What are the business benefits of building management systems?
A building management system is a system that uses sensors and artificial intelligence to monitor and control building services such as ventilation, lighting, power, fire and security. While these functions are often automated and computer-controlled, the addition of sensors and AI makes it possible to intelligently manage a facility with a holistic view, enabling responsive operations.
What are the business benefits of building management systems?
Building management systems can reduce repair costs by facilitating proactive preventive maintenance, and reduce utility expenses by matching energy use to actual needs. They can improve the tenant experience through increased security and convenience and can reduce theft, food spoilage and other losses. By cutting a facility’s carbon footprint, these systems also help buildings comply with environmental requirements and incentives as well as attract and retain tenants.
Market Analysis: Global Building Management System Market
Global building management system market is expected to register a healthy CAGR of 17.10% in the forecast period of 2019-2026. The rise in the market value can be attributed to surging preference for energy-efficient and eco-friendly buildings and cost benefits to commercial, residential, and industrial users.
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Few of the major competitors currently working in the global building management system market are
- Honeywell International,
- Johnson Controls,
- Schneider Electric,
- Siemens,
- United Technologies,
- ABB,
Azbil Corporation, Delta Controls, LARSEN & TOUBRO LIMITED, Mitsubishi Electric Corporation, Robert Bosch GmbH, Singapore Technologies Engineering Ltd, DEXMA SENSORS, S.L., Eagle Technology, Legrand, Lutron Electronics Co., Inc, Technovator International Limited, Airedale Air Conditioning, BuildingIQ, ACUITY BRANDS LIGHTING, INC, GridPoint among others.
Source: Data Bridge Market Research