Frost & Sullivan has issued a new report analysing the global homes and buildings industry and the role smart and energy efficiency technologies have on the market.
According to the study:
- Additional features that support sustainability and customer-centric solutions will help entrants compete against incumbents and overall, drive the $1,249.95 billion industry towards $1,301.44 billion in 2019
- Artificial Intelligence-powered solutions to amass growth opportunities by optimising capabilities of homes and buildings
- Home and building technology companies are increasingly embedding artificial intelligence and machine learning algorithms to facilitate self-learning behavior and stay ahead of the competition. This is enabling building optimisation capabilities
- The adoption of customer-centric business models will help companies improve overall customer experience
- Energy efficiency and low carbon technologies are key topics in Europe
- The US will see high growth in IoT-based markets
- Asia will see a surge in voice command control
Anirudh Bhaskaran, senior industry analyst for Industrial at Frost & Sullivan, said: "Vertically-integrated building automation solutions, edge intelligence in commercial building automation applications, and energy disaggregation in commercial buildings will be distinct features in building management in 2019.
"Leading building automation participants will be looking to integrate cognitive abilities in buildings by way of partnerships with technology companies. Analysing huge volumes of data is critical for cognitive buildings.
"Numerous smart home devices will be integrated with voice command control in 2019. Smart home security providers will lay emphasis on the comfort of homeowners in addition to improving home security by offering multi-functional products
"To make homes truly connected and energy efficient, homes and buildings companies need to establish partnerships with utilities, energy consultants, and retailers. Meanwhile, Software-as-a-Solution (SaaS) developers need to develop a vendor-agnostic software platform to make solutions compatible with third-party hardware."
For more information about the report, click here...