According to a recent analysis by Reports and Data, the value of the worldwide building analytics market is expected to increase at a rate of 13.7% from 2019 to 2026, reaching USD 15.21 billion. Making the building smart is a difficult process that generates a lot of data and involves numerous linked devices. It transforms the complicated data produced by building management systems into useful intelligence. This makes it possible to monitor things like connection in real-time, threats to occupant comfort, inefficiencies in mechanical systems, and the identification and prioritization of cost-saving options.
Buildings are the major energy consumers, accounting for over 40% of global energy consumption. Buildings that consume less energy are now required everywhere in the world to help cut greenhouse gas emissions. Important insights on energy consumption across the entire building infrastructure are produced by building analytics software.
They aid in the effective monitoring and management of the HVAC, AC, and other systems. Thus, the expansion of the entire market is being driven by the rising demand for energy-efficient systems and a decline in operating costs. Applications for building analytics software include network management, fraud detection, and monitoring, parking management, operations management, elevator and escalator management, security management, and emergency management. 2017 is the base year taken into account for the study.
Further key findings from the report suggest:
Market Size Estimation:
An increase in demand for energy-efficient systems software to decrease the operational cost by the construction companies is one of the driving factors that propel the growth of the building analytics market. However, the high implementation cost and lack of infrastructure are the factors that hamper the market growth. Furthermore, government initiatives & incentives and the growing adoption of cloud-based IoT platforms are the factors that provide lucrative opportunities for the growth of the building analytics market.
Component Outlook (Revenue, USD Billion; 2016-2026)
- Software
- Service
Building Type Outlook (Revenue, USD Billion; 2016-2026)
- Manufacturing Facilities
- Residential Buildings
- Commercial Buildings
- Public Places
- Government Buildings
- Others
Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
- On-premise
- Cloud
Applications Outlook (Revenue, USD Billion; 2016-2026)
- Fault Detection and Monitoring
- Energy Management
- Security Management
- Parking Management
- Emergency Management
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- S
- Europe
- K
- France
- the Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
