Smart buildings are no longer the future in building management.
Swedish research firm Meemoori’s new report on the market for big data in smart building sees “robust growth” worldwide. It predicts growth of $15.6 billion by the end of this year to $35.8 billion by 2023, a compound annual growth rate (CAGR) of 18 percent.
Whether building from the ground up or retrofitting old buildings, tenants expect buildings with systems that can “talk” to each other. That means fire protection, ventilation and climate control, lighting and video surveillance no longer stand alone. They feed into a central control and communicate with each other via Internet of Things (IoT) connectivity. For example, sensors detecting vacant offices can have lighting and temperature systems dedicate less resources to those spaces, thus cutting down on waste. Smart buildings also provide data, such as real-time consumption of energy and water, allowing for immediate corrections, as well as providing data for planning purposes.
How smart a building is also could affect recruitment, retention and morale. Younger workers especially could expect buildings to offer connectivity and sustainability. If they can’t get the tools they need, they’ll go somewhere else.
Up until now, office buildings have concentrated primarily on smart systems for energy consumption and lowering costs. Today, smart buildings mean enhanced reputations as well, driving investments that fuel growth in green, net zero energy and resilient buildings. Organizations identify greenhouse gas footprint reduction, energy cost savings, and energy security basically as bragging points well worth the investment.
Eventually, buildings will be talking with each other, resulting in a system that completely links the entire city, private enterprise, residential and government.
Make sure you get in on the ground floor. Contact Vanguard Resources to help you join the smart building revolution.