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.
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"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."
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