Corporation.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Connected Building Market

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