Technavio has been monitoring the global building automation software market and it is poised to grow by USD 16.93 billion during 2020-2024, progressing at a CAGR of over 13% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio's in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Advantech Co. Ltd., Cisco Systems Inc., Crestron Electronics Inc., General Electric Co., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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The stringent government regulation to lower energy consumption has been instrumental in driving the growth of the market. However, the high switching and installation costs might hamper building automation system market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Building Automation Software Market 2020-2024: Segmentation
Building Automation Software Market is segmented as below:
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Building Automation Software Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The building automation software market report covers the following areas:
This study identifies the increasing integration of IoT with building automation software as one of the prime reasons driving the building automation system market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Building Automation Software Market 2020-2024: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Market Drivers ? Demand led growth
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