Philips Lighting ranked as the top scoring Leader in its new report
Navigant Research forecasts IoT lighting market to grow to USD 5.5 billion by 2027
Eindhoven, the Netherlands – Navigant Research, a market research firm, has issued a report entitled, Leaderboard: IoT in Lighting, in which it ranks Philips Lighting (Euronext: LIGHT) as the leading Influencer for Internet of Things (IoT) lighting for the commercial building market.
The report assesses 15 lighting suppliers based on nine criteria: vision, go-to-market strategy, partners, technology, geographic reach, sales & marketing, solution performance, solution portfolio, and staying power.
Navigant Research defines the concept of IoT in lighting as adding value beyond illumination. Lighting in IoT is focused on connected lights and luminaires that gather information on their performance and the environment devices around them. Providing customers with new lighting experiences and data-based insights.
Navigant Research forecasts this market to grow strongly, to USD 5.5 billion globally by 2027, from just over USD 800 million in 2018, driven by advancements in technology and customer demand for increased data and building insight.
Philips Lighting was rated highly across all criteria for its end-to-end IoT lighting. According to the report: “Philips Lighting is on the forefront of new technology developments for IoT lighting solutions, which provides the company a strong staying power within this market.”
An executive summary of the report is available for free download from the Navigant Research website.