Global Annual Revenue from Multifamily IoT Device Sales Is Expected to Experience Nearly 24% Compound Annual Growth Rate
Building-wide security and access management, energy savings, and insurance applications are among the use cases gaining traction
A new report from Navigant Research provides an analysis of the market issues related to multifamily Internet of Things (IoT), with global revenue forecasts segmented by new construction, retrofit, and region, through 2028.
While single-family homes are likely to remain the key market for residential IoT, the multifamily segment is expected to gain a significant share of revenue in coming years. Builders and property managers are becoming more aware of the benefits of building-wide smart home technology, and stakeholders are starting to realize the largely untapped opportunity this market has to offer. Click to tweet: According to a new report from @NavigantRSRCH, global annual revenue from multifamily IoT device sales is expected to increase from $5.2 billion in 2019 to $35.6 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%.
“Software solutions and platforms to serve needs specific to the multifamily segment are starting to enter the market to address the pain points of building owners, property managers, and residents alike,” says Sasha Wedekind, research analyst with Navigant Research. “The rising interest can also be attributed to the sheer possible size of this market globally, to proliferation, and growing affordability of smart home devices.”
Given the complexity of managing multi-unit buildings, residential IoT can be a gateway to streamline processes in multifamily dwellings, save time and money, and generate additional revenue through rent and increased property valuation. Navigant Research expects growth to be primarily driven by Europe and Asia Pacific due to a large share of multifamily building stock in these markets.
The report, IoT for Multifamily New Construction and Retrofit Markets, analyzes the market issues related to multifamily IoT, including market drivers and barriers such as security, interoperability and integration, and customer awareness. The discussion includes emerging multifamily opportunities associated with low income housing, student housing, and senior housing applications. The report includes a market revenue forecast through 2028, segmented by multifamily new construction and retrofit as well as by region. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, IoT for Multifamily New Construction and Retrofit Markets, 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.