The Internet of Things (IoT) is gaining a lot of ground on most every front in which it's involved, and not without reason. Whether it's being used in fleet telematics, keeping track of vehicle locations, or as part of a smart home system, the combination of its sheer versatility and the impact on the markets in which it can be found adds up to an impressive overall package. A recent report from Memoori Research, meanwhile, suggests that the top end for the IoT market is set to hit somewhere around $85 billion by 2020 alone, and that's just the field for smart buildings alone.
Known as the Internet of Things in Buildings (B IoT) market, the word from Memoori suggests that there will be a steady—and quite impressive overall—rise for the market from its current level of around $23 billion to that impressive $85 billion figure. But that's not all the impact that the B IoT market would have; the Memoori study suggests that the market for networking and related services alone will jump as well, and said market will see a 22.6 percent compound annual growth rate through 2020, where it reaches a point of around $32 billion by itself. Moreover, systems in buildings—which this year alone was a market valued around $111 billion—should reach fully $181 billion in 2020 thanks to pushes from market segments like lighting control, fire detection and safety, and physical security.
The Memoori report also offers a note of advice for those looking to get into the market: the device has value, but so too does the data involved in that device. If devices can better collect data from building services and things like that, it can provide a better overview of building performance. That can lead to better analysis systems and notations of points of improvement in the future, like places where security is weak or where insulation is poor and heat is being unexpectedly vented outside.
Beyond that, too, there's a clear opportunity here for anyone who can help drive the kind of data flow that will be required from these developments. While 4G LTE has definitely proven to be a sound advance in this field, there's only so far that can go, especially given how much demand is placed on the system from regular users. Being able to bring in a new breed of data transmission—possibly television white space (TVWS) or the like—would make for a huge opportunity in the market, one that would allow its developer a substantial piece of a market that's clearly on the upward trend.
Only time will tell if Memoori's study bears fruit, and just where the B IoT market will end up, but it's a pretty safe bet that this is a market poised for big gains, and not too far away from now either. While it may not prove to be as spectacular a gain as Memoori projects, it's still likely to prove substantial. That alone makes this a market worth further consideration.
Edited by Maurice Nagle