Rising demand for digital technologies and need to upgrade existing refineries to offset COVID-19 impact on the sector, finds Frost & Sullivan SANTA CLARA, Calif., June 26, 2020 — Frost & Sullivan’s recent research, Analysis of the North American Industrial Valves Market, Forecast to 2026, predicts that this market will…
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
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"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
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5G Integration in IIoT Systems Accelerates Industry 4.0 in the Wake of Pandemic, says Frost & Sullivan
High-speed, high-volume data transfer facilitated by 5G will enhance industrial operations in connected factories
SANTA CLARA, California, May 26, 2020 /PRNewswire/ — Frost & Sullivan’s recent analysis, Role of 5G Communication Revolutionizing Industrial Internet of Things, finds that the integration of 5G in IIoT systems will accelerate the realization of Industry 4.0 with high-speed, low-latency, and large-volume data transfer. While the application of 5G-enabled IIoT is currently limited to quality inspections, supply chain management, and generic machine control, key system manufacturers are actively exploring other areas in industrial operations where the benefits of 5G connectivity can be leveraged for process optimization and increased automation.
5G in Industrial Internet of Things
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"Incorporating 5G in IIoT devices will enable low latency, increase data throughput, and reduce operation time, thus leading to improved overall process productivity," said Mogana Tashiani, Frost & Sullivan Technical Insights Research Analyst. "Apart from enhancing the automation of industrial operations and control, 5G-enabled IIoT devices can also minimize the complexity of supply chain networks and warehouse management, helping businesses to efficiently operate in dynamic business environments."
Tashiani added: "5G will play a key role in ensuring the sustainability of businesses in the wake of the COVID-19 pandemic. The low latency will aid in managing the high traffic to e-commerce by improving network accessibility at a faster pace, accelerating online purchases and order placements. Furthermore, 5G-integrated IIoT devices have the potential to disrupt traditional on-site job functions through remote working and virtual meetings. COVID-19 has led to a massive shift to remote working to maintain business operations on par with on-site job operations."
Key sectors that can leverage the growth opportunities from 5G-integrated IIoT include:
- Banks, Financial Services, and Insurance: The BFSI sector deals with millions of transactions every day and most of them are mundane and repetitive. 5G-integrated IoT devices and systems allow transactions to be completed and recorded at a faster pace, increasing accuracy by reducing human errors in the process, thus improving the overall productivity of the system.
- Retail: Businesses in the retail sector can automate in-store transactions with 5G-ready radio-frequency identification (RFID) tags, which can be attached to items or shopping carts to facilitate autonomous check-out in brick-and-mortar stores, leading to unmanned/cashier-less stores.
- Automotive: 5G facilitates data transfer among AI algorithms, sensors, and mechanical parts to navigate self-driving or autonomous vehicles. In addition, 5G-enabled vehicles establish a connected system in which real-time data transferring and receiving can be achieved conveniently and effectively. Apart from vehicle-to-vehicle communication, interaction with traffic system is possible with 5G technology, which enables data transmission beforehand to achieve practical navigation for certain road conditions.
Role of 5G Communication Revolutionizing Industrial Internet of Things is part of Frost & Sullivan’s global TechVision 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.
Role of 5G Communication Revolutionizing Industrial Internet of Things
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Plastics and Composites Maintain Growth Trajectory through 2020 Uncertainties
SANTA CLARA, California, May 14, 2020 /PRNewswire/ — Frost & Sullivan’s recent analysis, Global Outlook for Chemicals in the Plastics and Composites, CASE, and Construction Industries, 2020, finds that the market of coatings, adhesives, sealants, and elastomers (CASE), plastics and…
COVID-19 Pandemic Pummels Biometrics Market Causing Device Revenues to Drop by US$2 Billion While Forcing Investment Surge in AI Face Recognition Applications
LONDON, May 6, 2020 /PRNewswire/ — According to global tech market advisory firm, ABI Research, the COVID-19 pandemic is expected to cause a significant pushback on biometric device shipments, creating a major revenue drop of US$2 billion over the course…
COVID-19 Pandemic Impact: Freight Activity Falls After Historic Rise with Disruption Ahead – Double Digit Impact Expected in Q2
ABI Research whitepaper identifies the short-and long-term impacts the global pandemic will have on Freight Transportation and Logistics OYSTER BAY, New York, April 21, 2020 /PRNewswire/ — It is no surprise that the COVID-19 outbreak has led to panic buying of…