5G, AI, and IoT Seen as Key Technologies for Operational Improvements and Innovation

SEATTLE, WASHINGTON, UNITED STATES, May 14, 2019 /EINPresswire.com/ -- Improving the operational effectiveness and efficiency, safeguarding assets, and establishing new value-added services are a few of the fundamental goals of smart buildings. Enterprise will benefit in general, as will certain management services companies that operate large industrial facilities and equipment such as drives, pumps, cooling towers, and compressors, which are all expensive, and utilize significant amounts of electricity.

Internet of Things (IoT) solutions will improve lifecycle cost management for facilities and equipment through more intelligence utilization, maintenance, and predictive replacement. IoT technologies are also anticipated to facilitate substantial positive revenue improvements within the commercial Real Estate (CRE) sector, enabling CRE companies to charge higher rents to tenants of IoT-enabled intelligent buildings as well as leverage various capabilities to provide smart workplace solutions.

This will justify CRE industry development of smart building capabilities for new construction as well as justify substantial retrofits for existing buildings.

Intelligent use of IoT technologies will be also be the key to continuous improvements in the areas of process automation. This will positively impact core work flows for enterprise and industrial work locations ranging from factories and other industrial facilities to office buildings. The use of Big Data and analytics tools will be a key part of transforming data captured into actionable information.

Smart building automation software and systems alone will become a $21.6 billion market globally by 2024. In terms of infrastructure related solutions, occupancy and floor space utilization solutions will reach $650 million globally by 2024. Video surveillance systems will continue to be the top security related solutions for smart buildings through 2024.

Learn more in the Mind Commerce Smart Buildings Market Report.

Smart Buildings Market by Technology (AI, IoT, Indoor Wireless), Infrastructure, Solutions (Asset Tracking, Data Analytics, IWMS), and Regions 2019 – 2024 evaluates the smart buildings market including technologies, players, and solutions. The report analyzes smart buildings challenges and opportunities, assesses market potential, and provides accompanying smart buildings market sizing, globally as well as regionally, and by market segment for 2019 – 2024. The report includes analysis of technologies supporting smart building automation, IWMS, and smart workplace applications and services. Smart building solution areas covered include 5G, AI, data analytics, and edge computing.

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