Building Analytics Market
The Building analytics Market to 2027 – Global Analysis and Forecast by Bond Type. In terms of revenue, the global building analytics market accounted for US$ 6,181.4 million in 2018 and is expected to grow at a CAGR of 14.1% over the forecast period 2019–2027, to account for US$ 19,655.7 million in 2027.
There has been a noteworthy growth in deployment of numerous networked sensors in modern buildings for improving convenience, occupant comfort accessibility, as well as energy-efficient operations. These advancements in technologies hold the potential of substantial developments in fault diagnosis, and centralized operation and management.
Energy efficiency capability of any building is completely dependent on the way it is operated. Thus, energy management is the crucial element for efficient operation. The analysis of operation data helps in providing better understanding of the systems and to detect inefficiencies and faults. Building analysis helps facility managers to achieve energy efficiency by leveraging innovative visualizations and machine learning algorithms. The energy management analytics provides several benefits, which includes, lower energy costs due to reduced energy consumption, lower maintenance costs due to efficient use of mechanical equipment, identification of opportunities with constant support & guidance for facility managers, enhanced occupant comfort, and autonomous measurement and authentication of energy conservation measures.
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Several building operators finds it difficult to understand optimal performance levels for a building’s system. The analysis of the data collected from different equipment of a building helps the facility managers to create policies for controlling consumption and waste. These policies to control offers significant saving and complete understanding of the different systems within a building.
The advancement of technology continues to have profound influence in facility management practices over the past decade. Moreover, growing popularity of internet of things (IoT) has further revolutionized the way approaches to various aspects to facility management through adoption of various analytics enabled products and services. As a result, the penetration of various smart technology enabled robust building management tools and solutions have gained substantial traction in the past few years subsequently driving the market demand for various building analytics related products and solutions. The demand for effective as well as efficient facility management has witnessed constant changes in demand and subsequently has evolved substantially in the past few years.
As a result, the organization especially the facility managers must keep themselves at pace with the dynamic requirements for seamless building management practices owing to increasing adoption of various digital technology enabled solutions. Furthermore, the building analytics solutions provide a holistic and centralized platform for streamlining the data generated from various equipment and machineries for their analysis and identifying actionable insights. The software can be easily integrated in various day-to-day building operations such as fault detection & monitoring, energy management, operations management and operations management among other building operations for ensuring seamless building operations. Moreover, the building analytics solutions also aids in effectively reducing the response time for emergency situations and optimizes the resource allocation in parking management for application specific solutions.
Factors such as increasing adoption of technology enabled equipment as well as machineries equipped with real time data sharing for IoT related services have gained substantial momentum among various industry vertical. Further, the growing popularity of usage of analytics for improving operational efficiencies and superior facility management has added to the growing demand for analytics based solution for facility management. In addition, the rising awareness among small and medium enterprises, commercial complexes and organizations towards versatile benefits of building analytics is anticipated drive the market growth in the coming years. Thus, the market is expected to provide substantial lucrative business opportunities for the market players in the coming years. However, the lack of interoperable and robust analytics solution having scope of application across different facility operation such as HVAC systems, operations, emergency management, and energy management among others is expected to limited the market growth in the forecast period.
Currently, the companies offer a mix of solution and services to their clients such as malls, airports, manufacturing & production plant residential complexes, hotels, offices, and government buildings among others for their seamless facility management. Further, the companies also offer insights and reports to relate to fault detection, monitoring, and risk assessment analytic reports for making informed decisions and framing policies for improved infrastructure management. As a result, by building type, the global building analytics market is segmented into manufacturing facility, residential buildings, commercial buildings, public spaces, and government buildings. Further, by the application the market is broadly categorized into fault detection & monitoring facilities, energy management, security management, emergency management, parking management, operations management, network management, and others. Based on deployment type the market is bifurcated into cloud based and on-premise. Finally, by component the market is segmented into software and service segment.
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The global building analytics market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. Market is currently dominated by Europe followed by North America however, the market in APAC is growing at a highest CAGR. Some of the major companies operating in the market include Acorn Engineering Group Limited, Arup Group, AT Kearney, Buildingiq, Buildinglogix, Buildpulse, Coppertree Analytics, Crestron Electronics, Delta Electronics, Ecovox, Energy Advantage, Enernoc, Engie Insight, Environmental Systems Inc., General Electric, Gooee, Gridpoint, Honeywell, IBM Corporation, Iconics, Schneider Electric, Senseware, Siemens, SkyFoundry, Waibel Energy Systems, Xchanging PLC (CSC Computer Sciences International Operations Limited) among others.
