November 16, 2018: The global building management system market is subject to witness a substantial growth over the forecast period due to the growing demand for automation of security systems in building & large construction sites. The recent technological advancement in building & construction industry such as development of Building Automation-Centric Wireless Protocols and Wireless Sensor Network Technology, are propelling market growth, in the recent years.
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In addition, shifting trends towards of Internet of Things (IoT) technology in building automation system, soaring in demand for energy-efficient systems, and growing penetration of smartphones in building automation across the globe are anticipated to fuel the growth of building management system market over the forecast period. Globally, the building management system market is predicted to display high growth rate during the forecast period, providing numerous opportunities for market players to invest in research and development in the building management system market.
Other factors responsible for sustained market growth are cost efficiency, increasing adoption in the commercial and residential building, simplified building operations, minimum maintenance, and growing need for energy-efficient and eco-friendly buildings. Furthermore, favorable government initiatives and schemes to promote energy-efficient and eco-friendly buildings are expected to offer numerous growth opportunities for industry players and vendors across the globe.
The recent technological advances in the building & construction industry is predicted to propel the growth of building management system market over the forecast period. However, high complexity involved with execution of the building management system and absence of skilled labor force coupled with high initial cost of implementation are restraining market progress to large extent, in the recent years.
The building management system market is broadly categorized into two major types such as facility management software and managed services. Facility management software is considered as one of the fastest growing segment in the building management system market with substantial revenue generation in the last couple of years.
Growing popularity of the facility management software market segment is attributed to increasing demand for cost saving solution and effective management of heating, ventilation, and air conditioning (HVAC) systems and lighting systems. Heating, ventilation, and air conditioning (HVAC) systems and lighting systems usually consume large portion of power supplied to the building, in such scenarios, an efficient cost saving solution and advanced management system is off high importance.
The managed services market segment has also witnessed significant growth in the last few years owing to large-scale outsourcing activities by a service provider in order to manage routine IT operations. Most of the smart or intelligent building consists of advanced facilities with direct integration such as enhanced security, access control, closed-circuit television (CCTV), fire management protocols, lifts and other safety measures.
Building management systems (BMS) also called as building automation systems (BAS) or building management and control system (BMCS) that consists of advanced microprocessor based controller networks. The advanced microprocessor based controller networks are embedded into the BMS for monitoring and controlling various systems and services such as air conditioning, ventilation, lighting and hydraulics.
Advantages of building management systems (BMS) include stimulation of internal comfort conditions, efficient management and controlling of energy consumption, longer life span of the building, and central and distant monitoring of building. These factors are expected to boost the growth of building management system market over the forecast period.
The building management system market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the rise in the implementation of latest technologies in the building & construction industry, numerous initiatives undertaken by local governments, increasing number of amended policy framework, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the building management system market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with varying business dynamics in the region, strong economic growth, rising infrastructural activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the building management system market are ABB Ltd., AT&T Incorporations, BOSCH GmbH, Cisco Systems, Inc., Honeywell International Incorporations, Hubbell Incorporations, Johnson controls international plc, Siemens AG, and United technologies Co.
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