LONDON--(BUSINESS WIRE)--The global building automation software market is expected grow at a CAGR of over 11% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global building automation software market for 2017-2021. The market is further categorized into two product segments, including BMS software and standalone building automation software, of which the BMS software segment dominated the market with almost 63% of the overall market share in 2016.
“The majority of new project developments worldwide are adopting building automation software to enhance profitability and reduce costs through efficient consumption. Developed regions such as the Americas and EMEA are experiencing high growth in the global building automation software market, owing to a large number of replacement and retrofit activities,” says Bharath Kanniappan, a lead automation research expert from Technavio.
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Technavio’s research study segments the global building automation software market into the following regions:
- Americas
- APAC
- EMEA
The Americas is driven by highly-advanced markets in the US and Canada and dominates the overall global market share in 2016. EMEA accounted for the second largest share, mainly due to the higher level of awareness prevailing among building owners in the region. APAC is the emerging region in the global building automation software market due to its ongoing infrastructure development across all sectors and high level of awareness on the benefits of building automation.
Building automation software market in Americas
The building automation software market in the Americas is primarily driven by developed economies such as the US, Canada, and Mexico. These countries are the major adopters of building automation software in residential apartments and individual houses due to a large number of established basic infrastructure set up such as Internet connectivity and devices with modern connectivity options.
“The Americas is expected to generate revenues through retrofit projects in existing buildings during the forecast period. Moreover, the freshly announced building projects during 2016 and 2017 are more likely to adopt building automation systems into the premises as part of modernizing trend,” says Bharath.
Building automation software market in EMEA
Germany, France, the UK, the UAE, and Saudi Arabia are a few major countries in EMEA that adopted substantial number of building automation software in their commercial and industrial facilities in the last one decade. The supporting government and high level of awareness drove the building automation software market in these countries during last decade.
The European Union has made a policy on research and technological development in collaboration with the Horizon 2020 initiative and is funding research and innovations in the IoT front. Thus, a growing number of buildings are likely to incorporate the IoT-based smart building into the premise to achieve greater energy efficiency and flexible monitoring.
Building automation software market in APAC
Japan holds the maximum maturity in terms of automation technology, and many building automation vendors are based out of the country. It has been one of the pillars of advanced technology development in APAC and is moving toward developing energy-efficient buildings rapidly.
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