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Do you know the Smart Buildings Market is attributed to rise exponentially from USD 66.3 billion in 2020 to USD 108.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5 percent? Smart Building Technology is the new normal in today's world where everything is connected through Building Internet of Things (BIoT) and Artificial Intelligence enabled innovations - together creating an intelligent ecosystem for digital-age building residents.
Digital Transformation has already dominated the Real Estate Software Development segment and is unfolding a quick revolution that will set to continue in the coming years. Also, with new COVID-19 safety protocols and expectations in place, the future of the Smart Building Management solutions market looks more promising across residential, commercial, and industrial projects.
What is Block Management Software?
The IoT-enabled Resident Block Management Software is a game-changer. The major drivers behind the quick adoption of the Intelligent Block Management Solutions include an increased demand for energy efficient systems, maximum space utilization, simplified building operation with minimal human interventions, emergency counters, low operational costs, omnichannel user experiences as well as privacy and security concerns.
The successful deployment enables remote monitoring, condition-based maintenance, workflow automation, and automated labor scheduling by unlocking meaningful insights based on data collection and analysis. The IoT integrated BMSs not only helps in optimization of building performance, but they play a pivotal role in maximizing increased efficiencies, real-time decision making, and drive increased Return on Investments.
Emerging Technology Trends in Building Management Systems
Technology innovations hold immense potential for CIOs, decision-makers and property managers seeking to strike a tricky balance in order to optimize their Property Management and Automation capabilities without impacting the performance of core operations. Here are some emerging Block Management Software Technology trends that offer immediate productivity improvements and cost-savings while driving remarkable competitive advantages. So, without further ado, let’s dive right in:
Cloud-based solutions: A rising inclination towards an intelligent block management system with cloud capabilities, is no surprise. More and more property management companies are adopting cloud technology because it is quick to deploy, scalable, flexible and gives enterprises a competitive advantage by providing greater control, seamless third-party integrations, data security and improved collaboration.
Virtual Reality & Augmented Reality: In the real estate industry, the immersive technologies like VR and AR are transforming the human experiences by offering proper visualization in a matter of minutes. Better engagement, increased ROI, cost-effectiveness, in-depth analytics and enhanced customer experience are some obvious benefits of integrating VR and AR technology.
Artificial Intelligence & Smart Analytics: Real Estate companies are becoming productively efficient by using AI-powered Building Management Software Solutions that require minimum human dependency and ensure 80 percent faster turn-around time with 100 percent user satisfaction. Using advanced data analytics with Artificial Intelligence, many facility management companies are leveraging data and creating value from it. AI and Smart Analytics are here to stay, and property managers should be excited about it because it brings advantages like smart package tracking, parking management, notification systems, real-time performance tracking and utility management.
Internet of Things: It infuses a new life into the facility management landscape. The valuable opportunities brought by IoT-powered Block Management software solutions are worth pursuing. Enterprises leverage the streamlined network of connectivity to foster better interactions in real-time. IoT-enabled systems allow the digitally-oriented property owners and building managers to control temperature, lighting, HVAC, building safety, and additional utility operations remotely. With such innovations, businesses are able to lower operational costs and enjoy less expensive maintenance across the digitally connected buildings.
Intelligent Automation: It is much-needed to automate mundane rule-based tasks faster with greater accuracy and streamline the complex management process of administrative operations. The intelligent property management system sets the stage for the businesses as it comes with an user-friendly interface accessible at a unified Cloud-based platform designed for seamless real-time monitoring, control, and management of end-to-end building administrative and operational tasks.
Bar-code and QR Codes: The global COVID-19 pandemic is driving organisations across industries to redefine their facilities management strategies with people safety as their new priority. As a response, contactless services have become a top priority for the facility and building management companies. A bar-code and QR code that smartly encourage contactless services, can save time and money by limiting direct contact with end-users. There is an increasing number of organisations which are adopting such a type of solution along with sensor technology and space monitoring systems. The reason - it can do wonders to maintain social distancing and improve user experience while keeping the operational efficiency uninterrupted.
Year 2021 till date has been unprecedented on many accounts. The given uncertainties due to global pandemic have forced businesses to change their perspective and embrace these new Block Management Technology Trends to accelerate digitization, drive operational transparency across their building facilities, prevent workplace outbreaks and business disruption.