Digital solutions optimize performance in homes & buildings market following COVID-19: report
Technology-based offerings in Homes & Buildings industry segments to find growth opportunities amid pandemic, finds Frost & Sullivan
SANTA CLARA, Calif. – Frost & Sullivan’s recent analysis, Global Homes and Buildings Industry Outlook, 2020, reveals that the penetration of advanced technologies that provide energy and cost benefits and value-based outcomes will drive the global homes & buildings (H&B) industry in 2020.
However, an additional report, Impact of COVID-19 on Global Homes and Buildings Industry, 2020, notes industry revenues are expected to drop by 3.5% from 2019 as a result of the COVID-19 pandemic.
“While the coronavirus is expected to negatively impact the homes & buildings industry, markets for HVAC, refrigeration systems, and fire safety products will continue to witness demand for their solutions and services, given their necessity in critical end-user industries such as hospitals and residences,” said Anirudh Bhaskaran, senior industry analyst for Homes & Buildings at Frost & Sullivan, in a prepared statement. “The cleaning aspect of FM services will also grow, as there will be an increase in demand for the disinfection of commercial and industrial spaces.”
Bhaskaran added: “There is an increased level of awareness among building managers and customers about value creation from IoT and AI-driven solutions. Participants in traditional markets such as heating, ventilation, and air conditioning (HVAC), fire safety, and facility management (FM) are integrating digital offerings into their solutions, which will play a vital role in optimizing a building’s performance.”
For further revenue opportunities, vendors in this industry should:
- Create a cross-functional COVID-19 task force to reinforce confidence in employees and partners, and gain trust among customers.
- Provide services to critical end-user segments that are considered “essential.”
- Increase the adoption of AI and machine learning algorithms in building technology solutions to enable cognitive abilities in buildings and reduce human intervention.
- Design modular, upgradeable, and reusable products to help reduce waste.
- Offer building management solutions at attractive prices and business models.