New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Building Analytics Market to 2027 - Global Analysis and Forecasts by Deployment Type (Cloud-Based and On-Premise), Component (Software and Service); Building Type (Manufacturing Facilities, Residential Building, Commercial Building, Public Places, and Government Buildings); and Application (Fault Detection & Monitoring Facilities, Security Management, Energy Management, Emergency Management, Parking Management, Operations Management, and Network Management)” The global building analytics market growth is driven by rising adoption of efficient facility management tools & increasing awareness of benefits associated with predictive maintenance.
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Building Analytics Market Size, Segmentations, Regional & Country Scope:
| Market Size Value in | US$ 6.18 Billion in 2018 |
| Market Size Value by | US$ 19.66 Billion by 2027 |
| Growth rate | CAGR of 14.1% from 2019 to 2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 177 |
| No. Tables | 61 |
| No. of Charts & Figures | 70 |
| Historical data available | Yes |
| Segments covered | Deployment Type, Component, Building Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Building Analytics Market: Competition Landscape
Some of the major companies operating in the building analytics 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.
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Currently, the companies offer a mix of solution and services to their clients such as signal 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.
Factors such as growing energy prices, increasingly stringent building energy guidelines, and achieving maximum operational efficiency for building and facility management is expected to be the major market driving forces for building analytics market in the coming years. Moreover, growing demand for interoperable and robust building analytics solution facilitating effective monitoring and managing of various facility assets is also expected to gain major traction in the coming years and provide numerous profitable business opportunities for the market players in global building analytics market.
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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.
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.
Currently, the building analytics market penetration rates in Europe region is higher than any other markets across the globe. The European Union’s Energy Efficiency Directive, launched in 2012 established a set of obligatory measures to aid the EU achieve its 20% energy efficiency target by 2020. The Directive requires all EU countries to use energy more efficiently throughout the energy chain i.e. from production to final consumption. Also, in 2016, an update to Energy Efficiency Directive was proposed, which included a new 30% energy efficiency target for 2030, as well as measures to meet the new target. In the EU, buildings accounts for around 40% of the total energy consumption and 36% of total CO2 emissions. Also, around 35% of the buildings in the EU are more than 50 years old and nearly 75% of the building stock is energy inefficient, although only 0.4-1.2% of the building stock is restored every year. Thus, more restoration of existing buildings has the prospective to lead to substantial energy savings. Such facts provides a prosperous opportunity to the building analytics market growth.
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Building analytics market is experiencing growth all across the globe, growing energy prices, increasingly stringent building energy guidelines, and achieving maximum operational efficiency for building and facility management is expected to be the major market driving forces in the coming years.
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