Integrated Building Management Systems Market - Actionable Research on COVID-19|Advent of The IoT to Boost the Market Growth | Technavio
The global integrated building management systems market size is poised to grow by USD 10.7 billion during 2020-2024, progressing at a CAGR of over 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
With the advent of the Internet of Things (IoT), vendors are focusing on integrating the technology into their products. This is one of the key integrated building management systems market trends that will gain traction over the forecast period. IoT-enabled devices will support the use of artificial intelligence (AI) and Big Data. AI can be used to derive insights and make real-time predictions on the performance of critical heating and ventilation systems in a building. Though such technological transformation entails significant investments for vendors, IoT-enabled IBMSs are expected to provide greater connectivity, improved productivity, and significant comfort to building inhabitants that will increase their sales over the forecast period. Such factors will fuel the growth of the integrated building management systems market.
The major integrated building management systems market growth came from commercial buildings segment. The rapid adoption of advanced technology in commercial buildings due to the growing functionality and efficiency requirements of modern consumers is leading to major changes in the commercial real estate (CRE) industry and driving the increasing adoption of IBMS in this segment. The pressure exerted by evolving regulations pertaining to environmental sustainability and the increasing adoption of technology in these sectors are expected to drive the adoption of IBMS during the forecast period.
Europe was the largest integrated building management systems market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The adoption of smart building technologies, changing regulatory landscape, and increasing focus on reducing carbon emissions will significantly influence integrated building management systems market growth in this region. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
The global integrated building management systems market is fragmented. Azbil Corp., Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll-Rand Plc, Johnson Controls International Plc, Schneider Electric SE, Siemens AG, and United Technologies Corp. are some of the major market participants. To help clients improve their market position, this integrated building management systems market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global integrated building management systems market 2020-2024 is expected to have Neutral and At par. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Greater Ease in Monitoring and Controlling Building Operations will be a Key Market Trend
The growing awareness about environmental sustainability across industries and verticals has increased the need for energy efficiency across buildings and facilities. Implementing energy-efficient technologies and solutions, such as integrated building management systems (IBMSs), in existing buildings, can reduce energy consumption by about 50%. The use of IBMS makes it easy to maintain and monitor the pre-determined temperature of systems such as heating, ventilation, and air conditioning (HVAC) equipment. As a result, the demand for IBMS is increasing across commercial, residential, and government sectors, contributing to the integrated building management systems market growth.
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Integrated Building Management Systems Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist integrated building management systems market growth during the next five years
Estimation of the integrated building management systems market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the integrated building management systems market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of integrated building management systems market vendors
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North America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Drivers, Challenges, and Trends
Market drivers
Volume driver - Demand led growth
Volume driver - Supply led growth
Volume driver - External factors
Volume driver - Demand shift in adjacent markets
Price driver - Inflation
Price driver - Shift from lower to higher-priced units
Market challenges
Market trends
Vendor Landscape
Overview
Vendor landscape
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
Azbil Corp.
Cisco Systems, Inc.
Delta Electronics, Inc.
Emerson Electric Co.
Honeywell International Inc.
Ingersoll-Rand Plc
Johnson Controls International Plc
Schneider Electric SE
Siemens AG
United Technologies Corp.
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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