This graphic shows the world market for remote monitoring services by commercial, retail and other end users.
Photo credit: (Graphic courtesy IHS Inc.)
According to a new report from IMS Research, part of IHS Inc., commercial and retail end users will help drive the growth of remote monitoring services in intelligent buildings, accounting for more than 80 percent of an estimated $400 million market in 2016.
IHS says there are two primary benefits provided by remote monitoring firms in intelligent buildings; costs savings based on energy efficiency recommendations and reduced internal staffing.
"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," Sam Grinter, market analyst for building technologies at IHS said in a statement. "The drive to reduce overheads has been reinforced over the last five years by tough economic conditions."
The research firm added that remote monitoring service providers have been able to gain a foothold with commercial and retail end users through effective trial deployments that have demonstrated the return-on-investment they offer.
"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," said Grinter.
As the market develops further, IHS said it expects other end users such as those in education, government, data centers, and hospitality will also take advantage of these services.
For more information about the report, visit www.ihs.com.