Building Analytics Market
Building Analytics Market (Component: Software/Platform and Services; Deployment: Cloud and On-premise; Application: Fault Detection & Monitoring, Energy Management, Security Management, Emergency Management, Network Management, and Others; and End User: Residential, Commercial, and Government) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Building Management Systems Necessary to Sustain Ecosystem
Building analytics is primarily used to obtain insightful data that will help to optimize a facility’s energy performance and eliminate any incompetence. The optimization of energy performance can help lower energy cost and improve the equipment life as well as tenant comfort. It also helps make faster and more reliable building management judgments for a more dynamic and sustainable future. This is likely to drive the building analytics market. The data received through building analytics are collected from smart building technologies that involve building management systems (BMSs), networked sensors, Internet of Things edge devices, and integrated workplace management systems (IWMSs).
Buildings consume around 40% share of the world’s total energy consumption. Thus, there is a need for energy-efficient buildings to reduce energy consumption and greenhouse gas emissions. The software used in building analytics can produce significant acumens related to energy consumption for the entire building infrastructure. The software is developed to efficiently monitor and control the heat, ventilation, air conditioning, and other systems. The increasing need for energy-efficient systems and reduced operational costs are expected to boost the global building analytics market during the forecast period.
Request a sample to get extensive insights into the Building Analytics Market
Uncertain Limits on Construction Industry Affect Building Analytics
The construction industry holds a bizarre position when estimating the consequences of the response to the COVID-19 pandemic. The construction industry was declared as an essential industry and several construction projects were still running amidst the pandemic. However, the construction industry mostly relies on public and government funding. The slowdown in both public funding and the economic shape of nations are hindering the growth of the building analytics market.
The COVID-19 pandemic is a vital cause for delays, loss of efficiencies, and cost impacts. The market is witnessing little to no pattern to help companies recognize the potential future consequences of COVID-19 on the capital project and construction programs or when restrictions may end. Builders in various projects are finding a need to assess contractual terms, including project shutdowns, force majeure clauses, notice requirements, and entitlement for the time delay. Many building owners are evaluating the impact of rejected time extension, cost intensification, availability of resources, and health and safety measures to prepare for the future of their plans and designs to manage them effectively.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Systems Allow Tracking Building Health, Energy Consumption Remotely
In situations where the working requires remote monitoring, such as in COVID-19 restrictions, building analytics can be paramount to control from several miles away. Traditional systems are only able to communicate with proprietary systems and are less useful in such situations. However, building analytics automation solutions are significantly designed to integrate easily with open systems and enable the alerts and notifications even from old systems. Moreover, some of the crucial features of building analytics systems are fault detection and diagnostics that will help estimate energy requirements and cost savings. The performances can be tracked in specified and customized periodic intervals, which help to ensure continuous building health and energy efficiency.
The increasing demand for energy-efficient systems and cost-efficient plans are propelling the global building analytics market during the forecast period. The commercial building segments are expected to be leading end users due to their high-energy consumption, which includes HVAC and light systems. Various organizations or enterprises are relying on relevant IoT devices and sensors to recognize and perform steps to improve effectiveness and reduce the carbon footprint. The sensors help understand energy consumption and loads to receive real-time updates on the operational status of building equipment and recognize errors in the building infrastructure. All these factors are anticipated to contribute towards increased demand for the building analytics market during the projected period.
AI, ML Helping Developers to Plan, Perform
The construction industry is significantly taking advantage of the industry's complex workflows and challenging environments with the help of data analytics and artificial intelligence in previous years. Previously, developers enabled SaaS solutions to utilize the ability and potential of cloud computing, and data analytics for the construction industry. Hence, contractors are heavily investing in the cloud. The construction industry's digital revolution is mainly due to cloud computing which underpins all the most powerful software solutions. Applications of cloud computing in the building analytics market include powerful data processing, connected job sites, data storage, advanced analytics, and improved security.
Apart from cloud computing, artificial intelligence (AI) and machine learning (ML) are helping the construction industry to plan and create buildings and transform them into smart buildings. AI allows a 3D model-based method that gives planning, architecture, and insights for construction specialist to efficiently map, design, build, and manage buildings and infrastructure. In addition, the industry is attempting to use machine learning for applications such as the generative plan to classify and decrease conflicts between the diverse models created by diverse teams in devising and designing to avoid rework. The building analytics system examines all variations of a solution and creates design alternatives. These are anticipated to prove propitious for the future growth of the building analytics market.
North America to Lead Building Analytics Market
Energy-efficient systems to reduce utility bills and other work overhead costs in buildings are rising in popularity with rising trends for smart building across the world. Several builders and corporate buildings rely on the building management system to improve the lifespan of building infrastructure and equipment in terms of energy, comfort, security, and overall development. The factors such as automated fault detection and diagnosis, and real-time performance monitoring for smart buildings are contributing to the overall rise of the building analytics market, which is projected to exceed the value of US$ 20.1 Bn by 2030, expanding at a CAGR of ~15% during the forecast period.
Owing to technological advancements and digitization, North America is projected to hold a strong position in the global building analytics market during the forecast period. However, Asia Pacific building analytics market is expected to expand at a healthy pace during the projected period, due to government investments and policies for smart building and upcoming construction projects. In order to manage energy demand and carbon footprint, governments of some countries including Japan, China, and India are integrating smart solutions, which is propelling the global building analytics market during the forecast period.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Building Analytics Market
Building analytics provides actionable intelligence and proficient direction with prioritized asset optimization guidance with the help of demographic analysis, administration trending, and computerized diagnostics with outcomes that improve energy, comfort, and economic health of buildings. Results produced by the retrieved data can help manage a facility’s operations such as heating, ventilation, and air conditioning, lighting, plumbing, and security/access remotely during and after the pandemic. However, limits on construction activities in the present time due to stringent government regulations are hindering the growth rate of the building analytics market. Nevertheless, rising spread of COVID-19 vaccines and improving nation economies are anticipated to fuel the global building analytics market during the forecast period.
Building Analytics Market: Overview
- The latest research report published by Transparency Market Research pertains to the global building analytics market for the historical period of 2018-2019 and forecast period of 2021–2031
- The need for constructing various structures is on the rise due to rapid urbanization and industrialization, consequently driving the global building analytics market. Companies are rapidly developing user-friendly solutions, which is anticipated to considerably increase demand for building analytics solutions in the near future. The significant trend of making large commercial buildings is expected to trigger the growth of the building analytics market.
- In terms of revenue, the global building analytics market is projected to exceed the value of US$ 20.1 Bn by 2030, expanding at a CAGR of ~15% during the forecast period
Growing Adoption of Energy Efficient Systems in Commercial Buildings: Key Driver of Building Analytics Market
- Using energy-efficient systems to decrease the utility bills as well as the overhead cost in commercial buildings is a growing trend, with the increasing trend of smart buildings across the world. Many commercial buildings still rely only on a building automation system to enhance the lifespan of building equipment and building infrastructure by improving building energy management. Implementation of smart energy management platforms in buildings and in building systems to reduce energy consumption is expected to fuel the growth of the building analytics market.
- Furthermore, organizations or enterprises are relying on connected IoT devices and sensors so as to identify and enact steps, which help increase their efficiencies and decrease their carbon footprint. Construction companies are deploying sensors and connected IoT devices in smart buildings to understand energy consumption and energy loads. Hence, building analytics software or tools are integrated in smart buildings by construction companies to obtain real-time updates on the operational status of building equipment and identify faults in the building infrastructure. Thus, rise in demand for sensor networks for energy efficiency is expected to fuel the growth of the building analytics market.
- Moreover, construction companies are integrating HVAC (heating, ventilation and air conditioning) control systems in most smart buildings, which is more efficient and uses less energy so as to augment the total energy use of the building. This, in turn, is expected to drive the growth of the building analytics market.
Artificial Intelligence (AI) and Machine Learning (ML) Transforming Building Analytics Solutions
- Artificial intelligence (AI) and machine learning (ML) are transforming building infrastructure into smart buildings. AI and ML are used for energy performance assessment and prediction as well as for building simulation among building ecosystems. Building analytics software providers are adopting artificial intelligence and machine learning to address and manage building energy consumption across the globe. Artificial intelligence analytics are used to improve building management system platforms in three ways - through analytics built into the platform, through analytics embedded in equipment, and from supplemental analytics software planned to augment particular building operations, such as comfort control, energy management, and predictive maintenance. This, in turn, is expected to create opportunities for the building analytics market.
- IBM Corporation and Johnson Controls International PLC are engaged in offering artificial intelligence (AI) and machine learning tools, to gain competitive advantage in the market, thus creating opportunity for the building analytics market
- Furthermore, artificial intelligence (AI) and machine learning (ML) powered building analytics solutions can work with various types of equipment and all integration protocols used in smart buildings, intended for pre-processing the data in real-time, that can be used for security and safety management (SSM), energy management (EM), and all building systems (ABS). This is expected to create opportunity for the building analytics market.
Building Analytics Market: Competition Landscape
- Detailed profiles of providers of building analytics have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global building analytics market are
- Carrier Corporation
- 4M S.A.
- CIM Environmental Pty Ltd
- CopperTree Analytics, Inc.
- Crestron Electronics, Inc.
- Delta Electronics, Inc.
- Eaton Corporation plc
- EnergyCAP, Inc.
- General Electric Company
- Honeywell International Inc.
- IBM Corporation
- ICONICS, Inc.
- Johnson Controls International Plc.
- Lutron Electronics Co., Inc.
- PointGrab Inc.
- Schneider Electric SE
- Siemens AG
Building Analytics Market: Key Developments
- Key providers of building analytics, such as General Electric Company, Siemens AG, Johnson Controls Inc., Honeywell International Inc., BuildingIQ, Crestron Electronics, Inc., and Schneider Electric SE are focusing on the development of cost-effective building analytics to attract more customers. Additionally, players active in providing building analytics are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisitions with technology partners to improve their offerings and market reach in the market.
- Some of the key developments in the global building analytics market are highlighted below:
- In May 2020, Delta Electronics, Inc. launched smart building solutions such as air-conditioning anomaly detection and Bluetooth smart lighting by using Microsoft Azure hybrid cloud computing platform that can quickly and efficiently collect data sensed by IoT devices. The company’s main aim is to create a personalized luminous environment based on individual needs. It also focuses on offering real- time building monitoring solutions.
- In February 2020, Honeywell International Inc. launched Honeywell Forge Energy Optimization, a cloud-based building sustainability solution to fight the rising energy consumption across the world. Honeywell Forge Energy Optimization is a closed loop machine learning solution that can automatically adjust optimal energy saving settings. The main strategy of the company is to focus on offering building solutions to decrease a building's carbon footprint without significant upfront capital expenses or changes to a building's current operational processes.
- In March 2019, Carrier Corporation collaborated with Encycle Inc. to provide cloud-based solutions in advanced energy management to increase the efficiency of operations to manage energy consumption
- In June 2018, BuildingIQ launched intelligent fault detection service for smart buildings that can validate and detect building system faults by using a cloud-based 5i intelligent energy platform and a combination of AI, energy analytics, and human expertise
- In the global building analytics market report, we have discussed individual strategies, followed by company profiles of providers of building analytics. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global building analytics market.
Building Analytics Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global building analytics market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the building analytics market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the building analytics market will progress during the forecast period of 2021 - 2031.
The report offers intricate dynamics about the different aspects of the building analytics market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the building analytics market, during the forecast period. It also includes impact analysis of COVID-19 on the building analytics market. The global building analytics market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the building analytics market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the building analytics market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Building Analytics Market
The report provides detailed information about the building analytics market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the building analytics market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of building analytics?
- What will be the Y-o-Y growth of the building analytics market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the building analytics market?
- What are the major drivers and restraints of the market?
- What will be the size of the building analytics market from 2021 to 2031?
- Which will be the fastest growing segment in the building analytics market?
- Which are the leading companies in the building analytics market?
- What are the strategies of companies operating in the market?
Research Methodology – Building Analytics Market
The research methodology adopted by analysts to compile the building analytics market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the building analytics market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the building analytics market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the building analytics market.
Building Analytics Market – Segmentation
TMR’s research study assesses the building analytics market on the basis of component, deployment, application, end user and, region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the building analytics market.