Smart buildings are fast becoming the norm across the globe. According to Mordor Intelligence, the smart building market is expected to record a compound annual growth rate of over 23 percent over the period of 2019 – 2024. Increasingly, sophisticated smart cities are being developed by nations around the world to improve efficiency, reduce operating costs and generally make life easier for residents and business owners.
In 2020, the availability of IoT-enabled smart building solutions that leverage connected sensors will continue to influence how smart building vendors rethink their business models to take full advantage of this technology. That being said, smart buildings present a set of unique challenges that building managers also have to keep in mind when implementing a solution, like the need to penetrate dense building materials. Because of that, long-range and low power capabilities have become essential to ensure sensors do their intended job like detecting danger, optimizing utility usage and improving the safety and convenience of everyday living.
Here are a few specific ways connected IoT solutions will continue to drive the growth of smart buildings.
GS Technologies Ltd (LON:GST), through its subsidiary, EMS Wiring Systems Pte. Ltd, provides services in the “Smart Building” sector. Smart Building is a diverse term that refers to the technological capabilities of buildings and other work place facilities.