Commercial, Retail Buildings to Boost Growth in Remote Monitoring Services Market
This chart presents the forecast growth for remote monitoring services used in commercial and retail buildings from 2012 to 2016, with a snapshot of what the market will look like by 2021.
AUSTIN, Texas — A new study published by IMS Research, now part of IHS Inc., reveals that commercial and retail end users will help drive the growth of remote monitoring services in intelligent buildings, which will account for more than 80% of the $400 million market in 2016.
The research firm defines remote monitoring in intelligent buildings as a service offered by third-party companies that audit and report on the operational performance of a building. The services have two key selling points: Auditors can make recommendations to save energy costs by determining, for instance, a more efficient schedule for the building automation system; secondly, the building owner can reduce internal staffing costs for the facility by using a third-party service provider.
“Remote monitoring services are gaining increased traction as building owners find significant savings to be made, in terms of both decreasing energy bills and reducing staffing costs,” says Sam Grinter, market analyst for building technologies at IHS. “The drive to reduce overheads has been reinforced over the last five years by tough economic conditions.”
According to the study, remote monitoring service providers have found success with commercial and retail end users through effective trial deployments that demonstrate a strong return on investment.
“Commercial and retail end users have been the fastest to take advantage of remote monitoring services in intelligent buildings because the slashing of operational expenses has been a higher priority for them than for government or institutional end users,” Grinter says.
As the market develops further, IHS expects other end-user industries such as education, government, data centers and hospitality to take advantage of the services.
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