The global integrated building management systems market size is expected to grow by $10.7 billion between 2020 and 2024, progressing at a CAGR of more than 12% throughout the forecast period, according to the latest report by Technavio. The report, which offers analysis regarding the current market scenario, latest trends and drivers, and the overall market environment, also examines new opportunities created due to the COVID-19 pandemic.
With the advent of the Internet of Things (IoT), vendors are focusing on integrating technology into their products, notes Technavio in its research. 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.
According to the report, major growth in this market is coming from the 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.
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%, notes Technavio. 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.
