Global building analytics market predicted at $11B by 2023

Northbrook, Il (USA)

The global building analytics market is expected to grow from USD 5.94 billion in 2018 to USD 11.10 billion by 2023, at a CAGR of 13.3% during the forecast period. This is according to the latest market research information from Marketsandmarkets.

The key growth drivers for the market include an increasing demand for energy efficient systems and a growing focus on decreasing operational costs.

Among building types, the commercial buildings segment is expected to continue to hold the largest market size during the forecast period. Major growth factors for the building analytics market in the segment include the development of large shopping malls, auditoriums, and marriage halls encouraging the owners and operators to install building analytics software and services in new as well as old buildings and the proliferation of IoT which facilitates to draw valuable insights from large volumes of data.

The cloud deployment model witnesses an increasing demand, due to its cost-effectiveness and easy availability. Cloud-based building analytics software and services offer various advantages, such as scalability, adaptability, and easy deployment, which will promote the adoption of the cloud among organisations.

APAC is expected to constitute a significant share in the building analytics market and is expected to grow at the highest CAGR during the forecast period, owing to the high economic growth in the major APAC countries. Companies in North America and Europe have already adopted the building analytics software and services and are investing heavily in R&D for innovations. Hence, these regions are expected to generate the majority of the revenues in the market.

Major vendors providing building analytics software and services included in the report include, Honeywell, IBM, Johnson Controls, Schneider Electric, General Electric, Siemens, ENGIE Insight Services, Lucid, Enecnoc, BuildingIq, Iconics, Senseware, KGS Buildings, Buildinglogix, Lutron Electronics, Coppertree Analytics, Ecovox, Gridpoint, Energy Advantage, Delta Electronics, Buildpulse, Crestron Electronics, Pointgrab, Verdigris, and Noveda Technologies.


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