Advancements in Machine Learning and Internet of Things (IoT) to Fuel Market Growth
Technological advancements continue to make a mark across a host on industries, including automotive, consumer electronics, oil & gas, and healthcare. The building & construction sector is no exception to this continual evolution of the technology. Government bodies across the world are increasingly encouraging the development of smart cities wherein smart buildings are expected to hit the mainstream. The building & construction sector is set to undergo a major overhaul over the forecast period, owing to significant advancements in technologies, novel technologies including the Internet of Things (IoT), Wi-fi, and Zigbee are being integrated in modern building automation and control systems.
While the construction sector has conventionally emerged as ‘slow’ adopter of new innovations and technologies, building automation and control systems are expected to gain a considerable amount of popularity in the coming years. Advancements in cloud computing, machine learning, and artificial intelligence, and connectivity technologies are expected to boost the growth of the global building automation and control system market during the assessment period. At present, a large number of small to medium-size residential as well as commercial buildings are adopting building automation and control systems worldwide– another factor that is anticipated to boost the growth of the building automation and control system market that is projected to surpass the market value of ~US$ 326 Mn by the end of 2027.
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Progress in Cloud Computing and Machine Learning to Drive Global Market
Technological advancements and innovations are expected to play a key role in shaping the growth of the building automation and control system market. Although cloud computing has remained an integral part of the consumer products sector, it is gradually making progress in the building automation and control system market. Front-end users’ interfaces are increasingly being moved to the cloud within the current market landscape and the trend is set to continue in the coming years. Cloud computing is likely to replace physical head-end computer systems that are typically used to access building automation and control systems in individual buildings with data hubs that transmit information to the cloud. The advent of the cloud computing technology is expected to provide facility operators access to building automation and control systems via a device that is connected to the Internet. The adoption of cloud computing in modern-day building automation and control systems is projected to grow at a rapid pace in the coming years, as it enables facility operators to maximize efficiency as far as operations of HVAC and lighting systems are concerned. Moreover, data collection and management offer participants of the building automation and control system market to leverage machine learning algorithms to conduct additional research.
High Demand for Network Infrastructure and Safety Systems
At present, IoT-based surveillance systems are increasingly being used across multiple residential and commercial properties, as they enable property managers to manage security in an efficient manner. Abnormal activities around the building can be monitored and even alerted to security personnel. In addition, automated access to safety systems, alarm systems, etc., is projected to improve the overall safety of buildings in the coming years due to which, the building automation and control system market is expected to move in the upward trajectory. Network infrastructure is gaining significant popularity in the current scenario, as it streamlines communication between residents, networks, and connected devices. At present, building automation and control systems are primarily connected via Bluetooth or Wi-Fi instead of conventional building automation network technologies. One of the major factors that has increased the adoption of IoT over the past few years is the dwindling cost of sensors. Sensor technologies have advanced at an impressive pace due to which, they are increasingly being used in various applications, including data collection, security, and surveillance. Some of the most widely used sensors include occupancy sensors, temperature sensors, motion sensors, and light sensors to name a few. It is safe to say that smart buildings of the future are expected to be largely driven by IoT-based building automation systems.
Building Automation and Control System Market: Overview
- According to Transparency Market Research’s latest report on the global building automation and control system market for the base year 2018 and the forecast period of 2019–2027, the global market is expected to expand at a moderate rate during the forecast period, owing to the large number of applications of building automation and control systems in industrial, commercial, and residential sectors
- In terms of revenue, the global building automation and control system market is estimated to reach value of ~US$ 326 Bn by 2027, expanding at a CAGR of ~9% during the forecast period
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Increase in Building Automation Applications: A Key Driver
- Different applications of building automation and control systems include the following: lighting, safety a-nd security, entertainment (audio and video), and HVAC (heating, ventilation, and air-conditioning)
- In addition to these, several new applications of building automation and control systems are being developed and offered by players from different sectors. These include home healthcare, remote monitoring (as a specialized part of safety and security), home robotics, and pet care.
- The home healthcare segment holds high growth potential, due to increase in elderly population and rise in the need for elderly care homes. As for home healthcare, use of automation systems helps save on expenses incurred for visits to the doctor or for deputing a nurse at home. It also saves efforts to dedicatedly monitor people at home.
- The market is also witnessing growth in a single or specific application segment. This growth potential of individual application segments offer scope for players specializing in an individual segment to enter the market.
- This has promoted growth of the global building automation and control system market, as consumers have more solutions to choose from and they enjoy their discretion in terms of price and features. Moreover, the development and adoption in applications, such as facility management, fire control system, safety & security system, is anticipated to increase during the forecast period, thereby fueling the global building automation and control system market.
