The building management system market was valued at USD 6.65 billion in 2016 and is expected to reach USD 19.25 billion by 2023, at a CAGR of 16.71% between 2017 and 2023. Governments across the globe have taken due cognizance of the benefits of effective management of the buildings and their potential savings. They have been incremental in bringing forward various legislations and initiatives to drive the development and adoption of building management system (BMS) technologies. For the study, the base year considered is 2016, and the forecast provided is between 2017 and 2023.
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The building management system market based on service types has been segmented into professional services and managed services. Professional services held the largest share in the market in 2016. As the adoption of building management solutions across the globe increases due to the regulatory push, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, the demand for professional services increases.
The building management market based on software has been further divided into facility management, security management, energy management, emergency management, and infrastructure management software. The market for the energy management software is expected to grow at the highest CAGR during the forecast period. Buildings are the largest consumers of electricity globally. With the increase in the global economy and enhancing the standard of living, the consumption of energy resources is increasing, which, in turn, increases the demand for building energy management systems.
• Significant cost benefits to industrial, commercial, and residential users
• Simplified building operation and maintenance
• Increasing demand for energy-efficient and eco-friendly buildings
• Growing integration of IoT
• High implementation costs
• Lack of technically skilled workers
• Integration of analytics in building management
• Growing demand from the emerging economies
• Lack of awareness regarding the BMS in various geographies
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The key players in the building management system market are Honeywell International Inc. (US), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (US), IBM Corporation (US), Ingersoll-Rand Plc (Ireland), and Delta Controls (Canada).