LONDON--(BUSINESS WIRE)--The integrated building management systems (IBMS) market is expected to grow by USD 10.7 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growing awareness about environmental sustainability across industries and verticals has resulted in an increase in demand for energy efficiency across buildings and facilities. Moreover, with the rapid growth in urbanization across the world, global energy demand is also on the rise as urban areas consisting of building sectors are large consumers of energy. Therefore, players in the real estate sector are increasingly investing in low carbon technologies to reduce energy consumption. HVAC and lighting systems consume the most amount of energy, and thus it is essential to monitor the use of these systems. The use of IBMS makes it very easy to maintain and monitor pre-determined temperature and specify the time at which lights are switched on/off. Also, IBMS enables property managers and owners to monitor and control all the disparate systems of the building efficiently and in real time, which will drive the growth of this market.
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As per Technavio, the growing demand for energy efficiency and sustainability in buildings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Integrated Building Management Systems Market : Increasing Integration of IoT with IBMS
A key impact of IoT in the real estate sector is asset digitization. IoT can connect the key assets in a building and when aggregated across the entire building, IoT delivers asset digitization throughout the entire building. IoT platforms also play an important role in integrating cloud infrastructure in existing buildings, which is expected to result in greater access to off-site customers, such as facility managers and engineers. It is also expected to enable better visualization and proper maintenance of buildings and other facilities. Hence, the continuous innovations in IoT and greater integration of IoT with smart buildings is expected to have a positive impact on the growth of the global IBMS market during the forecast period.
“Factors such as the growing popularity of coworking spaces and the advent of robotic and cognitive automation in real estate sector will have a positive impact on the growth of the integrated building management systems market value during the forecast period,” says a senior analyst at Technavio.
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Integrated Building Management Systems Market: Segmentation Analysis
This market research report segments the integrated building management systems market by end-user (commercial, residential and government), component (hardware, software and services), and geography (North America, APAC, Europe, South America and MEA).
The European region led the integrated building management systems market in 2019, followed by APAC, North America, MEA and South America. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the growing trend of smart buildings and the increasing focus on reducing carbon emissions.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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