LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global smart building technologies market is expected to grow at a CAGR of 31.4% over the next five years due to the growing need for organizations to reduce energy costs and increase operational efficiencies.
“The residential sector will also create a significant demand for smart building technologies, mainly to reduce costs incurred for space management, building maintenance, and administrative tasks”
The research report titled ‘Global Smart Building Technologies Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices, and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growing demand for manufacturing facilities, warehouses, distribution facilities, and production plants is directly impacting the growth of the smart building technologies market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “The residential sector will also create a significant demand for smart building technologies, mainly to reduce costs incurred for space management, building maintenance, and administrative tasks,” adds Angad.
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Cost saving opportunities in the global smart building technologies market
The adoption of various cost-optimization levers helps buyers of the global smart building technologies market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global smart building technologies market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Smart building technology providers are adopting technologies such as Bluetooth, GPRS, RFID, sensors, and big data analytics to increase their return on investment (ROI).
The introduction of new technologies is likely to be frequent, which will lead to the enhancement of the performance of smart buildings. Buyers look for investments with short payback periods, leading to the introduction of light and other management systems with a payback period of just three years.
Supplier competition saving aspects
Buyers often choose suppliers through competitive bidding to get the best value for their investments. Suppliers often offer price discounts and are open to negotiations on licensing terms, the number of users per license, transfer of ownership, and validity period. Such strategies often result in significant savings, sometimes up to 10% for the smart building technologies provider.
Bundling of services saving aspects
Many suppliers of smart building technologies adopt the service bundling strategy to save up to 15% of total category spend.
Smart building technology service providers bundle offerings such as building energy management systems (BEMS), parking management systems, and escalator and elevator management systems.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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