More firms switching to IoT to improve building management, says report

More firms switching to IoT to improve building management, says report

The demand for building automation systems (BAS) is surging as businesses explore new ways of improving energy efficiency.

According to a new report from market research firm Frost & Sullivan, more and more organisations are turning to connected technologies to improve the management of their buildings.

The BAS market is expected to grow at a compound annual growth rate (CAGR) of 4.3 percent between 2016 and 2022, it says.

Other factors behind this growth include increasing interest in buildings’ energy consumption. Smart hubs, sensors, energy-efficient LED lights, and new wireless systems are among the technologies that can help.

There’s also a growing need for connected security and surveillance systems. The analyst company identified them as being “significant” components of the smart building sector.

IoT insights

Currently, buildings are responsible for an estimated 40 per cent of energy consumption worldwide, and cumulatively emit high levels of carbon dioxide. As a result, there’s a critical need for systems that enable greater energy efficiency.

Suba Arunkumar, research manager at Frost & Sullivan, said business managers and tenants are investing in BAS and IoT technologies to gain insights from big data and improve overall efficiency.

“Cutting-edge technologies involving IoT, big data, and cloud platforms have made it convenient to gather and normalise data from buildings to help analyse the energy usage trends, and facilitate fault detection and monitoring of overall building energy performance,” she said.

As a result, BAS systems are becoming a “core” part of new building developments.

But poor cybersecurity could be a long-term threat to the sector, she suggested. “These technology advancements will only thrive if suppliers can develop security features that are strong enough to offset customer fears about hacking or system failure.”

Government action

Arunkumar said politicians and lawmakers have an important role to play in the rise of BAS and the IoT.

“Government policies and regulations will remain critical to keeping the momentum behind advancements in this market.

“In spite of the exciting innovation around technology and new business models, the main driver of progress will be policy and regulation on building management and energy efficiency.”

Internet of Business says

A welcome report that offers some insight into how smart systems can help building and facilities managers to control and monitor energy usage. But as ever with the IoT, the most useful byproduct is data. Individually and collectively, data sets about how buildings are being used locally and worldwide could be the crucial element in reducing carbon emissions and maximising the use of sustainable resources. Any mechanism for creating open datasets from these systems would be invaluable.

Read more: Honeywell unveils new navigation capabilities for smart building app

Read more: Candi opts for Google Cloud Platform to join up smart buildings

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