The internet of things in buildings (BIOT) provides a very different set of challenges compared to those faced in the consumer IOT world, which inevitably attracts most of the media’s column inches.
Overall, connectivity penetration rates across all building systems are currently only around 16 percent. This connectivity penetration rate will rise steadily over the coming years, and with it the market potential for BIOT. It will inevitably have to coexist with extant equipment and data networks for a significant length of time.
According to a new report from Meemori, the global market for the BIOT will increase from approximately $23 billion in 2014 to more than $85 billion in 2020.