Nov. 4, 2014: Market for Internet of Things in Smart Buildings to Rise to over $85 Billion by 2020
The Networking and Related Services Segment of the Market Is Expected to Show Steady Growth
LONDON — Overall connectivity penetration rates across all building systems are currently only around 16 percent; this connectivity penetration rate will rise steadily over the coming years, and with it the market potential for the Building Internet of Things (BIoT), says Memoori in a new research report. The report projects that the global market for the BIoT will increase from approximately $23 billion in 2014 to over $85 billion in 2020.
The networking and related services segment of the market is expected to show a steady growth of 22.6 percent compound annual growth rate (CAGR) rising to approximately $32 billion in 2020, which will represent 37 percent of overall revenues by 2020. Effective network deployment, in order to keep up with the rising bandwidth demands of the BIoT, will be crucial to the efficient delivery of services and the management of data flows.