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Building Management System Market Growth, Size, Key Drivers, Forecast To 2033
Building Management System Market Growth
According to The Business Research Company's, The building management system market size has grown exponentially in recent years. It will grow from $14.77 billion in 2023 to $18.43 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to advances in data analytics, rising energy costs, energy efficiency regulations, rising energy costs, shift towards smart buildings.
The building management system market size is expected to see exponential growth in the next few years. It will grow to $44.9 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to increasing demand for energy efficiency, rising focus on occupant comfort, regulatory compliance requirements, demand for smart buildings, focus on predictive maintenance. Major trends in the forecast period include adoption of IoT and smart building technologies, focus on energy efficiency, rise of cloud-based solutions, demand for integrated systems, enhanced security and access control.
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Market Drivers and Trends:
The rapid expansion of building and construction-related activities is expected to propel the growth of the building management system market going forward. Construction activities refer to any proposed or ongoing installation, repair, maintenance, or similar action on the land, including the movement of vehicles and cranes, the transport of building supplies, and the anchoring or shoring of rocks. BMS allows building managers to centrally control and manage multiple building systems from a single interface, including HVAC, lighting, security, and access control. This centralized control enables efficient operation and coordination of building functions, optimizing energy usage and occupant comfort. For instance, in June 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending reached $566.7 billion in the initial four months of 2023, an increase of 6.1 % compared to $533.9 billion in the same period of 2022. Therefore, the rapid expansion of building and construction-related activities drives the building management system market.
Major companies operating in the business card scanning software market are focusing on developing AI-based digital business card platforms to gain a competitive edge in the market. An AI-based digital business card platform is a technological solution that leverages artificial intelligence (AI) algorithms to facilitate the creation, management, and exchange of digital business cards. For instance, in November 2021, Popl Co., a US-based smart contact management platform, announced the launch of the 'Popl App'. The latest Popl App introduces an impressive array of new features, expanding customization, optimization, and functionality to provide users with an enhanced experience. The Popl digital business card platform seamlessly integrates an AI-powered business card scanner, allowing instantaneous conversion of paper business cards into digital connections.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Siemens AG, United Technologies Corporation (UTC), International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Group, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., Legrand SA, Rockwell Automation Inc., Crestron Electronics Inc., Delta Controls Inc., Automated Logic Corporation, Trend Control Systems Ltd., KMC Controls Inc., Alerton, Reliable Controls Corporation, Distech Controls Inc. (Acuity Brands), Cylon Controls Ltd., Automated Building Controls (ABC) Ltd., Computrols Inc., Innotech Control Systems
Building Management System Market 2024 Key Insights:
• The building management system market size is expected to see exponential growth in the next few years. It will grow to $44.9 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%.
• Driving Growth With Building Management Systems (BMS) In The Construction Industry
• Innovating Building Management With Automated Solutions For Enhanced Efficiency
• Europe was the largest region in the building management system market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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