LONDON--(BUSINESS WIRE)--The global integrated building management systems market size is poised to grow by USD 10.7 billion during 2020-2024, progressing at a CAGR of over 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
With the advent of the Internet of Things (IoT), vendors are focusing on integrating the technology into their products. This is one of the key integrated building management systems market trends that will gain traction over the forecast period. IoT-enabled devices will support the use of artificial intelligence (AI) and Big Data. AI can be used to derive insights and make real-time predictions on the performance of critical heating and ventilation systems in a building. Though such technological transformation entails significant investments for vendors, IoT-enabled IBMSs are expected to provide greater connectivity, improved productivity, and significant comfort to building inhabitants that will increase their sales over the forecast period. Such factors will fuel the growth of the integrated building management systems market.
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- The major integrated building management systems market growth came from commercial buildings segment. The rapid adoption of advanced technology in commercial buildings due to the growing functionality and efficiency requirements of modern consumers is leading to major changes in the commercial real estate (CRE) industry and driving the increasing adoption of IBMS in this segment. The pressure exerted by evolving regulations pertaining to environmental sustainability and the increasing adoption of technology in these sectors are expected to drive the adoption of IBMS during the forecast period.
- Europe was the largest integrated building management systems market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The adoption of smart building technologies, changing regulatory landscape, and increasing focus on reducing carbon emissions will significantly influence integrated building management systems market growth in this region. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
- The global integrated building management systems market is fragmented. Azbil Corp., Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll-Rand Plc, Johnson Controls International Plc, Schneider Electric SE, Siemens AG, and United Technologies Corp. are some of the major market participants. To help clients improve their market position, this integrated building management systems market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global integrated building management systems market 2020-2024 is expected to have Neutral and At par. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/integrated-building-management-systems-market-size-industry-analysis
Greater Ease in Monitoring and Controlling Building Operations will be a Key Market Trend
The growing awareness about environmental sustainability across industries and verticals has increased the need for energy efficiency across buildings and facilities. Implementing energy-efficient technologies and solutions, such as integrated building management systems (IBMSs), in existing buildings, can reduce energy consumption by about 50%. The use of IBMS makes it easy to maintain and monitor the pre-determined temperature of systems such as heating, ventilation, and air conditioning (HVAC) equipment. As a result, the demand for IBMS is increasing across commercial, residential, and government sectors, contributing to the integrated building management systems market growth.
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Integrated Building Management Systems Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist integrated building management systems market growth during the next five years
- Estimation of the integrated building management systems market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the integrated building management systems market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of integrated building management systems market vendors
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- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Azbil Corp.
- Cisco Systems, Inc.
- Delta Electronics, Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Ingersoll-Rand Plc
- Johnson Controls International Plc
- Schneider Electric SE
- Siemens AG
- United Technologies Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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