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AI-enabled Solutions that Support Healthy Building Services Will Accelerate Adoption of Digital Offerings
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Digital transformation is gaining momentum in the post-COVID-19 environment; customers are looking for solutions that would cut a building’s operational expenditure and are being offered through flexible payment models that reduce the capital expenditure burden. Frost & Sullivan carried out an extensive and exhaustive technology benchmarking analysis, identifying 30 digital technologies and post-COVID-19 applications that can address operational challenges faced by building and facility managers and building owners for business continuity. Critical market challenges such as subsequent COVID-19 waves, lack of return-on-investment evidence for digital solutions, value-creation uncertainty, and overlapping functionalities of several solutions restrain the widespread adoption of digital solutions. This research helps end customers overcome the critical issues they face by evaluating the ecosystem of digital transformation solution providers offering building technologies and post-COVID-19 applications. Using scientific methods, industry expert dialogues, and decision support matrices, we have identified the top 50 digital practitioners across the global homes and buildings industry. A detailed discussion covers industry innovations and trends along with the implications for the near future. The study offers an extensive look at the digital solution of each of the 50 companies and the critical customer issues these solutions address, along with the justification of why each company is a digital best practitioner. Frost & Sullivan defines a digital transformation solution as a suite of hardware, software, and services that drives business innovation and operational transformation across the homes and buildings industry segments. The service components considered for market sizing and top 50 profiles are fault detection and diagnostics, predictive maintenance, energy optimization, remote monitoring, digital twin, healthy building services, and workplace optimization. Frost & Sullivan estimates the value generated by digital solutions in the global homes and buildings industry will reach $25.69 billion in 2025.Market predictions, trends, and growth opportunities have been analyzed, using a base year of 2020. The study highlights the top 8 predictions for the industry and companies 'to watch' across 7 key industry segments: lighting, energy management, smart building management, fire safety and security, facility management, smart homes, and construction management.
Key Issues Addressed
Author: Anirudh Bhaskaran
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