According to a new report from market research firm Frost & Sullivan, adoption of smart building systems, of which security sensors are an integral part, is beginning to gain momentum as a result of numerous market drivers including; population strain on aging infrastructures, greater demand and improved affordability of building level sensors, and the evolution towards a connected world.
In fact, “The Smart Building Systems Market in North America” report, found that the market earned revenue of $2.5 billion in 2013 and is estimated to reach $4.39 billion in 2018 at a compound annual growth rate of 9.4 percent.
The research firm said companies that invest early in smart building technology will be well-positioned to reap rewards in emerging markets as the Internet of Things (IoT) concept becomes more of a reality. Additionally, Frost & Sullivan indicated that increased spending on new buildings, as well as a plethora of retrofit opportunities will also drive growth for smart systems.
“Increased focus on operational cost savings, occupancy efficiencies and environmental sustainability will open up new, as well as retrofit, opportunities for smart systems,” said Frost & Sullivan Visionary Innovation Consultant Pramod Dibble. “Advanced capabilities such as remote monitoring, automated fault detection and diagnostics, predictive maintenance, and data governance will also facilitate the shift to smart platforms.”
With that being said, however, a lack of understanding about these benefits on the part of building owners and facility managers remains a key issue and a barrier to widespread adoption of smart building technology. The research firm said that the perceived high-cost of acquiring a system also deters many customers and thus holds the market back from its true potential.
“A concerted educational effort will be vital to effectively communicate the value proposition of smart building solutions and provide prospective customers with the tools to perform a thorough cost-benefit analysis of competing systems,” added Dibble. “These tools must be developed by an expert third-party organization with demonstrated excellence in economic modelling and exhaustive industry knowledge.”