MarketsandMarkets Building Management System Market Worth 19.25 Billion USD by 2023
According to the new market research report on the “Building Management System Market by Software (Facility, Security, Energy, Emergency, Infrastructure Management), Service (Professional, Managed), Application (Residential, Commercial, Industrial), and Geography – Global Forecast to 2023″, published by MarketsandMarkets™, the building management system market is expected to be worth USD 19.25 Billion by 2023, growing at a CAGR of 16.71% between 2017 and 2023.
Major factors driving the building management system market are the significant cost benefits to the industrial, commercial, and residential users, simplified building operations and maintenance, and increasing demand for energy-efficient and eco-friendly buildings.
Facility management software to hold the largest share of the building management system market
The facility management software held a major share of the BMS market based on software in 2016. The large market share is due to the need for cost saving from effective management of HVAC and lighting systems in the building. As these system consume the highest power in the building, its efficient management can result in significant cost saving.
Managed services expected to grow at the highest rate between 2017 and 2023
The market for the managed services is expected to grow at the highest rate during the forecast period. Managed services are the services outsourced to a service provider to manage routine IT operations. While buildings are becoming smarter and are eradicating inefficiencies, even the most advanced intelligent building technology requires the human oversight. The human oversight can help in identifying and eliminating problems, performing ongoing maintenance, and monitoring energy management operations.
Maximum number of building management systems are being deployed in Europe
Europe accounted for the largest share of the total building management system market in 2016. The adoption of building management systems (BMSs) in the region has been driven by regulatory push, amended policy framework, operational efficiencies, cost containment, sustainability benefits, and changing business dynamics, which would eventually increase the penetration of system integration and deployment services in this region.
The report profiles the most promising players in the building management system market. 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).