After several years of slower-than-expected growth, the smart buildings technology market is expected to grow rapidly as the market becomes more aware of the business value generated by deploying smart building solutions, according to a new study from IDC Energy Insights. One of the challenges emerging: how to manage all the data that’s being gathered by these systems.
Smart building technologies have matured to enable facility optimization through the convergence of IT and building automation, according to the report, “Global Smart Buildings Forecast 2013-2018.” Building owners and key decision-makers are increasingly aware of the business value of these solutions. But adoption of the technologies has been slow due to changes in business processes required for deployment and utilization, IDC Energy says.
The report projects the market for smart building technology to grow from $6.3 billion in 2013 to $21.9 billion in 2017. Adoption rates are expected to vary by region, with the most aggressive adoption in North America, Western Europe and Asia/Pacific over the next five years.
With many basic control and monitoring systems in place, the report says, a need is developing for intelligent software and external services to help analyze, interpret and prioritize the data that’s being collected.
"As businesses recover following the 'great recession,' building owners continue to focus on managing their operational energy costs and risks,” Jill Feblowitz, vice president, IDC Energy Insights, said in a statement. “Often, gathering building data is not the issue, rather combining, interpreting and prioritizing that data is becoming the key challenge.”