Special report: “Smart” offices and homes are no longer Jetsons-style fantasies.
As businesses become more aware of sustainable practices and the costs of technology come down, some ASX companies stand to see long-term gains.
Complicated and expensive building management systems, for example, used to lock smaller companies out of the game when it came to Internet of Things (IoT) solutions like temperature and energy management.
However, the evolution of software-as-a-service (SaaS) solutions has given rise to flexible and subscription-based products that put control in the hand of millions of smaller businesses and residential buildings.
With the market for IoT smart building technology expected to hit $US51.4 billion by 2023, companies on the local bourse companies like Buddy Platform (ASX:BUD) are driving the creation of smart cities.
Buddy’s ‘Fitbit for buildings’ helps users track environmental data from their spaces and helps them understand what’s chewing up energy.
Australia has 2.2 million businesses that stand to benefit from the technology, but Buddy has also shown how its Ohm system can save power in a range of buildings across the globe.
One example is the historic 5th avenue theatre in Seattle, where the Buddy system was able to track energy use within 24 hours and weed out inefficiencies to show how power use could be lowered in the long run.
As users become more comfortable with the idea of smart devices in their spaces, here are two trends IoT companies like Buddy riding on as they grow their customer base:
Energy efficiency is a global trend
While debates over energy policy can be very different nation to nation, on the whole the world is moving towards more energy efficient practices.
From the Paris Climate Agreement to the United Nations’ 17 Sustainability goals, the efficient use of energy in homes and businesses is a topic of discussion that won’t be going away any time soon.
Against this backdrop, smaller operators are searching for energy tracking solutions that are cost efficient and flexible to their needs in the first place, with SaaS platforms an attractive way to minimise costs.
Sustainability is a social issue
As Australians watch energy prices skyrocket, individuals are more conscious of their use of electricity and other resources in their working lives.
With competition regulators recently recommending Australia rethink energy policy on several fronts, the carbon footprint that office workers leave is front of mind of many Australians.
The use of smart devices across the board has means individuals are ready to adjust their behaviour based on real-time feedback, like how much energy their work stations are using.
As sustainability and the war on waste takes hold in Australia, solutions like Buddy’s systems provide a solution for those wanting to run their spaces as efficiently as possible.