IoT Integration Driving Competition, Investment in Building Management Systems Market
Increased flexibility and functionality of IoT is creating a more complex competitive environment
NEW YORK — More than 8 million building management systems (BMS) will be integrated with some form of Internet of Things (IoT) platform, application, or service by 2020, according to a report from ABI Research. However, like many suppliers in established markets today, commercial building management system vendors face both opportunities and threats when navigating the emerging IoT ecosystem.
The opportunity is IoT integration transforms the traditional BMS from an unconnected monolithic system to part of a wider and integrated sensing and control network. Support for open BMS connectivity to third-party applications means BMS operations can receive communications on a range of external events such as changing weather conditions or variable energy pricing. At the same time, new sensors and actuators within the building environment can control the BMS according to space allocation, building occupancy, and other dynamic factors.