The building management system is significantly used in the industrial, commercial and residential building owing to its energy efficiency, cost-effective, high Comfort and several other benefits. The factor driving the growth of the BMS market is the energy and cost-effective solutions offered by building management system market, especially in the commercial industries. In addition, the demand of energy efficient and eco-friendly building is rising to vary rapidly across the world that is likely to escalate the growth of Building management system market. However, the installation cost of building management system is high that may restrain the growth of building management system market.
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Moreover, the trending integration of internet of things (IoT) with the various system and the Integration of Analytics in building management are projected to create the several opportunities in the building management system market in upcoming years. In addition, the growing demand of building management system across various emerging regions is expected to contributing in the growth of BMS market over the forecast period.
Europe holds the maximum share in the building management system market
Europe holds the maximum share in the building management system market and is expected to remain the largest region over the period of 2018 to 2024. The various government agencies are taking initiative in the adoption of building management system as they offer energy and cost-effective solution. Moreover, rising awareness about energy efficient and eco-friendly services drives the growth of building management system market in this region. Furthermore, the Asia Pacific is the fastest growing region in the building management system market. The rapidly growing demand of building management system from the growing countries like china and India are likely to boost the market growth in the Asia pacific region.
IoT shaping new facilities management paradigms
In July 2018, with the adoption of the Internet of Things (IoT) and connected technologies, the landscape of facilities management will change radically within three years, as the number of connected devices globally rises from 10 billion in 2015 to an estimated 34 billion in 2020. Driven by broadband internet, decreasing technology costs, ubiquitous smartphone penetration and more devices created with built-in sensors and Wi-Fi capabilities, the implications on building management are significant.