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.
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