Connected Lighting Iot
This blog post is the second of a 2-part introductory series on Data Analytics in Commercial Real Estate. In part 1, we showed that data analytics leverages verified data to reach decisions rather than using intuition or guesswork and is core to driving strategic business decisions.
Implementing or improving a data analytics program in commercial real estate requires upfront planning and several critical steps. Here’s a quick checklist to follow:
“Data” is increasingly important to all organizations in the way that energy, raw materials and talent are. It has become an essential resource – table stakes, really – for today’s operations. And while “big data” is a buzzword that sometimes deters decision-makers from paying further attention to the topic, there are compelling reasons to look past the hype and focus on substance instead; that is, to put technology to work to extract business value from data.
Gartner, a global research and advisory firm defines big data as high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision-making, and process automation.
Most facility managers today are using building management systems (BMS), also known as building automation control systems (BACS), to control and monitor some of their buildings’ mechanical and electrical equipment such as heating, ventilation, air conditioning (HVAC), and safety and security systems. Centrally managing these individual systems has enabled facility teams to take advantage of a number of operational and energy efficiencies. For many facilities, however, the lighting system has remained separate from the BMS. This has translated into an opportunity loss. Further optimization of energy usage and operations through lighting system and BMS integration could be significant.
Smart cities are projected to be the future of urban living and development. There is the anticipation that smart cities will improve the quality of life for citizens with a clean, secure, accessible, responsible, and sustainable environment. It’s an ambitious aim and we are seeing the supporting infrastructure that will support these goals unfold.
There is no question about it; IoT is rapidly growing. In fact, Bain predicts that the combined markets for IoT hardware, software, systems integration, and data and telecom services to grow to a whopping $520 billion by 2021. This new IoT-enabled environment is changing the way most industries operate. One of the biggest challenges facing these industries is hiring new talent that has the skill sets required to operate effectively in this new era.
Smart buildings has been evolving rapidly in recent years. Sensors have become mainstream and integrated processes and systems are gaining traction, particularly with corporations that have large or complex commercial space footprints. Initially, energy efficiency was the driving force behind smart building technology and system adoption. Today however, smart buildings are focused on the interconnection of technologies and systems that make buildings intelligent and responsive to the needs of owners, operators and occupants.
Commercial buildings are truly getting smarter. Deploying advanced technologies not only improves building efficiencies and staff productivity but helps spur new and innovative services. The advent of IoT is helping drive costs down while increasing sustainability, safety, and comfort across commercial real estate.
According to Navigant Research, global market revenue for IoT lighting is expected to grow from $651.1 million in 2017 to $4.5 billion in 2026. What is IoT lighting? According to Navigant, IoT lighting solutions in commercial buildings bring connectivity to devices that were previously not connected and provide data (where data was not available) through the connection. Connectivity and communication can happen between devices within the lighting system and between lighting devices and non-lighting devices.