LONDON, March 16, 2017 /PRNewswire/ -- The global homes and buildings industry is undergoing an intense evolution and accelerated growth. Transformational technologies such as Internet of Things (IoT), Big Data, data analytics, and the cloud are propelling double-digit growth and market expansion in connected homes and light-emitting diode (LED) lighting sectors. This is augmenting growth in the building automation market and playing an important role in the delivery of products and solutions in traditional sectors such as heating ventilation, air conditioning, and fire and safety technology.
Global Homes and Buildings Industry Outlook, 2017, part of Frost & Sullivan's Homes & Buildings Growth Partnership Service (GPS) program, finds that the industry is expected to reach $1,150.75 billion in 2017. The research provides a detailed analysis of growth opportunities, technologies, and transformation trends impacting the industry, and profiles innovative and emerging companies to watch in 2017.
For complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders, please email Anna Zanchi, Corporate Communications: email@example.com
"The integration of new technologies such as virtual voice assistants and IoT-enabled products will boost growth, spawn new revenue models and drive partnerships between connected home participants, device suppliers, utilities and technology giants such as Google, Amazon, and Apple," said Energy & Environment Senior Research Analyst Anirudh Bhaskaran.
Other developments driving accelerated growth include:
"The homes and buildings industry is crowded with both proprietory and open communication protocols, creating challenges related to interoperability and data security. The future industry is moving rapidly toward wireless communication protocols due to scalability and flexibility," said Anirudh. "To seize a significant growth opportunity, hardware manufacturers must develop products that are compatible with both wired and wireless protocol, while software manufacturers must develop vendor-agnostic, secured, open-source platforms that make all hardware work on a single platform, irrespective of the manufacturer."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion