- By Courtney Baldwin
- In MDU Low Voltage, Smart Apartment
- Tags accesscontrol, doorlock, forbes, gadgetlife, gadgets, homeautomation, homesecurity, nynews, security, smartdevices, smarthomes, smarthometech, smarthometechnology, smartliving, smartlock, Smarttech, smarttechnology, techgadgets, techindustry, techlover, techlovers, technology, techtrends
How will property owners monetize on technology more in the coming years
Below is a comprehensive overview of the numerous ways that property owners can monetize technology to increase profits and streamline operations.
One way to do this is by implementing IoT technology in their properties. By using sensors and smart devices, property owners can collect and analyze data to optimize building operations and reduce energy costs. According to a report by MarketsandMarkets, the global IoT in the smart building market is expected to reach $22.2 billion by 2026.
Property owners can also explore the use of chatbots and virtual assistants. By integrating these AI-powered tools, property owners can provide 24/7 customer service and support, ultimately reducing staff expenses and improving tenant satisfaction. According to a report by Grand View Research, the global chatbot market is expected to grow at a CAGR of 24.3% between 2020 and 2027.
Another emerging trend in the MDU industry is the use of edge computing. This technology involves processing data locally on the device, rather than sending it to a centralized cloud server. By using edge computing, property owners can reduce latency and improve response times for devices such as security cameras and smart thermostats. According to a report by MarketsandMarkets, the global edge computing market is expected to reach $15.7 billion by 2025.
Property owners can also explore the use of advanced security technologies, such as biometric authentication and facial recognition. These technologies can enhance security and access control, ultimately reducing the risk of theft and vandalism. According to a report by MarketsandMarkets, the global biometric authentication and identification market is expected to grow at a CAGR of 19.7% between 2020 and 2025.
Another way that property owners can monetize technology is by offering smart home packages to tenants. By bundling devices such as smart thermostats, lighting, and security cameras, property owners can increase revenue while improving tenant satisfaction. According to a report by Grand View Research, the global smart home market is expected to grow at a CAGR of 14.6% between 2020 and 2027.
Finally, property owners can explore the use of drone technology for property inspections and maintenance. Drones can provide a faster and more efficient way to inspect roofs and other hard-to-reach areas, ultimately reducing maintenance costs and improving safety. According to a report by PwC, the global drone market is expected to reach $127 billion by 2025.
By embracing a wide range of emerging technologies, property owners can reduce costs, increase efficiency, and generate new revenue streams, ultimately driving significant value for their businesses. As the technology landscape continues to evolve, those who fail to adapt and adopt these technologies risk being left behind in a highly competitive and rapidly-changing industry. Therefore, it is crucial for property owners to stay up to date with the latest technology trends and incorporate them into their business strategies.
Sources:
- IoT in Smart Buildings Market by Component, Solution, Service, and Region – Global Forecast to 2026 | MarketsandMarkets
- Chatbot Market Size, Share & Trends Analysis Report By Type, By Application, By End-Use, By Region And Segment Forecasts, 2020 – 2027 | Grand View Research
- Edge Computing Market by Component (Hardware, Platform, and Services), Application, Organization Size, Vertical, and Region – Global Forecast to 2025 | MarketsandMarkets
- Biometric Authentication and Identification Market by Offering, by Authentication Type, by Component, by Functionality, by Industry, and Geography – Global Forecast to 2025 | MarketsandMarkets
- Smart Home Market Size, Share & Trends Analysis Report By Product, By Application, By Region And
