Technology advancements and customer demand for increased data and building insight are expected to contribute to strong global market growth during the next decade
A new Leaderboard Report from Navigant Research examines the strategy and execution of 15 key influencers in the commercial building market for Internet of Things (IoT) lighting, with Philips Lighting, Acuity Brands, Eaton, and OSRAM ranked as the leading companies.
IoT lighting solutions bring connectivity to devices that were previously not connected and provide data (where data was not available) through the connection. The vendor ecosystem for this market is growing as additional company types, including those that do not manufacture their own luminaires, enter the market to focus on sensors and controls or platforms. Click to tweet: According to a new Leaderboard report from @NavigantRSRCH, Philips Lighting, Acuity Brands, Eaton, and OSRAM are the leading market influencers in the IoT for lighting sector.
“The Leaders within this report have separated themselves from the competition through a broad solution portfolio, strong partner relationships, and advanced technology development,” says Krystal Maxwell, research analyst at Navigant Research. “Contenders and Challengers in this market will need to improve in various ways, from expanding their solution offerings to increasing sales to differentiating themselves through unique features and applications.”
During the next decade, Navigant Research expects to see strong global growth for IoT lighting solutions thanks to technology advancements and customer demand for increased data and building insight. According to the report, the total global market for IoT lighting is expected to grow at a compound annual growth rate of 23.9 percent from $808.2 million in 2018 to $5.5 billion in 2027.
The report, Navigant Research Leaderboard: IoT for Lighting, evaluates 15 vendors in the IoT lighting for commercial buildings market. These players are rated on nine criteria: vision; go-to market strategy; partners; technology; geographic reach; sales & marketing; solution performance; solution portfolio; and staying power. Using Navigant Research’s proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing an objective assessment of their relative strengths and weaknesses in the market for IoT lighting solutions in commercial buildings. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Navigant Research Leaderboard: IoT for Lighting, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.