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Digital Service Innovations Power the Global Homes and Buildings Industry Post-COVID-19
The global H&B industry is expected to reach by the end of 2021 from $1.23 trillion in 2020, an uptick of in a conservative growth scenario. The study analyzes seven industry segments: construction management, lighting, energy management, smart building management, facility management, fire safety and security, and smart homes. The sector is expected to have the highest growth rate at 9.5%, followed by at 4.2%.
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"The physical and mental health and wellness of occupants and overall health performance of buildings will be the top priority for building owners and facility managers in the post-COVID world," said , Senior Industry Analyst, Energy & Environment Practice at Frost & Sullivan. "This will lead to accelerated deployments of cloud-based remote services, workplace analytics, washroom innovations, AI-driven building solutions, high-efficiency particulate absorbing (HEPA) filters, ultraviolet-C (UV-C)-based disinfection, and building health performance benchmarking at a large scale in the next three to five years."
Bhaskaran added: "Adoption of resilient, futuristic, and innovative business models—digital transformation-as-a-service, air quality-as-a-service, software-as-a-service, pandemic response-as-a-service, and healthy buildings-as-a-service—will ensure the industry's overall growth, unlocking new revenue streams for market participants. At the same time, collaboration between architecture, engineering, and construction (AEC) industry participants with building management companies will enable customers to unlock the full potential of digital building solutions and present lucrative growth prospects to H&B market players."
To usher growth opportunities, industry participants should focus on:
is the latest addition to Frost & Sullivan's research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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