International. A recent report notes that the IoT sector comes at a time of unprecedented challenge for society. As March 2020 progressed, it became increasingly obvious that the rapid spread of COVID19 would pose significant challenges to all aspects of how we live and work. The built environment will play an important role in how we rise to meet these challenges.
Fundamental changes in user interactions between commercial buildings and society will need to be supported by new technological solutions that help maintain hygiene, facilitate social distancing, and maintain the building's user's trust in their workplaces.
The challenges driven by the COVID19 crisis will make 2020 a difficult year for IoT in the smart commercial building (BIoT) market, and a drop in revenue is estimated compared to 2019.
However, during the forecast period (till 2025), global growth of 11.6% is estimated at best, with overall market revenue increasing from US$42.8 billion in 2019 to US$82.7 billion in 2025, up from 7.3% in the worst-case scenario, at a more modest level. Total revenue of US$65.2 billion by 2025.
Significant revenue opportunities will still exist in 2020 and beyond, particularly in relation to data analytics to support increased demand for space utilization analytics. Commercial building owners and occupants will need spatial data analysis to review their ongoing property requirements and reduce property-related expenses.
Some frustration persists in the market over the plethora of competing platform solutions that offer overlapping functionality. However, leading platform solution providers are starting to emerge, and the user base is likely to coalesce around a more limited number of platform providers, and those who cannot maintain a sustainable user base are forced to merge or withdraw from the market.
While we expect consolidation in the broader platform space, there remains considerable market opportunity for cloud-based software offerings for specialized applications or vertical markets. These can include vertical market-specific analytics, third-party service management, or construction data monetization.
Source: memoori.
