The overall smart office market was valued at USD 18.82 billion in 2016 and is expected to grow at a CAGR of 12.94% from 2017 to 2023 to reach USD 46.11 billion by 2023, as per a report by MarketsandMarkets.
How is the evolving cloud-based environment of IoT platforms creating opportunities in this market?
IoT as a technology involves storing, managing, and analyzing data in real time. Cloud platforms present a cost-effective and easily deployable alternative to eliminate the need for building on-premises data centers. While IoT is all about connected devices that produce a large number of data, cloud platform enables the analytics to derive value from the data. Cloud computing technologies are providing smart office solution vendors a way to connect workplace management systems installed at the control center to IoT-enabled devices. This capability will allow end users to build an IoT-based sense and respond system quickly and economically.
The cloud platform is considered to be a secure platform for the storage as well as for computation of a large number of data. Besides, the cloud can also provide a unified platform that manages service life cycle and organizes deployment. Owing to the emergence of IoT Platform as a Service (PaaS), the deployment opportunities of IoT solutions have increased across the workplace infrastructure. The cloud platform can help in deploying various applications that provide workplace management authorities with new ways of connecting traditional information systems to IoT-enabled devices.
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Why the integration of real-time streaming analytics capabilities into smart solution remains a major challenge in this market?
Data analytics is transforming the smart office market. Smart office facilities generate huge volumes of data from a large number of proximity sensors, smart meters, smart thermostats, relays, network switches and gateways, and actuators. Generating and gathering useful data insights from such vast data to provide real-time streaming analytics solution is the major challenge faced by the smart office solution providers. To gain a competitive edge, the solution providers need to come up with superior data analytical techniques and accurate predictive analysis models.
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