MarketsandMarkets expects the global Building Analytics Market to reach USD 11.10 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The major growth drivers of the building analytics market include increased demand for energy-efficient systems and decreasing operational cost.
Building analytics facilitates building owners, managers, engineers, and contractors to monitor and control building operations proactively with the help of analytics and visualization dashboards. Building analytics software analyzes data collected from day-to-day operations of a facility and provides alerts and notifications regarding any equipment failure or damage. Building analytics provides users insightful data to optimize energy performance of a facility and remove any inefficiency within the building. Building analytics software and services proved beneficial to enhance energy efficiency, improve human comfort level, and increase the life of equipment. Building analytics software vendors provide it as customized solutions or integrated solutions with the building management system.
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The emergence of technologies such as smart building has allowed end users to collect data on every aspect of building operation and improve energy efficiency, reliability and security. The report segments the global building analytics market by application, component, deployment mode, building type, and region. Building analytics software find applications for fault detection and monitoring, energy management, security management, emergency management, parking management, operations management, elevators and escalators management, network management, and others (quality management and water management). The energy management application is expected to hold the highest share in the building analytics market owing to increased concerns over energy saving.
The market by building type has segments of manufacturing facilities, residential buildings, commercial buildings, public places, government buildings, and others (education and healthcare facilities). The manufacturing facilities segment is expected to grow at the highest CAGR, owing to an increasing demand for building analytics software to improve energy efficiency and security.
APAC is expected to grow at the highest CAGR in the global building analytics market, owing to increasing energy-efficient construction activities and the presence of many players in the region. In addition, the growing need for building analytics applications in various building types further supplements the market growth in APAC. The global players operating in the region offer an extensive range of solutions and have a significant position in APAC. China leads the market in APAC, owing to the increasing demand for building analytics software and the associated services for the commercial, industrial, and residential building types.
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The global building analytics market is fragmented with many players operating across the world. Leading players in the market include Honeywell, IBM, Johnson Controls, Schneider Electric, General Electric, and Siemens.
The building analytics market includes major vendors, such as Honeywell International Inc. (US) International Business Machines Corporation (IBM; US), Johnson Controls International Plc. (Ireland) Schneider Electric SE (France), General Electric Company (US), Siemens AG (Germany), ENGIE Insight Services Inc. (France), Lucid (US), EnerNOC, Inc. (US), BuildingIQ (US), ICONICS, Inc. (US), Senseware (US), KGS Buildings, LLC (US), BuildingLogiX (US), Lutron Electronics Co., Inc. (US), CopperTree Analytics, Inc. (Canada), EcoVox, Inc. (US), GridPoint (US), Energy Advantage (US), Delta Electronics Industry Co., Ltd. (Taiwan), BuildPulse (US), Crestron Electronics, Inc. (US), PointGrab Inc. (Israel), Verdigris (US), and NOVEDA Technologies, Inc. (US). Other stakeholders of the building analytics market include research organizations, network and system integrators, managed service providers, and web and audience analytics. The key players in the market have employed various growth strategies to further extend their presence and market shares. Their major growth strategies have been partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions.
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