The real estate industry is in the middle of a huge digital transformation.
It’s been estimated that as many as 10 billion internet of things (IoT) devices will be installed in new buildings by 2020, making real estate one of the fastest-growing IoT industries worldwide. As a result, the global market for smart buildings is expected to grow from $8.5 billion in 2016 to around $58 billion in 2022.
However, as the industry undergoes this transformation process, there are several critical challenges that future real estate owners will have to face and master—before the full potential of smarter buildings can be realized.
In our experience, it’s not always obvious to key stakeholders in the real estate industry what kinds of challenges to expect in the wake of this trend. Neither is it straightforward what the business case is for real estate owners investing in IoT solutions and a more data-driven approach.
That’s why we have written this guide: to help you better understand the keys to a successful smart building implementation. There is a lot of complex and advanced technology that needs to be put in place. And not only that—to succeed, these technologies need to work efficiently together. This guide approaches these challenges and offers solutions from a business perspective. In our opinion, your smart building investments should not be driven by technical trends but, rather, be the result of business justification.