Technology

Building Automation Software Market size is set to grow by USD 37.2 billion from 2024-2028, Growing need for building automation to enhance business outcomes to boost the market growth, Technavio

Published

4 months ago

August 14, 2024

NEW YORK, Aug. 14, 2024 /PRNewswire/ — The global building automation software market size is estimated to grow by USD 37.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 17.21% during the forecast period. Growing need for building automation to enhance business outcomes is driving market growth, with a trend towards emergence of customized building automation software. However, challenges in integrating building automation software coupled with interoperability issues poses a challenge. Key market players include ABB Ltd., Advantech Co. Ltd., Beckhoff Automation, BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., EUROICC, General Electric Co., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., Lutron Electronics Co. Inc., RTX Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (BMS software and Standalone building automation software), End-user (Commercial, Industrial, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., Advantech Co. Ltd., Beckhoff Automation, BuildingLogiX, Cisco Systems Inc., Delta Electronics Inc., Emerson Electric Co., EUROICC, General Electric Co., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., Lutron Electronics Co. Inc., RTX Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG

Key Market Trends Fueling Growth

Building automation software is essential for managing safety and security controls in buildings with a user-friendly interface. With growing competition among vendors, advanced features and capabilities are being integrated into these systems. Vendors are now developing application-specific comprehensive building management solutions to enhance facility management performance. This trend, driven by technological advancements, is set to revolutionize the global building automation software market, offering organizations flexible operations through customized software solutions.

Building automation systems are trending in urban centers as they optimize energy usage and enhance comfort in both residential and commercial sectors. HVAC systems, including solar panels and renewable energy sources, are key components. IoT integrated systems enable predictive maintenance, centralized control, and energy efficiency measures. Lighting, heating, and ventilation systems are also improved. Security systems, such as access control, video surveillance, and intrusion detection, are essential. Interoperability challenges are addressed through smart technologies like sensors, actuators, communication modules, and software. The software segment includes cloud-based platforms and AI for facility management, HVAC control, lighting systems, space utilization, and building automation systems. The commercial segment focuses on offices, retail spaces, hotels, while the residential segment caters to smart technologies for homes. Building control and management systems ensure electric systems run efficiently. Smart cities leverage these systems for waste management, healthcare, education, and retail.

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Market Challenges

Building automation software plays a crucial role in managing and integrating various sub-systems and appliances in buildings. As building size increases, so does the complexity of the automation system. Effective communication between different hardware systems is essential, and interfacing software must ensure compatibility and configuration of these devices on the same platform. Legacy systems’ integration with new software may lead to compatibility issues, causing potential security breaches. End-users expect multi-device connectivity, but ensuring interoperability across networks is challenging. Additionally, various technologies with different performance, security, cost, and development standards hinder market growth. Ensuring compatibility and interoperability among these standards is necessary to expand the global building automation software market.The Building Automation Software market is experiencing significant growth due to increasing concerns over climate change and the need for zero carbon buildings. With rapid temperature rise and overpopulation in large cities, the demand for smart buildings that adhere to sanitary guidelines and optimize energy efficiency is on the rise. Retail establishments, dining facilities, and educational institutions are leading the charge, integrating ventilation systems, air conditioners, and ductless heating to maintain ideal indoor conditions. Government policies and regulations are driving the adoption of building automation software to reduce energy consumption and improve fire protection systems. Consumers are also demanding advanced features like access control, smart door locks, and wireless intercom devices for enhanced security. However, challenges remain, including the integration of complex systems like air conditioning, electrical systems, lighting control, and sound alerts. Theft and burglary are also concerns, necessitating the integration of fire protection systems and theft prevention measures.

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Segment Overview

This building automation software market report extensively covers market segmentation by

Product 1.1 BMS software1.2 Standalone building automation softwareEnd-user 2.1 Commercial2.2 Industrial2.3 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 BMS software- The Building Management Systems (BMS) software segment dominates the building automation software market due to its comprehensive solutions and powerful analytics tools. Commercial buildings in North America and Europe, particularly in the retail and office sectors, are the primary drivers of market growth. The increasing demand for energy efficiency and safety in workplaces, as well as the rising trend of retrofitting activities, are contributing to the expansion of this segment. In the manufacturing sector, there is a growing demand for automated facility management to optimize energy usage. Building automation software enables real-time energy monitoring and control, as demonstrated by Siemens AG’s Desigo automation stations. Strict government regulations in developed regions also fuel the adoption of BMS software. Urbanization in emerging economies, such as India, Brazil, and China, is expected to further boost demand. Consumer preferences for smart, energy-efficient buildings are driving the adoption of BMS software in the residential sector. The COVID-19 pandemic has increased energy consumption in residential buildings, leading to a surge in demand for smart energy management systems. Despite high installation and switching costs, the integration of IoT in supporting infrastructure is driving market growth. The awareness of building automation is rising in developing regions, making them attractive for new projects. Overall, the building automation software market is experiencing significant growth due to the need for energy efficiency, safety, and convenience in both developed and developing countries.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The Global Building Automation and Control Systems Market is driven by increasing demand for energy-efficient solutions and smart buildings. Similarly, the Global Industrial Automation Device Manager Software Market is experiencing growth due to the rising need for real-time monitoring and control of industrial processes. Meanwhile, the Global Manufacturing Execution Systems (MES) Market is expanding as manufacturers seek to optimize production efficiency and reduce operational costs. Together, these markets are pivotal in advancing automation and enhancing productivity across industries worldwide.

Research Analysis

Building automation systems are essential for managing and optimizing various building functions, including HVAC, lighting, heating, ventilation, security, and fire detection. These systems use IoT technologies and centralized control systems to enhance energy efficiency measures and integrate renewable energy sources such as solar panels. Predictive maintenance is a key feature that helps prevent equipment failures and reduce downtime. Interoperability challenges persist as different building systems require integration, including electric, electronic, mechanical, and IoT technologies. Building automation systems are increasingly being adopted in urban centers and smart cities for managing waste management, healthcare facilities, intelligent street lighting, and other infrastructure. The market for building automation solutions continues to grow, driven by the need for energy savings, improved comfort, and enhanced security.

Market Research Overview

Building automation systems are technological solutions that optimize the management of various building functions, including HVAC, lighting, heating, ventilation, security, and more. These systems are increasingly being integrated with renewable energy sources such as solar panels, IoT technologies, and predictive maintenance to enhance energy efficiency measures. Centralized control systems enable real-time monitoring and regulation of these functions, leading to significant cost savings and reduced carbon emissions. In urban centers and smart cities, building automation systems play a crucial role in managing energy consumption in buildings, from commercial offices and retail spaces to residential apartments. Interoperability challenges persist, however, as different systems and devices require compatibility. The software segment of building automation includes cloud-based platforms and artificial intelligence applications, allowing for remote monitoring and control of building functions. The commercial segment, which includes non-residential buildings, is a major market for building automation solutions, with offices, retail spaces, hotels, and other establishments adopting smart technologies for improved space utilization and energy efficiency. Building automation systems are also being implemented in various sectors, such as healthcare, education, and retail, to optimize energy use and enhance security measures through access control systems, video surveillance, and intrusion detection. The integration of IoT devices and network-connected sensors and actuators is revolutionizing building automation, enabling real-time monitoring and control of various building functions. However, security concerns remain a challenge, as these systems require robust cybersecurity measures to protect against potential threats. Government policies and regulations are driving the adoption of building automation systems in new and existing buildings, with a focus on energy efficiency, zero carbon targets, and climate change mitigation. Rapid temperature rise and overpopulation in large cities are further increasing the demand for smart buildings that can optimize energy use and improve living conditions. Sanitary guidelines and ventilation requirements are also important considerations for building automation systems in various sectors. In conclusion, building automation systems are essential for optimizing energy use, improving building functions, and enhancing security and comfort in various sectors. The integration of renewable energy sources, IoT technologies, and predictive maintenance, along with government policies and regulations, are driving the growth of the building automation market. However, interoperability challenges and security concerns remain key challenges that need to be addressed.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductBMS SoftwareStandalone Building Automation SoftwareEnd-userCommercialIndustrialOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Lichen China Limited Announces $2.8 Million Registered Direct Offering

Published

32 minutes ago

December 26, 2024

XIAMEN, China, Dec. 26, 2024 /PRNewswire/ — Lichen China Limited (Nasdaq: LICN) (“Lichen China” or the “Company”), a dedicated financial and taxation service provider in China today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 20,000,000 of the Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.14 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $2.8 million. The transaction is expected to close on or about December 27, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus will be filed by the Company and, upon filing, can be obtained at the SEC’s website at www.sec.gov.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com

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SOURCE Lichen China Limited

Technology

Elvis Birthday Celebration tour kicks off at the Miniaci Performing Arts Center January 5th

Published

2 hours ago

December 26, 2024

This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis Rockin Birthday Bash

FORT LAUDERDALE, Fla., Dec. 26, 2024 /PRNewswire-PRWeb/ — Elvis Presley Birthday Celebration Florida Tour kicks off at the Miniaci Performing Arts Center at Nova Southeastern University Davie Campus on January 5th with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash, a multi-media full production tribute celebrating the life and music of the King of Rock-n-Roll.

“Adding to the authenticity of his tribute, Chris has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel.”

This January 8th would have been the King’s Birthday. Gone but never forgotten, his image, music, films and memories live on as a testament to his true effect and influence on his generation and future generations to come. The original American Rock-n-Roll Idol who influenced the Beatles, The Rolling Stones and anyone that has ever picked up a guitar or a microphone since, continues to engage our love affair with his all American story of a shy poor and humble country boy that became the King of Rock-n-Roll. Elvis Presley, recognized by TIME magazine as the “Artist of the 20th Century,” has sold more records than any other artist or group in the history of modern music. Even after death, his image and music continue to be loved and celebrated throughout the world. With the critically acclaimed big screen biopic “Elvis” by director Baz Luhrmann starring Austin Butler as Elvis and Tom Hanks as Colonel Tom Parker, Elvis’s music and charisma are once again in the spotlight for a whole new generation and there’s no sign of the King leaving the building of Rock-n-Roll icon status.

Keeping the memory alive at countless venues throughout the country, Chris MacDonald lovingly shares the magic of the “King of Rock-n-Roll” with his full production tribute Memories of Elvis. Chris’s show is not an overdone impersonation. It is a natural heartfelt tribute to a legendary performer and music icon. With his dynamic production band, Chris MacDonald draws his audience in with the look, sounds, and nuances that made Elvis the King of Rock-n- Roll!

Adding to the authenticity of his tribute, Chris MacDonald has the honor of being the only tribute artist hired by Elvis Presley Enterprises to perform at Graceland’s Heartbreak Hotel. An energetic and experienced entertainer, MacDonald has also starred in the famous “Legends in Concert” stage productions and has performed in Branson, MO, and Las Vegas, NV. Chris has also performed in Concert with Elvis Presley’s original back up group The Jordanaires and D.J. Fontana Elvis original drummer “The Beat Behind The King” at the famous Seminole Hard Rock Live Concert Venue in Hollywood Florida and other venues throughout the country.

With this newly updated production, the show will include costume changes and songs representing the different stages of Elvis’s incredible career including the 1950′s, the Movies, the 1968 Comeback and the 1970′s White Fringe Vegas Concerts. It’s all a part of this fun loving tribute to one of the greatest entertainers of all time.

Get “All shook up” and celebrate the life and music of the King of Rock-n-Roll with Chris MacDonald’s Memories of Elvis Rockin Birthday Bash.

Florida Tour Dates:

January 5, 2025 2pm (Sunday)

Rose and Alfred Miniaci Performing Arts Center

Nova Southeastern University

3100 Ray Ferrero Junior Boulevard,

Davie, FL 33314

Box Office: 954-462-0222

https://www.miniacipac.com/events/detail/chris-macdonalds-memories-of-elvis-rockin-birthday-bash-2025

January 16, 2025 7:30 pm (Thursday)

Barbara B Mann Performing Arts Hall

Southwestern State College

13350 FSW Parkway, Fort Myers, FL 33919

Box Office: 800-440-7469 • 239-481-4849

https://www.bbmannpah.com/events/detail/chris-macdonalds-memories-of-elvis-2025-fort-myers

January 18, 2025 7:30 pm (Saturday)

Sunrise Theatre

117 S 2nd Street, Fort Pierce, FL 34950

Box office: 772-461-4775

https://www.sunrisetheatre.com/shows/memories-of-elvis-rockin-birthday-bash/

Media Contact

Donna Oz, CME Inc, 1 954341-6005, info@chrismacdonaldselvis.com, https://www.elvispresleystory.com/

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SOURCE CME Inc; CME Inc

Technology

VIVOTEK Wins Double Honors for Its Commitment to Sustainability

Published

3 hours ago

December 26, 2024

TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.

Pioneering Sustainability with Dual Recognition

“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”

Driving Sustainability through AI Innovation

VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.

Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.

In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.

Security Sustainability as a Foundation for Social Impact

VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.

Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.

To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.

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SOURCE VIVOTEK Inc.