The global energy management system (EMS) market is forecast to reach $72.73 billion by 2024, according to a new report published by Grand View Research Inc. The building energy management system (BEMS) market is projected to grow at a compound annual growth rate (CAGR) of 14.7 percent.

The global building energy management systems (BEMS) market is forecast to surpass $6 billion by 2023, according to a report from Global Market Insights Inc. Increasing regulatory pressure due to increasing energy waste in buildings is predicted to drive the industry over the coming years.

A new report examines the strategy and execution of 15 intelligent building software solutions providers, providing industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the global market for building energy management systems (BEMS).

Larger facilities have relied on building energy management systems (BEMSs) for more than a decade as a way to increase building efficiency through added insight and cost savings, notes Navigant Research. Today, smaller facilities are finding the systems can be just as valuable for buildings in the midmarket.

As building energy management systems (BEMS) gain greater market penetration, building control algorithms are beginning to provide data beyond energy efficiency, including details on space utilization and operational efficiency.

With the emergence of data analytics tools and new software-enabled hardware, building energy management services (BEMS) have expanded in capability. BEMS have benefitted from falling costs and $1.4 billion in venture capital (VC) funding to facilitate operational decisions based on analysis of building energy data, reports Lux Research.