Increasing industry convergence and the emergence of innovative technologies are revolutionising the global building management system (BMS) industry.
Frost & Sullivan’s recent analysis of the global BMS market reveals a need to ensure occupants’ safety and comfort encourages BMS market participants to focus on the digitalisation of buildings. The global market for BMS will likely reach $5.15 billion by 2026 from $3.52 billion in 2021, witnessing expansion at a compound annual growth rate (CAGR) of 7.9%.
“The need to manage buildings remotely is increasing post-COVID-19 and demands the convergence of advanced analytics, artificial intelligence (AI), and emerging technologies with BMSs,” said Viswesh Vancheeshwar, energy, environment & sustainability industry principal at Frost & Sullivan.
“The health, wellness, comfort, and business productivity of occupants are driving change in buildings’ status quo. Further, the rising demand for energy-efficient and sustainable buildings, coupled with the need for simplified and effective building operation and maintenance, catalyse the market growth.”Viswesh Vancheeshwar
Action items for market participants
- Incorporate AI and machine learning (ML) into digital twin platforms and align digital twin solutions to promote sustainability and net-zero buildings.
- Integrating BMS with the Internet of Things (IoT), AI, augmented reality (AR), and virtual reality (VR) as the use case for these technologies in buildings is strengthening rapidly.
- Consider certifications that favour BMS as an integration hub connected to intelligent technologies and systems using IoT, AI, and cognitive analytics at the edge.
- Work with property developers and commercial real estate companies to offer integrated BMS solutions that target green/sustainable building developments.