The global wireless building management services market was valued at USD 6 billion in 2016 and is expected to surpass USD 20 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global wireless building management services market, under its automation portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Aruba, Cisco, Honeywell International, Johnson Controls, and Schneider Electric.
According to Bharath Kanniappan, a lead analyst for automation research at Technavio, “The Rising use of M2M services across industries prove to be one of the major drivers of the market. Advances in wireless technologies have enabled end-users to deploy M2M services in managing several aspects of the business.”
In the retail industry, M2M interactions helps businesses in completing secured online payments through the point of sale terminals. Various banks and financial institutions have also employed M2M services to track and monitor the financial transactions at banks and ATMs. Remote monitoring of M2M solutions is also gaining popularity with the evolution of wireless management systems used in the healthcare sector.
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Centralized remote controls for residential users
The centralized remote control system is an emerging trend that will benefit the residents of the residential building. Centralized remote controls can be efficiently used to monitor and control various home automation system and technologies like lighting and HVAC. Vendors are also trying to develop wireless hubs that can transmit and receive signals using the remote control to other system.
Evolution of IoT, analytics, and cloud computing
Convergence of IoT, data analytics, and cloud computing has fueled innovation in the global wireless building management solutions market and enabled end-users an easy control over conventional building management system. Recently, Big Data has emerged as a database-driven business decision-making tool that can derive meaningful patterns out of unstructured data. For commercial and residential buildings, various electrical, and building management systems, Big Data generates a vast amount of data related to HVAC system and energy patterns among others. Further, IoT technology has enabled data sharing and transfer between standalone control systems and other devices like thermostats, sensors, and lighting fixtures.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Wireless Building Management Services Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automation Industrial Monitors Market 2017-2021
- Global M2M Services Market 2017-2021
- Smart Home M2M Market in Western Europe 2016-2020
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