The Internet of Things (IoT) has transformed the way business operates. By integrating IoT, commercial buildings, can use less energy and be cheaper and safer. However, “The Internet of Things in Smart Commercial Buildings 2018 to 2022,” published in 2018 reports that most commercial buildings have yet to fully exploit the power of smart control systems. In 2023, not much has changed… yet.
Small and medium-sized commercial buildings of 100,000 square feet or less are 98% of commercial buildings in the United States. These buildings hold 65% of the total commercial space. The report shows that building IoT technology use for small and medium-sized commercial buildings has lagged behind. This is due to business models and economics that have routinely driven the building controls market.
A building automation system (BAS) can range from $2.50 to $7.00 per square foot. For a 50,000 square foot building, the cost could be between $125,000 and $350,000 for a complete installation. BAS systems then need to be maintained by experts who can calibrate, tune, and replace equipment. Despite the decline for costs of sensor technology, deployment costs for even the most basic BAS system remain beyond the means of most small businesses. The report suggests that the United States market has a 98% untapped market. This market is growing, particularly in the retail sector, where more “big box” retailers focus on smaller-format stores.
Building owners and operators may want to make good use of BMSs. Automation and IoT services for small and medium-sized buildings, like BuildingLens, are growing. Newly launched wirelessly connected monitoring and control systems for building systems are non-invasive, cost-effective, and user-friendly. They can automate HVAC, lighting, and plug loads. One report by CANDI controls found an IoT-based energy management system solution as low as $0.75 per square foot, which converts to only $12,500 for a 50,000 square foot building. This cost is at least 5 times less than traditional BAS-based approaches.
Hardware costs continue to drop. This is good news for BuildingLens, which integrates into any hardware.
BuildingLens is the software-as-a-service ready to tap this market fully, providing the expertise of big building managers to small businesses. In addition to our 20+ new buildings, we welcome customers for AirLens. Explore how we can start protecting your buildings’ occupants from external air quality threats.