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Global Building Analytics Market size is predicted to reach $22.4 billion by 2030, growing at a CAGR of 14.1 % during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Escalating Construction Sectoris poised to propel the market growth, finds IndustryARC in its recent report, titled “Building Analytics Market By Building Type (Residential Buildings, Commercial Buildings (Offices, Retail, Hospitals, Hotels, Others), Industrial Buildings, Government Buildings, Public Places, Others), By Component (Software (Cloud-Based, On-Premises), Services (Professional Services, Managed Services), By Technology (IoT (Internet of Things), Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics, Cloud Computing, Edge Computing, Others), By Application (Energy Management, Security Management, Infrastructure Management, Network Management, Workforce Management, Asset Management, Emergency Management, Fault Detection and Monitoring, Parking Management, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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North America to Register Highest Growth:
In 2023, the North America region is forecasted to achieve a notable Compound Annual Growth Rate (CAGR) in the global Building Analytics market. This growth is significantly propelled by Energy-efficient systems designed to lower utility bills and reduce operational costs are becoming increasingly popular as smart building trends gain momentum globally. Builders and corporate facilities are increasingly turning to building management systems to enhance the longevity of their infrastructure and equipment, optimizing energy use, comfort, security, and overall development. Key factors driving the growth of the building analytics market include automated fault detection and diagnosis, along with real-time performance monitoring for smart buildings.
Building Analytics Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
14.1% |
|
Market Size in 2030 |
$22.4 billion |
|
Segments Covered |
Building Type, Component, Technology, Application and Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Honeywell International Inc. 2. IBM Corporation 3. Siemens AG 4. Schneider Electric 5. Delta Electronics, Inc. 6. Johnson Controls International PLC 7. ICONICS Inc. 8. General Electric Company 9. Crestron Electronics 10. CopperTree Analytics |
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Building Analytics Market Report – Key Takeaways:
In 2023, the commercial building segment led the Building Analytics Market and is projected to be the fastest-growing segment, with a compound annual growth rate (CAGR) of 16.3% from 2024 to 2030. This growth is fueled by the high demand for energy efficiency, operational cost reduction, and improved occupant comfort within commercial buildings. Office buildings, retail spaces, hospitals, and hotels are at the forefront of adopting building analytics solutions due to their significant energy consumption and complex operational needs. Advanced analytics offer these buildings real-time data and insights to optimize HVAC systems, lighting, and security operations. The sector’s emphasis on sustainability and adherence to regulatory standards further drives the adoption of analytics tools that help achieve energy certifications and compliance. Additionally, the rise of smart buildings and IoT device integration in commercial properties accelerates the implementation of advanced building management systems. As businesses strive for more efficient, secure, and comfortable environments, the commercial buildings segment continues to be a major catalyst in the expansion of the Building Analytics Market.
In 2023, the software segment commanded a significant market share of 66.3%, driven by its essential role in analyzing the vast amounts of data generated by building systems and delivering actionable insights. Software solutions span various applications, including energy management, predictive maintenance, and security analytics, which are crucial for optimizing building operations. The shift towards cloud-based platforms has further boosted the software segment, offering advantages such as scalability, remote access, and seamless integration with IoT devices. Advanced software platforms harness AI and machine learning to provide sophisticated analytics, enabling facility managers to make informed decisions that enhance efficiency and cut costs. Additionally, the rapid pace of software updates and advancements continuously improves the capabilities of building analytics solutions. As smart technologies become more prevalent in buildings, the need for comprehensive software solutions to manage, analyze, and optimize these systems is growing, reinforcing the software segment’s leading position in the Building Analytics Market.
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Key Opportunity Analysis:
Data-Driven Decision Making
The integration of building analytics with advanced data analytics and machine learning enables more informed decision-making. By aggregating and analyzing large volumes of data, building managers can make strategic decisions regarding resource allocation, space utilization, and facility upgrades. This data-driven approach helps in optimizing building performance, aligning with organizational goals, and enhancing overall user experience.
Regulatory Compliance and Risk Management
As building regulations become increasingly stringent, encompassing energy efficiency, environmental sustainability, and safety standards, the role of building analytics in ensuring compliance and managing risk has become crucial. Advanced analytics tools can continuously monitor and evaluate building performance against regulatory benchmarks. These tools not only track compliance metrics but also generate comprehensive reports that provide insights into areas of non-compliance, helping organizations proactively address potential issues before they lead to penalties. Moreover, building analytics can help organizations stay ahead of evolving regulations by providing real-time updates and recommendations based on the latest regulatory changes. This proactive approach ensures that buildings meet current standards and are prepared for future requirements.
Optimizing Energy Consumption and Reducing Operational Costs
With growing emphasis on sustainability and the need to manage rising energy expenses, building analytics plays a crucial role in optimizing energy consumption. By providing real-time insights into energy use patterns across various building systems—such as HVAC, lighting, and electrical—these analytics solutions identify inefficiencies and opportunities for improvement. Implementing data-driven strategies to adjust energy consumption can lead to significant cost savings and reduced operational expenses. Additionally, the focus on energy efficiency supports broader sustainability goals, aligning with regulatory requirements and organizational commitments to reduce carbon footprints.
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The report also covers the following areas:
Building Analytics Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Building Analytics Market:
The Global Building Analytics Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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