IoT is short form for Internet of Things.
IoT refers to the ever growing network of physical objects, or commonly “Things”, that feature an IP address for internet connectivity, the communication that occurs between these objects and other Internet-enabled devices and systems.
IoT extends internet connectivity beyond traditional devices like desktop and laptop computers, smartphones and tablets to a diverse range of devices and everyday things that utilizes embedded technology to communicate and interact with the external environment, all through Internet. The adoption of the IoT is involving the industries, governments and the daily lives of consumers.
Global spending on the IoT will reach up to $745 billion in 2019, an increase of 15.4% over 2018. IoT use cases that will assure the highest levels of investment are drive by industry spending leaders:
- manufacturing operations
- asset management production
- smart home
- monitoring of freight transport
IoT services will constitute the largest category of technology in 2019 with $258 billion towards traditional installation services such as non-traditional devices and operational services. Hardware spending will be close to $250 billion with more than $200 billion in module and sensor purchases. IoT software spending will total up to $154 billion.
The United States and China will be global leaders for IoT spending $194 billion and $182 billion respectively. Japan ($65.4 billion), Germany ($35.5 billion), Korea ($25.7 billion), France ($25.6 billion) and the United Kingdom ($25.5 billion) will follow through.
Commercial real estate developers and investors are under increased pressure to more tightly manage costs while promoting a sustainable business model.
A smart building is any structure that uses automated processes to automatically control the building’s operations including heating, ventilation, air conditioning, lighting, security and other systems.
Many tech firms such as Cisco and Philips are already working with governments to develop money-saving technologies for commercial buildings.
In the IoT, smart home systems and devices often operate together, sharing consumer usage data among together and automating actions based on the homeowners’ preferences.
Tools like the Honeywell Command Wall, a screen that displays the physical systems within a building along with the data produced instantly, allow users to quickly view, analyse and make driven decisions.
More examples of this technology will likely follow as demand for information increases. Buildings around the world contain numerous devices that all require management and control.
IoT allows those in building devices, like heating and security systems, to be monitored and controlled remotely.
Furthermore, property owners can analyse data produced by these devices to optimise operations. e.g. Capital Tower, which is located in Singapore, was one of the first smart buildings ever built.
It has a fully integrated intelligent building management system (IBMS) that aims to please its occupants at every juncture.
Intelligent features include also high speed lifts with live news and stock market updates and a state-of-the-art car park guidance system.
Benefits of connected building can be seen across three core areas of operation:
- safety and security: Data from video surveillance can be analysed in real-time remotely to determine potential threats, including intrusion, vandalism or environmental issues such as fires and gas leaks. Immediate action can then be taken to prevent a potential security breach
- energy management: Programmable algorithms ensure building utility systems to run as efficiently as possible. Instant monitoring of a building’s energy consumption and performance creates a complete picture of power usage, providing a proactive solution for managing energy use
- property management: Connected building technology automates maintenance services, meaning building faults can be diagnosed remotely and resolutions tracked instantly. Also, property managers gain insight into which sites are performing more efficiently
Over the next few years, connected building technology will increase and become most common in constructed offices and commercial spaces.
Advancements in software applications, network management and digital analytics will continue to improve the quality of life of the inhabitants and connected building energy efficiency.