IoT Could Spur Smart Building Market: Report

IoT Could Spur Smart Building Market: ReportIn a new report, growth consultancy firm Frost & Sullivan is seeing big opportunities to leverage Internet of Things technologies for ‘smart buildings’.

Speaking in a press release, Frost & Sullivan analyst Anirudh Bhaskaran pointed to the potential well of data available from connected buildings as a major untapped resource. “Interconnected devices from various departments in a building generate huge amounts of data that must be processed and analyzed,” he said, adding that the “demand for enhanced analytics support plays a pivotal role in driving the adoption of IoT in smart buildings.”

But the smart building is a pretty new concept, and a number of obstacles need to be overcome before this nascent market can start to boom. The report points to a dearth of low-power, data-efficient connected devices appropriate for such applications, as well as a lack of common security standards – a complaint that has been lobbed against the Internet of Things more broadly.

Frost & Sullivan also has concerns about a lack of any “clear perspective on concrete business opportunities,” but finds hope in the machinations of companies like Siemens and Honeywell, which are starting to look for partnerships with communications companies and industry consortiums to come up with analytic platforms. That trend bodes will for organizations like the AllSeen Alliance, which seeks to establish standards for a number of aspects of the IoT industry; and other major organizations are starting to build their own technological architecture for IoT devices, which could translate into appropriate solutions for smart buildings, too.