Global Annual Revenue Associated with Edge IoT Spend in Commercial Buildings Is Expected to Near $8 Billion in 2027
Integration of IoT technologies and edge computing power can create efficiencies and cost savings for facilities
A new report from Navigant Research analyzes the edge computing market for the Internet of Things (IoT) in buildings, providing global market forecasts through 2027.
Edge computing distributes the power of data processing to the fringes of a system, giving devices, sensors, and gateways the power to act or make decisions locally and not always rely on a cloud environment. This approach aligns well with commercial building efficiency goals since computing at the edge can in some cases handle data processes locally as well or better than sending the data to a cloud—and do so at lower cost. Click to tweet: According to a new report from @NavigantRSRCH, global revenue associated with edge IoT spend in commercial buildings is expected to grow from more than $3 billion in 2018 to $7.8 billion in 2027 at a compound annual growth rate (CAGR) of 11.2%.
“In the commercial buildings sector, stakeholders are beginning to adopt edge computing technology to help create more intelligent and efficient facilities,” says Neil Strother, principal research analyst at Navigant Research. “Edge computing also fits with the IoT technology trend, which some buildings are adopting in the form of smart meters, smart thermostats, occupancy sensors, and advanced lighting systems.”
According to the report, when IoT technologies such as these integrate with edge computing power, the combination can yield positive benefits for a building. For instance, a well-designed HVAC system that leverages an edge IoT infrastructure could produce significant savings through its ability to react quickly to subtle changes in air temperature or occupancy levels and intelligently make automated adjustments at the optimal time.
The report, Edge Computing for IoT in Buildings, analyzes the global market for edge computing for IoT in buildings, with a focus on hardware, software, and services. The study examines use cases and provides case studies highlighting edge and IoT solutions for commercial buildings. Global market forecasts, segmented by offering type, building type, and region, extend through 2027. The report also analyzes market issues, including key drivers and barriers and regional trends for edge IoT solutions in commercial buildings. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Edge Computing for IoT in Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.