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AI in Homes & Buildings Estimated to Garner Revenues of Nearly $9 Billion by 2030
Growth opportunities for predictive maintenance and voice assistance AI application will increase significantly over the forecast period, predicts Frost & Sullivan
SANTA CLARA, California, June 4, 2020 /PRNewswire/ — Frost & Sullivan’s recent analysis, Artificial Intelligence in the Global Homes & Buildings Industry, Forecast to 2030, finds that the deployment of artificial intelligence (AI) in the homes and buildings space is gaining rapid momentum across the globe as the industry is estimated to witness an approximate 15-fold increase by 2030. Increasing at a compound annual growth rate of 27.7%, the industry is likely to garner revenues of $8.98 billion by 2030, compared to $610.2 million in 2019.
Frost & Sullivan – AI in Homes & Buildings Industry
For further information on this analysis, please visit: http://frost.ly/45i
"Demand for value-driven solutions and cost reduction due to increased operational efficiency are prominent market drivers of AI in the homes and buildings industry," said Anirudh Bhaskaran, Energy and Environment Senior Industry Analyst at Frost & Sullivan. "Additionally, AI solution providers need to primarily focus on customers that are committed to sustainability and a circular economy."
However, with COVID-19 uncertainty, building owners and managers are compelled to rethink their investment strategies as the crisis has propelled the need for AI-driven solutions more than ever before.
"From the perspective of AI application areas, demand for predictive maintenance capabilities will increase significantly over the forecast period," Bhaskaran said. "This is because building owners and managers aim to reduce the downtime of building systems and increase their lifetime. Further, virtual voice assistance is another AI application that will be massively used for home automation and control."
Incorporating AI in homes & buildings will add significant value for customers and enhance their experience. To tap into the growth prospects created by the use of AI in homes & buildings, technology vendors should focus on the following:
- AI participants should target firms that are committed to sustainability and circular economy.
- AI vendors need to target companies that have already incorporated building energy management system (BEMS) in their buildings.
- To reach a larger mass, AI-based home solution providers need to partner with utilities, telecommunications companies, and insurers.
- AI solution providers should have flexible business and payment models to maximize revenue potential.
Artificial Intelligence in the Global Homes & Buildings Industry, Forecast to 2030 is the latest addition to Frost & Sullivan’s Energy and Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Artificial Intelligence in the Global Homes & Buildings Industry, Forecast to 2030
MF85
Contact:
Jaylon Brinkley
E: [email protected]
T: 210.247.2481
Related Links :
http://www.frost.com
Digital Solutions Optimize Performance in Global Homes & Buildings Market Following Minor COVID-19 Setbacks
Technology-based offerings in Homes & Buildings industry segments to find growth opportunities amid pandemic, finds Frost & Sullivan
SANTA CLARA, California, May 29, 2020 /PRNewswire/ — Frost & Sullivan’s recent analysis, Global Homes and Buildings Industry Outlook, 2020, reveals that the penetration of advanced technologies that provide energy and cost benefits and value-based outcomes will drive the global homes & buildings (H&B) industry in 2020. However, an additional report, Impact of COVID-19 on Global Homes and Buildings Industry, 2020, notes industry revenues are expected to drop by 3.5% from 2019 as a result of the COVID-19 pandemic.
Frost & Sullivan – Global Homes & Buildings
For further information on these analyses, please visit: http://frost.ly/44v
"While the coronavirus is expected to negatively impact the homes & buildings industry, markets for HVAC, refrigeration systems, and fire safety products will continue to witness demand for their solutions and services, given their necessity in critical end-user industries such as hospitals and residences," said Anirudh Bhaskaran, Senior Industry Analyst for Homes & Buildings at Frost & Sullivan. "The cleaning aspect of FM services will also grow, as there will be an increase in demand for the disinfection of commercial and industrial spaces."
Bhaskaran added: "There is an increased level of awareness among building managers and customers about value creation from IoT and AI-driven solutions. Participants in traditional markets such as heating, ventilation, and air conditioning (HVAC), fire safety, and facility management (FM) are integrating digital offerings into their solutions, which will play a vital role in optimizing a building’s performance."
For further revenue opportunities, vendors in this industry should:
- Create a cross-functional COVID-19 task force to reinforce confidence in employees and partners, and gain trust among customers.
- Provide services to critical end-user segments that are considered "essential."
- Increase the adoption of AI and machine learning algorithms in building technology solutions to enable cognitive abilities in buildings and reduce human intervention.
- Design modular, upgradeable, and reusable products to help reduce waste.
- Offer building management solutions at attractive prices and business models.
Global Homes and Buildings Industry Outlook, 2020 and Impact of COVID-19 on Global Homes and Buildings Industry, 2020 are a part of Frost & Sullivan’s global Building Management Technology Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Homes and Buildings Industry Outlook, 2020
MF45-19
Impact of COVID-19 on Global Homes and Buildings Industry, 2020
K4ED-19
Contact:
Jaylon Brinkley
E: [email protected]
T: 210.247.2481
Related Links :
http://www.frost.com
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