Smart buildings industry: Big Data to emerge as biggest growth driver

The convergence of next-generation IT solutions such as the Internet of Things (IoT), cloud computing, big data and data analytics will open up new business opportunities for both building technology and ICT companies, according to Frost & Sullivan.

“More importantly, these platforms are expected to become the pillars of smart building evolution in terms of technology, business value and customer satisfaction.”
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According to the market research firm, urbanisation, the connectivity and convergence of smart technologies, and communication between smart devices are the three big trends that will drive the development of the smart buildings industry.

“The ongoing convergence of operating technology and IT indicates that key technology advancements will gather pace in the fields of data analytics, cloud services and IoT,” said Frost & Sullivan Energy and Environmental Research Analyst Anirudh Bhaskaran. “Big data, especially, will emerge as a more valuable delivery model owing to affordable upfront costs and lower resource usage.”

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In addition, big data provides an open platform that enables the integration of data from different systems. The technology’s scalability is another crucial benefit that will underpin its value in the smart building space.

The integration of ICT and building technologies to satisfy the technical demand for big data and analytics applications will lead to new partnerships between data analytic and building technology providers in the near future. Tier I building technology participants, in particular, will welcome strategic alliances with data analytic vendors.

“Local government focus on technology, policy, economy and infrastructure will lend further momentum to smart building initiatives and, gradually, lead to their evolution into smart cities in the next 10 to 15 years,” added Bhaskaran.

“The BRIC countries - Brazil, Russia, India and China - are likely to invest strongly in smart buildings and smart cities due to expanding population, economic growth and rapid urbanisation.”

As a result, organisations involved in both big data and building technologies will be at the frontlines of the smart building space when the two industries merge into a single platform.