Analysts found that the security and access control systems segment accounted for the largest share of the BAS market in 2018, and predict that a similar trend is likely to continue in the near future. The demand for home security solutions is growing at a rapid pace because of various factors, such as technological advancements, the rise in crime rates, the increased need for medical assistance to senior citizens at home and monitoring the children at home. Security and access control systems have become an integral part of the safety and security of buildings and their occupants. These systems have revolutionised the building security and removed human intervention. These are installed in buildings to increase the security level, monitor activities, and keep a record of people entering and exiting the building. Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks.

The BAS market for industrial applications is estimated to grow at the highest CAGR from 2019 to 2024. The industrial application includes manufacturing facilities, distribution facilities, warehouses, and other infrastructure buildings of automotive, chemicals, metals, engineering, mining, pharmaceuticals, oil & gas, and other industries. The segment is expected to adopt smart building solutions to achieve energy and cost savings, higher productivity, enhanced identity and access management, and optimised surveillance. BAS also has a wide scope for development in emerging economies such as India, China, and Brazil, having diverse manufacturing sectors growing at a high rate. In spite of having the largest manufacturing base, these nations lack buildings equipped with energy-efficient infrastructure. This creates a tremendous market opportunity for all companies offering building automation systems to increase their viability in these nations on a large scale.

The research suggests that increasing construction industry in developing countries such as China and India will boost the demand for BAS in APAC during the forecast period. The BAS market in APAC is expected to grow at the highest CAGR. The rapid growth of the construction industry in developing countries, such as China and India, and government initiatives toward energy conservation have contributed to the growth of the BAS market in APAC. Countries such as China and India have aggressively started developing smart cities. BAS is acting as a key enabler in achieving these objectives by the respective countries.

Some of the major players named by Marketsandmarkets as prominent in this field include, Honeywell, Siemens, Johnson Controls, Schneider Electric, United Technologies, Bosch, Legrand, Hubbell, ABB, and Ingersoll-Rand.