The global BEMS market will reach $8,713.4 million by 2025, growing at a 12% CAGR, according to new research.

Data from ResearchandMarkets asserts that BEMS is a globally evolving market that is poised for double-digit growth for the next 7 years, primarily driven by the trend of high peak demand charges, customers’ commitment towards sustainability, energy efficiency regulations, state incentives for buildings to install energy management systems, the increasing energy efficiency contracts market, and increasing customer know-how about BEMS.

The research outfit says technologies that take the home and building technologies industry to the next phase of evolution – such as artificial intelligence, increasing Internet of Things (IoT)-enabled devices, data analytics, edge analytics, cloud solutions, and business model innovation – have also had a positive impact on the BEMS market.

In addition, new BEMS entrants and emerging participants will change the market dynamics by adopting cutting-edge technologies into their products and by adopting customer-centric business models.