International. The global integrated building management systems market size is expected to grow US$10.7 billion between 2020 and 2024, progressing at a CAGR of more than 12% during the forecast period, according to Technavio's latest report.
With the advent of the Internet of Things (IoT), vendors are focusing on integrating the technology into their products, Technavio notes in its research. This is one of the key trends of the Integrated Building Management Systems market that will gain traction during the forecast period. IoT-enabled devices will support the use of artificial intelligence (AI) and Big Data.
AI can be used to gain insights and make real-time predictions about the performance of critical heating and ventilation systems in a building. Although such a technological transformation involves significant investments for vendors, IoT-enabled IBMS are expected to provide greater connectivity, improved productivity, and significant convenience for building dwellers who will increase their sales during the forecast period.
According to the report, the biggest growth in this market comes from the commercial buildings segment. The rapid adoption of advanced technology in commercial buildings due to the increasing functionality and efficiency requirements of modern consumers is causing major changes in the commercial real estate (CRE) industry and is driving the growing adoption of IBMS in this segment. The pressure exerted by evolving regulations related to environmental sustainability and the increasing adoption of technology in these sectors are expected to drive the adoption of IBMS during the forecast period.
Growing awareness of environmental sustainability across industries and verticals has increased the need for energy efficiency in buildings and facilities. Implementing energy-efficient technologies and solutions, such as integrated building management systems (IBMS), in existing buildings can reduce energy consumption by about 50%, Technavio notes. Using IBMS makes it easy to maintain and monitor the default temperature of systems such as heating, ventilation, and air conditioning (HVAC) equipment. As a result, the demand for IBMS is increasing in the commercial, residential, and government sectors, contributing to the growth of the integrated building management systems market.
