The Building Energy Management System Market was valued for $6.5 billion in 2022 and is estimated to reach $18.5 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.
Technological advancements, such as the Internet of Things (IoT), cloud computing, and data analytics, enhance the capabilities of building energy management systems (BEMS). These innovations make it easier to collect, analyze, and act on data for improved energy management.
PORTLAND, Ore., Jan. 29, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Building Energy Management Systems Market by Category (Service, Software, Hardware) and End-User (Residential, Commercial and Institutional, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the building energy management system market was valued for $6.5 billion in 2022 and is estimated to reach $18.5 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.
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Prime determinants of growth
The global building energy management system market is experiencing growth due to several factors such as the rise in IoT, cloud computing, and enhanced building energy management systems (BEMS). However, complexity in building energy management system customization is expected to hinder the market growth to some extent. Moreover, the increasing trend toward smart buildings and smart cities offers remunerative opportunities for the expansion of the building energy management system market.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Category, End-User and Region.
The rise in IoT, cloud computing, and enhanced building energy management systems (BEMS).
Technological advancements in building energy management system
Increase in trend toward smart buildings and smart cities
High initial costs of building energy management system
The service segment is expected to grow faster throughout the forecast period
Based on category, the software segment held the highest market share in 2022, accounting for one third of the global building energy management system market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that building energy management system software employs analytics tools to analyze the collected data, identifying patterns, trends, and areas of inefficiency. Reports generated from these analyses provide insights into energy usage, peak demand times, and potential areas for improvement. However, the service segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, as building energy management system (BEMS) allows service providers to participate in demand response programs. During peak demand periods, the system can automatically adjust energy usage to reduce the load on the grid.
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The residential segment is expected to lead the trail by 2032
Based on the end-user, the residential segment held the highest market share in 2022, accounting for one-third of the global building energy management system market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that smart thermostats are a common feature in residential energy management. They allow users to control heating, ventilation, and air conditioning (HVAC) systems remotely. However, the industrial segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032, as BEMS in industrial settings can monitor energy consumption across various processes and equipment. This involves the collection of data from sensors and meters placed strategically throughout the facility.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share and fastest growing region accounting for one-third of the market share growing with the CAGR of 11.6% in 2022. The Asia-Pacific region has seen significant growth in the adoption of BEMS, driven by the increasing awareness of energy efficiency, environmental sustainability, and government initiatives promoting smart building solutions. Rapid urbanization and ongoing infrastructure development in countries like China, India, and Southeast Asian nations have led to increased demand for smart and energy-efficient buildings. BEMS plays a crucial role in managing and optimizing energy consumption in these modern structures.
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Leading Market Players:
ABB GroupAccruent Inc.Azbil CorporationDaikin AppliedAcuity Brands Lighting Inc.DEXMAAlbireo Energy LLCAiredale International Air Conditioning Ltd.IBM CorporationEmerson Electric Co.The report provides a detailed analysis of these key players in the global building energy management system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Sendbird Unveils Easy-to-Use AI Chatbot Tailored for Small Businesses
SEOUL, South Korea, Feb. 28, 2024 /PRNewswire/ — Sendbird, a leading communications platform for web and mobile apps, has launched its AI chatbot, designed for easy setup and tailored to help small-to-medium-sized businesses (SMBs) in various customer-facing sectors like e-commerce and healthcare. This affordable, no-code solution aims to enhance customer engagement and support. Businesses can access an AI chatbot starter package offering features such as chatbot personas creation, knowledge enrichment, workflow integration, and performance tracking analytics, all without requiring technical skills.
Furthemore, Sendbird has unveiled a developer-centric Pro package, which simplifies mobile app integration and provides more workflows and function calls for third-party software connections. These connections empower the AI chatbot to expand its capabilities and improve the competitiveness. For instance, the AI chatbot can offer personalized recommendations for flights, accommodations, or products.
Sendbird’s no-code AI chatbot seamlessly integrates with Sendbird Desk, its in-app chat customer service solution, providing businesses with a unified sales or support desk. This integration boosts automated efficiency while maintaining a nuanced understanding of human support, leading to swifter, more accurate responses and increased customer satisfaction.
Built on a real-time communication platform trusted by industry leaders like Rakuten, Paytm, Traveloka, Carousell, PayPay, Yahoo, DoorDash, Krafton, Sendbird’s AI chatbot ensures seamless integration with both websites and mobile applications. This enables businesses to streamline support processes, save time, and allocate resources effectively, exceeding customer expectations.
Sendbird CEO and Co-founder John S. Kim emphasizes the importance of making AI accessible to SMBs, stating, “Today, large enterprises and consumer brands effectively use AI to engage with their customers. But there is no way for a small company to compete. What we aim to do with our no-code AI chatbot is to make that technology accessible to SMBs.”
To explore the benefits firsthand, businesses can access a free trial of Sendbird’s AI chat bot at sendbird.com/products/ai-chatbot. Additionally, to enhance superior customer support and engagement further, go to Sendbird Desk at sendbird.com/products/customer-support.
Sendbird is the all-in-one communication platform empowering web and mobile applications with customizable user experiences. Sendbird’s cutting-edge APIs unlock the potential of AI-powered chatbots, one-way notification messages, chat, video calls and live streaming, tailored for use in commerce, marketing, and exceptional customer support. Trusted by industry leaders such as Rakuten, Paytm, Traveloka, Carousell, PayPay, Yahoo, DoorDash, and Krafton, Sendbird powers over 7 billion interactions monthly for over 4000+ applications worldwide.
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Vieworks Unveils Cutting-Edge X-ray Imaging Solutions at ECR 2024
ANYANG, South Korea, Feb. 27, 2024 /PRNewswire/ — Vieworks, a leading provider of medical and industrial X-ray imaging solutions, is gearing up to showcase its innovative lineup at the European Congress of Radiology (ECR) 2024, scheduled from February 28 to March 3 in Vienna, Austria. Vieworks will introduce a range of groundbreaking solutions including the VXvue software with AI diagnostic support for both human and veterinary applications, alongside X-ray flat panel detectors (Hall X3, Booth 324).
At the exhibition, Vieworks will unveil a total of 19 products, featuring 15 static and dynamic flat panel detectors accompanied by dedicated image acquisition software. Particularly noteworthy will be the introduction of the enhanced VXvue software integrated with AI diagnostic support solutions.
Vieworks’ large-format and large-area detector products (VIVIX-S 1751S, VIVIX-S 4747V) are designed to optimize full-spine, half-body, and large-area imaging, offering static image detectors capable of capturing wider area images in a single scan compared to conventional models, thereby reducing patient radiation exposure. With advantages such as high resolution and swift image acquisition, these detectors enable more efficient diagnosis.
In addition to these innovations, Vieworks will showcase a variety of its flagship products, including FPDs for general radiography (VIVIX-S V, VIVIX-S F series), portable C-arms and fluoroscopy applications (VIVIX-D series), and digital detectors for breast examination (VIVIX-M series).
Developed in-house by Vieworks, VXvue is a user-centric image processing software designed to post-process clinical images acquired through X-ray detectors. With recent enhancements, VXvue can analyze X-ray clinical images of animals such as dogs and cats, providing abnormal findings related to musculoskeletal and thoracic diseases within 15 seconds. By offering post-processing of images along with information on the location of ailments and their probability, VXvue is poised to significantly improve the diagnostic process for veterinarians.
VXvue also offers advanced solutions for human application, incorporating the ‘PureImpact™’ technology, a high-performance image processing algorithm that enhances image clarity, and AI. This enables detailed depiction of soft tissue and skeletal structures with minimal radiation exposure.
A Vieworks spokesperson stated, “This year, we will continue to invest in innovative technologies such as AI to advance our product diversification and technological sophistication. Through these efforts, we aim to secure loyalty from our key customers in North America and Europe and expand our market share.”
ECR, regarded as one of the world’s largest congresses alongside the Radiological Society of North America (RSNA), anticipates participation from over 240 companies representing 35 countries.
About Vieworks Co., Ltd.
As a global leader in digital imaging in various applications from medical x-ray imaging to industrial x-ray inspection, Vieworks offers the most advanced x-ray flat panel detectors and software as a solution to the world. Vieworks creates new standards in the imaging industry by providing professionals with the most valued and high-quality images and offering innovative vision and insight for all. For more information, please visit xrayimaging.vieworks.com.
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Geotab Brings Conversational AI to Connected Transportation Solutions at Mobile World Congress
Demonstrates Geotab Ace with AI capabilities to interpret complex data with natural-language processing – a game-changer in connected vehicle transformationEnables fleets to make faster data-driven decisions based on safety, route planning, maintenance schedules, sustainability, and moreVisit us for the Geotab Ace demo on the Ontario Canada exhibition in Hall 7, 7G61, Kiosk 11 at MWC
BARCELONA, Spain, Feb. 27, 2024 /CNW/ – Geotab Inc. (“Geotab”), a leading connected vehicle technology provider, will demonstrate its industry-first generative AI assistant for connected transportation, Geotab Ace, at Mobile World Congress. Geotab Ace is fueled by data-led AI processing capabilities analyzing more than 75 billion data points daily across global telecoms networks. Deeply integrated into MyGeotab, Geotab Ace instantly generates insights, while democratising and streamlining access to information to unlock new value from fleet data.
Geotab Ace was launched earlier this month at Geotab Connect, with the first public demonstrations of the AI copilot being debuted at Mobile World Congress. Geotab Ace has access to an expansive array of insights, including predictive safety analytics, predictive maintenance, trip data, zone activity, electric vehicle statistics, exception events, GPS tracking, and more. This allows it to provide nuanced answers to a broad range of complex questions while remembering past interactions to improve future responses. Geotab Ace is built on privacy-by-design principles and keeps all customer telematics data within Geotab’s environment, never shared with any Large Language Model (LLM).
Enhancements to the user experience include tailored insights through intuitive dialogue with natural language processing – allowing organizations with fleets to extend on-demand insights in areas including safety, operations, maintenance, efficiency, and sustainability to assess the performance of their vehicles, assets, drivers, and more in simple, easy-to-understand terms.
Fleets can now significantly reduce the time taken to gain insights and access customized data reflections that are tailored to their specific needs, enhancing their capacity and expediency for making data-driven decisions.
“By bringing the intuitive simplicity of conversational AI directly into the Geotab platform, we are transforming the way fleets interact with their data, crafting a future where insights are immediate, intelligent, and instrumental to success,” said Edward Kulperger, Senior Vice President, Geotab EMEA. “It embodies our mission to simplify data analysis and unlock a world of trustworthy, insightful and actionable fleet intelligence.”
Geotab’s position as an industry trailblazer is reinforced by its 4 million globally connected vehicles, 50,000 customers across 160 countries, and an extensive telecoms carrier and partner network. This depth of expertise and global scale enables the company to develop unprecedented AI models, unlocking unmatched value and efficiency for fleets around the world.
Geotab Ace will be available to be experienced hands-on in the Ontario (Canada) Pavilion in Hall 7, 7G61, Kiosk 11 at Mobile World Congress from February 26 – 29, 2024.
To learn more about Geotab Ace, visit https://www.geotab.com/uk/ace/..
About GeotabGeotab is a global leader in connected transportation solutions. We provide telematics — vehicle and asset tracking — solutions to over 50,000 customers in 160 countries. For more than 20 years, we have invested in ground-breaking data research and innovation to enable partners and customers, including Fortune 500 and public sector organizations, to transform their fleets and operations. With over 4 million subscriptions and processing more than 75 billion data points a day, we help customers make better decisions, increase productivity, have safer fleets, and achieve their sustainability goals. Geotab’s open platform and Marketplace offers hundreds of third-party solution options. Backed by a team of industry-leading data scientists and AI experts, Geotab is unlocking the power of data to understand real-time and predictive analytics — solving for today’s challenges and tomorrow’s world. To learn more, visit www.geotab.com, follow @GEOTAB on Twitter and LinkedIn, or visit the Geotab Blog.
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