Top influencers in the IoT for lighting market
The total global market for IoT lighting is expected to grow at a compound annual growth rate of 23.9% from $808.2 million in 2018 to $5.5 billion in 2027, according to research firm Navigant Research.
During the next decade, the firm expects to see strong global growth for IoT lighting solutions thanks to technology advancements and customer demand for increased data and building insight.
In its new Leaderboard Report, the Navigant has named Philips Lighting, Acuity Brands, Eaton and OSRAM as top influencers in the commercial building market for IoT for lighting. The report examines the strategy and execution of 15 key influencers in the commercial building market for IoT lighting.
IoT lighting solutions for commercial buildings bring connectivity to devices that were previously not connected and provide data (where data was not available) through the connection, said Navigant in a statement.
"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.
"The leaders within this report have separated themselves from the competition through a broad solution portfolio, strong partner relationships and advanced technology development," said 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."
The report, ‘Navigant Research Leaderboard: IoT for Lighting’, rates 15 vendors in the IoT lighting for commercial buildings market on nine criteria: vision; go-to market strategy; partners; technology; geographic reach; sales and 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.
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