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Emergence of Cloud, IoT, and Analytics Creates New Challengers in the Building Management System Market
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While the Australian market for digital built environment solutions is growing rapidly, it is still under-penetrated, particularly in the residential sector. Solutions that improve the energy efficiency of built environments have found the highest acceptance among asset owners due to their ability to demonstrate a clear return on investment (RoI). Asset monitoring solutions that can extend the life of assets and reduce maintenance costs by employing predictive analytics are expected to grow rapidly. While the market is still dominated by on-premise, stand-alone systems, built environment solutions are increasingly moving to the cloud and solution providers? are adopting a platform approach. Enabling users to make the most of their respective built environment solutions, either through improved user interface or training, is a critical success factor for competitors. Overall, the ease of use, customised data offerings, clearly defined 'citizen' / user involvement, vendor neutral offerings, and competitive pricing are considered the factors critical for success in this market.This study analyses the drivers and restraints of digital transformation in the built environment, the size and growth of the building management systems market, as well as the segmentation of this market by building automation systems, energy & environmental performance, and emergency and security automation systems. It also covers the commercial, institutional, and residential segments.Apart from outlining the competitive structure and competitive tools, this study presents disruptive technologies and emerging use cases that are gaining traction in the Australian market. Australia’s rate of urbanisation is expected to further rise, fuelling the need for digital solutions in urban built environments. Particularly, the rise in the value of non-residential buildings creates a fertile market for digital enhancements that enable further energy savings and ease of maintenance. High property prices due to the recent property boom and rising energy costs are justifying the increased investment in built environment technologies. In addition, energy efficiency is becoming a priority across sectors. In terms of end-use, the number of flexible workspaces has been growing exponentially in Australia and there is a similar growth trend in remote working practices. On a broader level, there are higher expectations among building occupants in terms of the convenience, green credentials, and the 'smarts' of work environments. Federal, state, and local government initiatives and star ratings for buildings are expected to support further growth. However, ambiguous RoI and funding challenges, concerns over security, as well as issues regarding the interoperability of complementary systems continue to restrain the market.
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