Digital Solutions Optimize Performance in Global Homes & Buildings Market Following Minor COVID-19 Setbacks

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May 28, 2020, 15:13 ET

Technology-based offerings in Homes & Buildings industry segments to find growth opportunities amid pandemic, finds Frost & Sullivan

SANTA CLARA, Calif., May 28, 2020 /PRNewswire/ -- 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.

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Frost & Sullivan - Global Homes & Buildings

"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. "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.

Global Homes and Buildings Industry Outlook, 2020 and Impact of COVID-19 on Global Homes and Buildings Industry, 2020 are a part of Frost & Sullivan's global Building Management Technology Growth Partnership Service program.

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Global Homes and Buildings Industry Outlook, 2020
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Impact of COVID-19 on Global Homes and Buildings Industry, 2020
K4ED-19

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SOURCE Frost & Sullivan