SecurityWorldMarket

13/07/2017

Building management market estimated at $19.25B by 2023

Hadapsar, India

The building management system market is expected to be worth USD 19.25 billion by 2023, growing at a CAGR of 16.71% between 2017 and 2023. This is according to a newly published report from Marketsandmarkets.

Major factors driving the building management system market cited by the researchers include the significant cost benefits to the industrial, commercial, and residential users, simplified building operations and maintenance, and increasing demand for energy-efficient and eco-friendly buildings.

The facility management software sector held a major share of the BMS market based on software in 2016. This large market share was found to be due to the need for cost saving from effective management of HVAC and lighting systems in the building. As these systems consume the highest power in the building, their efficient management can result in significant cost savings.

The market for the managed services is expected to grow at the highest rate during the forecast period from 2017 to 2023. Managed services are the services outsourced to a service provider to manage routine IT operations. While buildings are becoming smarter and are eradicating inefficiencies, even the most advanced intelligent building technology requires some human supervision. The human input can help in identifying and eliminating problems, performing ongoing maintenance, and monitoring energy management operations.

Europe accounted for the largest share of the total building management system market in 2016. The adoption of building management systems (BMSs) in the region has been driven by a regulatory push, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, all of which will eventually increase the penetration of system integration and deployment services in this region.

The report profiles the some of the most prominent players in the building management system market including Honeywell, Siemens, Johnson Controls, Schneider Electric, United Technologies, IBM, Ingersoll-Rand, and Delta Controls.


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