Report Forecasts Growth Opportunity for Big Data in Smart Buildings
AUSTIN, Texas — The market for fault detection based on Big-Data building analytics will expand at a compound annual growth rate (CAGR) of more than 40% during the next five years, according to research firm IHS.
The report titled “Value Added Services in Intelligent Buildings” notes that fault detection in 2012 represented 27% of the $16 million global market for building analytics, with optimization accounting for the remainder. However, as the market develops and grows, fault detection will take a larger share of the market, IHS forecasts.
Big Data is a term used to describe large and complex data sets that can provide insightful conclusions when analyzed and visualized in a meaningful way. Buildings are full of systems that produce data, from building management, which captures temperatures and humidity levels, to access control, which collects occupancy statistics.
Combining the silos of information from different systems into a single, unified location where data can be analyzed is a challenge for big data in smart buildings experience, according to IHS Senior Market Analyst William Rhodes.
“Some systems allow for an IP interface, whereas others require acquisition and transformation of the data before it can be combined,” he says. “Data naming and labeling is critical at this point to ensure consistency across buildings and equipment.”
After combining the data, it needs to be normalized in order to adjust for seasonality, measurement scales and other factors that may skew the findings.
“Once combined and normalized, the opportunities for big data can emerge,” Rhodes observes. “Analytics and algorithms can be run on the data to identify operational and energy savings. Fault detection and building optimization are the two primary methods to drive savings and provide quick payback on the cost of installing the solution.”
The final step is to provide Big Data analysis to the relevant stakeholders. The facilities team needs a dashboard to show where the faults are, or will be. In contrast, the CFO requires a dashboard to reveal where the savings are being made.
Ultimately, the Big Data opportunity for smart buildings lies in achieving savings and improving the bottom line, according to the research firm.
Recommended for You:
- New Report Details Big Challenges for ‘Big Data’
- Treating These Trends as Fads Spells Failure
- Data Supports Video Analytics’ Merits
- Building Your Business: Explaining ‘Big Data’ in a Security Context
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!
Recommended For You
Cloud security can present a paradox: companies love the flexibility and versatility of cloud security management, but are unsure if the cloud itself is secure enough to house their vitally important systems.
From processing power to lens selection to proper positioning, here are 13 tips to help shed light on proper installation of cameras in low-light conditions.