Artificial Intelligence

Building Automation System Market to Generate $194.9 Billion, Globally, by 2030 at 10% CAGR: Allied Market Research

Published

2 years ago

August 25, 2022

Allied Market Research recently published a report, titled, “Building Automation System Market by Component (Hardware, Software), by Application (Industrial, Residential, Commercial), by Offerings (Facility Management Systems, Security and Access Controls, Fire Protection Systems, Building Energy Management Software, BAS Services, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030“. As per the report, the global building automation system industry accounted for $75.8 billion in 2021, and is projected to reach $194.9 billion by 2030, growing at a CAGR of 10% from 2022 to 2030.

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Major determinants of the market growth

Increase in security concerns among people, surge in urbanization, surge in need for improved communication across building management modules, and decreased incident response time are expected to drive the growth of the global building automation system market. On the other hand, high installation cost is expected to hinder the growth to some extent.

COVID-19 Scenario:

The outbreak of COVID-19 has had a negative impact on the growth of the global building automation system market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the temporary shutdown of all sorts of construction, renovation, or infrastructural activities. Besides, reduced workforce further aggravated the impact on the market.
This is majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.

Scope of the Report: –

Report Attribute	Details
Revenue forecast in 2030	$ 194.9 billion
Growth rate	CAGR of 10% from 2022 to 2030
Forecast period	2022 – 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Regional scope	North America, Europe, Asia Pacific, Latin America, MEA
Country scope	U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Key companies profiled	Honeywell International Inc., Robert Bosch, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd, Schneider Electric, Siemens AG, General Electric, Hubbell Inc, United Technologies Corporation Access Table PDF

The commercial segment held the dominating market share

Based on application, the commercial segment held the largest market share in 2021, garnering around two-fifths of the global building automation system market. The commercial segment is essentially driven by its impeccable applications in the sector. There has been a remarkable rise in the use of building automation systems for various security purposes, such as monitoring and gathering evidence of movement and tracking other details in the commercial sector. In addition, the same segment is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is expected to cite the fastest CAGR of 10.9% during the forecast period. Building automation systems are indigenously by the industrial sector for convenient production and supply monitoring and access.

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Building energy management software segment held the highest CAGR through 2030

Based on offerings, the security and access controls segment held the dominating market share in 2021, holding around one-fifth of the global building automation system market. Security and entryway management maintain a close eye on the area, and hence aids in controlling, managing, and gaining access to the control panels for security in a much more efficient way. On the other hand, the facility management systems segment is expected to maintain its leadership status during the forecast period. Besides, the building energy management software is expected to cite the fastest CAGR of 10.9% during the forecast period. The main reason for this surge is anticipated surge is because building energy management software will have the ability to lower daily expenses for the building’s energy usage.

Segment by component: Hardware, Software

North America held the lion’s share

Based on region, the market across North America held the dominating market share in 2021, garnering around one-third of the global building automation system market, and is expected to maintain its leadership status during the forecast period. The existence of several organizations engaged in construction activities in numerous nations throughout the region is primarily responsible for the expansion of the North American market, and this is anticipated to continue to be the region’s market’s major driver during the projected timeframe. In addition, more and more business across the region is incessantly investing in BAS, which will create ample opportunities. Furthermore, increase in investment in smart cities creates remunerative opportunities for the industry. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 10.9% during the forecast period.

Major market players

Honeywell International Inc.
Robert Bosch GmbH
Johnson Controls
Mitsubishi Electric Corporation
ABB
Schneider Electric
Siemens
General Electric
Hubbell
United Technologies Corporation.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the building automation system market analysis from 2021 to 2030 to identify the prevailing building automation system market opportunities.
The market research is offered along with information related to building automation system market opportunity, key drivers, restraints.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the building automation system market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global building automation system market outlook.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global building automation system market trends, key players, market segments, application areas, and market growth strategies.

Building Automation System Market Segments:

Application

Industrial
Residential
Commercial

Offerings

Facility Management Systems
Security and Access Controls
Fire Protection Systems
Building Energy Management Software
BAS Services
Others

Component

Hardware
Software

By Region

North America (U.S., Canada, Mexico)
Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)

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Artificial Intelligence

CGTN: 3rd CMG Forum in Beijing discusses AI development

Published

1 hour ago

May 1, 2024

CISION (PR Newswire)

BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.

Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html

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Artificial Intelligence

Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space

Published

1 hour ago

May 1, 2024

CISION (PR Newswire)

trianz-appoints-sridhar-kannan-as-practice-leader-–-digital,-elevating-its-leadership-in-the-global-digital-transformation-space

SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.

Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
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Artificial Intelligence

2024 World Digital Health Forum: AI at the Forefront of Healthcare Innovation

Published

3 hours ago

May 1, 2024

CISION (PR Newswire)

2024-world-digital-health-forum:-ai-at-the-forefront-of-healthcare-innovation

BEIJING, May 1, 2024 /PRNewswire/ — Hosted by Tsinghua University and its partners, the 2024 World Digital Health Forum emerged as a cornerstone of the ZGC Forum’s AI Theme Day. Held in Beijing’s tech-centric Haidian District, this event attracted over 700,000 online attendees from around the globe. The forum was a collaboration with the Haidian District People’s Government, the Chinese Institute of Electronics, Tsinghua University School of Clinical Medicine, and the China Association for the Promotion of Science and Technology Industrialization, highlighting pioneering innovations and fostering global partnerships to enhance patient well-being.

The Forum showcased an impressive lineup of speakers, each contributing unique insights into the evolving digital health landscape. Notable among them were Dong Jiahong, President of the Academic Committee at Tsinghua University School of Clinical Medicine, and Andrew Chi-Chih Yao, Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University and the recipient of the 2000 Turing Award. Speeches from Mustafa Shehu, President of the World Federation of Engineering Organizations, and Martin Taylor, WHO Representative in China, enriched the overall perspectives presented at the Forum. Attended by 19 academicians and 70 deans, the event spurred extensive discussions on the future of healthcare in an era increasingly shaped by AI.
A highlight of the Forum was the release of the “Tsinghua Urban Health Index,” which provides a comprehensive assessment of health services across 296 Chinese cities, establishing a new benchmark in health metrics to aid governmental and regional health planning. In addition, the “World Digital Health Forum Declaration” was ratified, laying down a robust framework for universal access to healthcare, and underscoring the importance of collaboration, ethical standards, and innovation-driven changes in global healthcare practices.
The Principal’s Dialogue, a pivotal segment of the Forum, brought together leaders from premier universities to discuss advancing new productive forces and constructing a robust medical talent-cultivating system. During this session, Tsinghua University highlighted its plans to develop an integrated education system connecting hospitals, medical schools, and research institutions. This approach aims to nurture students who are not only skilled in interdisciplinary collaboration but also deeply grounded in humanistic values. The dialogue explored the transformative impact of AI and digital technologies in enhancing diagnostic accuracy and treatment efficacy. They particularly noted the potential for these technologies to enable real-time, remote medical guidance in regions with limited medical resources, enhancing a balanced healthcare delivery nationwide. Additionally, panelists stressed the importance of maintaining an ethical and patient-centric approach in developing and adopting digital health technologies. They advocated for dynamic systems that can adapt to the evolving needs of patients throughout their lifetimes.
The 2024 World Digital Health Forum facilitated high-level discussions and catalyzed future innovations in the digital health sphere. It aims to advance the digital health industry, integrate digital technologies with health and life sciences, and foster new developments in health careers. In doing so, it seeks to enhance global health outcomes and contribute to the collective well-being of communities globally.
Media Enquiries:
Global Communication Office, [email protected]
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