AP NEWS

The March Towards Data-Driven Commercial Buildings Increases Pace, Explains Memoori Research

November 28, 2018

STOCKHOLM--(BUSINESS WIRE)--Nov 28, 2018--The global market for Big Data software & services in Smart Commercial buildings is experiencing robust growth, rising from $15.6Bn by the end of 2018 to $35.8Bn by 2023, representing a CAGR of 18%.

Growth in the commercial office sector is still largely untapped, with the majority of investments only focused on minimizing operational costs and energy expenditure. and related investments will drive future market growth in this segment, with significant market spending also projected in relation to a variety of predictive analytics, AI and machine learning initiatives.

The Internet of Things in Buildings (BIoT) is becoming increasingly complex for both vendors and end users to navigate. Few (if any) organizations have the expertise in both IT and OT domains to thoroughly dominate the landscape. So it is becoming important for vendors both new and old to carefully evaluate the sectors in which they want to focus and establish partnering relationships in other areas of the supply chain to strengthen their market positioning.

As end user expectations around data accessibility and data integration evolve and more companies seek to integrate building systems data onto wider enterprise data platforms, established market players will need to move steadily away from their legacy market models.

Siloed systems and tools that require specific expertise to manage and operate are ill suited to the evolving requirements of the BIoT. Vendors will need to embrace open standards and improve their metadata management procedures to ensure data can be integrated more seamlessly.

About the Report

At 245 pages with 47 charts & ONLY $1,750 USD for a Single User License, our brand new report “Towards Data-Driven Buildings” filters out all the important conclusions regarding the impact of Big Data software on Commercial Real Estate. For more information, visit https://www.memoori.com/portfolio/towards-data-driven-buildings/

About Memoori

Memoori is an independent smart building research organization offering advice on technology in smart buildings to companies across the value chain. For more information, visit https://www.memoori.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20181128005347/en/

CONTACT: James McHale

Meemoori Research AB

support@memoori.com

+46-8-501-64-177

KEYWORD: EUROPE SWEDEN

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY

SOURCE: Memoori

Copyright Business Wire 2018.

PUB: 11/28/2018 09:00 AM/DISC: 11/28/2018 09:01 AM

http://www.businesswire.com/news/home/20181128005347/en

AP RADIO
Update hourly