Global Integrated Building Management Systems Market 2019-2023 | Integration of IoT with IBMS to Boost Growth | Technavio
The global integrated building management systems (IBMS) market is expected to post a CAGR of over 12% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report.
The growing awareness about environmental sustainability across industries and verticals has resulted in an increase in demand for energy efficiency across buildings and facilities. Moreover, with the rapid growth in urbanization across the world, global energy demand is also on the rise as urban areas consisting of building sectors are large consumers of energy. Therefore, players in the real estate sector are increasingly investing in low carbon technologies to reduce energy demand. HVAC and lighting systems consume the most amount of energy, and thus it is essential to monitor the use of these systems. The use of IBMS makes it very easy to maintain and monitor pre-determined temperature and specify the time at which lights are switched on/off. Also, IBMS enables property managers and owners to monitor and control all the disparate systems of the building efficiently and in real time, which will drive the growth of this market.
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As per Technavio, the growing trend of integration of IoT with IBMS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Integrated Building Management Systems Market: Increasing integration of IoT with IBMS
A key impact of IoT in the real estate sector is asset digitization. IoT can connect the key assets in a building and when aggregated across the entire building, IoT delivers asset digitization throughout the entire building. IoT platforms will also play an important role in integrating cloud infrastructure in existing buildings, which is expected to result in greater access to off-site customers, such as facility managers and engineers. It is also expected to enable better visualization and proper maintenance of buildings and other facilities. Hence, the continuous innovations in IoT and greater integration of IoT with smart buildings is expected to have a positive impact on global IBMS market during the forecast period.
"Apart from the growing demand for energy efficiency and sustainability in buildings, other factors such as the growing popularity of coworking spaces and the advent of robotic and cognitive automation in real estate sector are expected to boost the market growth during the forecast period," says a senior analyst at Technavio.
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Global Integrated Building Management Systems Market: Segmentation Analysis
This market research report segments the global integrated building management systems market by end-user (commercial, residential, government), by component (hardware, software, and services) and geographical regions (Europe, APAC, North America, MEA, and South America).
The European region led the market in 2018, followed by APAC, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing adoption of advanced technologies and more stringent regulatory framework.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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