May 28, 2020   SOURCE: PR NewsWire

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

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.

For further information on these analyses, please visit: http://frost.ly/44v

"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.

About Frost & Sullivan

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Global Homes and Buildings Industry Outlook, 2020
MF45-19

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

Contact:
Jaylon Brinkley
E: jaylon.brinkley@frost.com
T: 210.247.2481

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SOURCE Frost & Sullivan