IoT has thrived in the developing smart building market

Smart buildings are becoming increasingly commonplace, with more and more connected devices managing building operations via IoT (the internet of things). At the rate of development up until now, the global smart building market is expected to reach the value of over $160 billion by 2026, according to Acumen Research and Consulting, and as such, is growing at a rapid pace.

Smart devices are in the homes, in schools (campuses), hospitality industry, in the office, factories, etc., and in mainstream society. As the world becomes more and more digital, smart devices are commanding a good percentage of the global digital market, and still exponentially expanding.

IoT connects devices and integrated systems to an internet network throughout buildings, thus creating a living, communicative information system from previously passive collections of objects.

The IoT has made it possible that systems and operations are seamless, fast, and above all, intelligent.
The Internet of Things (IoT) is already having a significant impact on the CRE industry, helping companies move beyond a focus on cost reduction. IoT applications aim to grow margins and enable features such as dramatically more efficient building opera- tions, enhanced tenant relationships, and new revenue generation opportunities. Consider the increasingly popular smart thermostats that intuitively adjust the temperature, humid- ity, and light based on residents’ preferences and climatic conditions.