HomeSmart BuildingsBuilding ManagementDigital solutions, sustainability could expand global BMS market

Digital solutions, sustainability could expand global BMS market

The increase in converging industries and the growing number of innovative technologies have led to a potential revolution of the global building management system (BMS) industry, according to a recent Frost & Sullivan analysis.

“This has led to a rapid increase in the digitalization of buildings, resulting in a spurt in demand for smart buildings and BMS systems,” the report said. “These technologies are causing significant disruptions, influencing how buildings are managed and shifting roles away from traditional skills towards technological expertise and collaborative efforts.”

The business consulting firm noted in its analysis that the need to ensure tenants’ safety and comfort will push BMS market participants to focus on digitalizing buildings. The global BMS market could reach $5.15 billion by 2026 from $3.52 billion in 2021. That would mark a 7.9 percent compound annual growth rate (CAGR) expansion.

“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, catalyze the market growth.”

Some suggestions for market participants who want to leverage these global BMS sector growth opportunities included bringing AI and machine learning 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), given the current strong use case for these in-building technologies was another suggestion for market participants, according to Frost & Sullivan’s report. Additionally, building owners could consider certifications that favor BMS as an integration hub that’s connected to smart technologies and systems using IoT, AI and cognitive analytics at the edge.

Working with property developers and commercial real estate companies to offer integrated BMS solutions that target green/sustainable building developments is another possible solution.

“BMS is an advanced and effective way to operate and manage modern buildings to ensure occupant safety and comfort,” the report said. “It provides efficient, reliable maintenance and optimization through building automation, energy management, and other related systems.”

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