Integrated Building Management Systems Market to Grow by USD 9.70 Billion Until 2023
The global integrated building management systems market is poised to grow by USD 9.70 billion during 2019-2023, progressing at a CAGR of over 12% during the forecast period, a recent market research report from Technavio has been able to suggest.
The paper points out that the market is driven by the growing demand for energy efficiency and sustainability in buildings. In addition, the increasing integration of IoT with IBMS is anticipated to further boost the growth of the integrated building management systems market.
There is an increase in the demand for energy efficiency across buildings and facilities due to the rising concern over environmental sustainability across industries. In addition, the rapid growth in urbanization across the world is also driving the consumption of energy in urban areas.
This is encouraging market players in the real estate sector to minimize energy demand by making investments in low carbon technologies. This is driving the popularity of IBMS as these systems help in saving energy by monitoring and controlling all the disparate systems of the building efficiently and in real time.
Thus, the growing demand for energy efficiency and sustainability in buildings is expected to drive market growth during the forecast period.
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