Changing economic and social dimensions of a country contribute to the changing lifestyles of the people as well. Technological advancements, progressed standard of living and rising environmental and economical trends are increasing expectations from the customers across various business verticals. Increasing demand for commercial and residential buildings is a part of the same change. Along with rise in demand for commercial buildings, customers have developed the demand for personalized building systems.
Building automation is a powerful system that influences aspects of interior and exterior environment that enhance the comfort, productivity and visual appeal of the buildings. Commercial, residential and public buildings that run under the control of building automation systems of BAS are also known as intelligent buildings. Global intelligent buildings market is driven by changing demand patterns and constant upgradation of these systems.
Increase in the applications of personalized control over various building features like lights, ventilation, heating, air conditioning and other features of interior environment are creating better business opportunities. Intelligent building technologies market is segmented based on the types of services, systems and information technologies. Service and systems and ITs managements are divided into several sub-segments for detailed analysis. The market is also categorized based on the geographical regions, which include North America, Latin America, Europe Middle East and Africa (EMEA) and Asia Pacific including Japan (APJ).
Services and systems are segmented into life security, physical security and facility management. Information technology segment is divided into computing software, hardware, computing services, networking services and network equipment. Facility management segment of the intelligent building market is further divided into HVAC systems, light management, elevator controls, energy management, light management, etc. The life security segment is divided into emergency response and fire security. Physical security segmented is sub-segmented into explosive detectors, video surveillance, screening solutions, car park management, access control and others.
Business Prospects and Forecasting
Global market for intelligent building automation technologies is growing at a rapid pace. This growth rate is creating great business opportunities for the potential players and established businesses. Based on the recent analysis of all the segments, trends and opportunities in the industry, researchers claim the intelligent building market to grow at a steady CAGR of over 4% for the next few years. Growing markets of information technology, building automation and real estate are the strongest reasons for the rapid rise in the demand and adoption of intelligent building technologies. Increasing CO2 emission is another factor that is pushing the IB market, which helps to reduce it. Cost cutting and reduction of overall budget of operational and maintenance costs are also driving the industry.