Increasing industry convergence and the emergence of innovative technologies revolutionize the global BMS industry, says Frost & Sullivan
SAN ANTONIO, Dec. 28, 2022 /CNW/ — Increasing industry convergence and the emergence of innovative technologies revolutionize the global building management system (BMS) industry. Frost & Sullivan’s recent analysis of the global building management systems market finds that the need to ensure occupants’ safety and comfort encourages BMS market participants to focus on the digitalization of buildings. The global market for BMS will likely reach $5.15 billion by 2026 from $3.52 billion in 2021, witnessing expansion at a compound annual growth rate (CAGR) of 7.9%.
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“The need to manage buildings remotely is increasing post-COVID-19 and demands the convergence of advanced analytics, artificial intelligence (AI), and emerging technologies with BMSs,” said Viswesh Vancheeshwar, Energy, Environment & Sustainability Industry Principal at Frost & Sullivan.
Vancheeshwar added: “The health, wellness, comfort, and business productivity of occupants are driving change in buildings’ status quo. Further, the rising demand for energy-efficient and sustainable buildings, coupled with the need for simplified and effective building operation and maintenance, catalyze the market growth.”
To tap into the growth opportunities of the global BMS sector, market participants should:
- Incorporate AI and machine learning (ML) into digital twin platforms and align digital twin solutions to promote sustainability and net-zero buildings.
- Integrate BMS with the Internet of Things (IoT), AI, augmented reality (AR), and virtual reality (VR) as the use case for these technologies in buildings is strengthening rapidly.
- Consider certifications that favor BMS as an integration hub connected to intelligent technologies and systems using IoT, AI, and cognitive analytics at the edge.
- Work with property developers and commercial real estate companies to offer integrated BMS solutions that target green/sustainable building developments.
Global Building Management Systems Growth Opportunities is the latest addition to Frost & Sullivan’s Environment & Sustainability research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Building Management Systems Growth Opportunities
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SOURCE Frost & Sullivan