SAN ANTONIO– Increasing industry convergence and the emergence of innovative technologies are revolutionizing the global building management (BMS) industry.
Frost & Sullivan’s latest analysis of global building management systems market finds that the need to ensure the safety and comfort of the occupants encourages BMS market participants to focus on the digitization of buildings. The global market for BMS is likely to reach 5.15 billion dollars until 2026 from 3.52 billion dollars in 2021, witnessing an expansion at a compound annual growth rate (CAGR) of 7.9%.
“The need to manage buildings remotely is increasing post-Covid-19 and requires the convergence of advanced analytics, artificial intelligence (AI) and emerging technologies with BMS,” said Viswesh Vancheeshwar.Energy, Environment and Sustainability Industry Leader at Frost & Sullivan.
Vancheeshwar added: “Occupant health, wellbeing, comfort and business productivity are driving change in the building status quo. Further, increasing demand for energy-efficient and sustainable buildings, along with the need for simplified and effective building operation and maintenance, catalyzes market growth.”
To take advantage of the growth opportunities of the global BMS sector, market participants must:
- Incorporate AI and machine learning (ML) into digital twin platform and align digital twin solutions to promote sustainability and net zero buildings.
- Integrate BMS with Internet of Things (IoT), AI, Augmented Reality (AR) and Virtual Reality (VR) as the use case for these technologies in buildings is rapidly strengthening.
- Consider certifications that favor BMS as an associated integration hub intelligent technologies and systems that use IoT, AI and cognitive analytics at the cutting edge.
- Work with property developers and commercial real estate companies to deliver integrated BMS solutions that target green/sustainable building developments.
Growth opportunities of global building management systems is the latest addition to Frost & Sullivan’s Environment & Sustainability research and analysis available through Frost & Sullivan’s Leadership Council, which helps organizations identify a continuous stream of growth opportunities to succeed in an unpredictable future.
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