Top Fortune 500 companies are expanding their efforts to reduce the emission of greenhouse gases in their facilities. The smart facility management market is becoming competitive with the presence of many building technology vendors. It also offers ample opportunities for the vendors to grow as we expect a greater number of organizations to implement smart facility management solutions. Many organizations outsource their building management to third parties. Organizations are facing tremendous pressure on strictly adhering to environmental regulations and building standards. Enterprises are enhancing their building operations with 24*7 monitoring and real-time insights. The adoption of smart facility management solutions is expected to improve the control system of buildings, along with easy monitoring. The vendors are expected to expand their partner networks, improving their capabilities in data integration, system integration, and compliance control in systems.
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Globally, the enterprises are looking to make the building management smoother by outsourcing major critical functions of buildings to specialized vendors. Technologies, including IoT and analytics, are leveraging the quality of building control and intelligent connected systems. The influx of AI and ML are likely to derive more insights to enhance building protection and quick resolution of building system faults. The automation and AI are expected to transform the building management systems to a more customer-friendly dashboard and controls. The smart facility management market is expected to grow with a significant contribution from software vendors, service players, and OEMs, along with the presence of IT & utility giants and pure play service vendors.
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The growing IoT and connected applications are expected to boost the smart facility management market. Schneider Electric, IBM, Siemens, Johnson Controls, and Honeywell are few of the companies profiled in the report. The vendors are focusing on innovating various applications or technologies that help in easy detection of faults with a high focus on measurements of energy consumption to reduce the electricity consumption in power and cooling systems.
ICT – Research Analyst