The homes and building industry around the world is undergoing an intense level of evolution as well as an increased level of growth. Technology is the main reason for this transformation, things like Internet of Things, Big Data, data analytics and cloud platforms are allowing double-digit growth as well as market expansion through technology like connected homes and LED Lighting sectors. It is thought that the residential LED lighting market will experience a growth rate of 16.7% year on year. This is due to the adoption of LED lamps in countries like India, China and South Korea.
The growth in this market has allowed the delivery of products and solutions in more traditional sectors such as heating ventilation, air conditioning as well as fire and safety technology. This growth in technology means more and more housing will contain modern technological features. These technologies that could be integrated into the homes and building sector means that finished developments could see more virtual voice assistants as well as Internet of Things-enabled products which will help to boost the industry’s growth as well as lead to new models for revenue. These technologies could lead to a boost in the partnerships between connected home participants with device suppliers as well as utilities and technology giants. It is thought that the connected homes market could grow beyond $150 billion, meaning a revenue growth rate of 14.9%.
As part of Frost & Sullivan’s Homes & Buildings Growth Partnership Service program has found through the Global Homes and Buildings Industry Outlook 2017 that this industry expects that they will reach $1,150.75 billion in 2017. The research carried out by Frost & Sullivan has provided a detailed analysis of opportunities for growth as well as technologies and transformation trends that could have an impact on the homes and building industry. The research also looks at new and emerging companies that provide the industry with innovation and are recommended to watch throughout 2017.