Beyond Customary Energy and Cost Saving Advantages, both 'Hard' and 'Soft' Benefits Extend Immense Growth Opportunities in Building Analytics Market; Growth Trajectory projected at Stellar ~15% CAGR from 2021 - 2031 - TMR
- Need for interpretation of data obtained from smart building technologies for optimum functioning of building HVAC systems, security systems spells growth
- Requisites to monitor inside temperatures of modern buildings for comfort of occupants indirectly creates opportunities
ALBANY, N.Y., May 11, 2021 /PRNewswire/ -- Building Analytics Market – Overview
In times when technological advances in commercial buildings have hit a tipping point, 'analytics' is what is everyone is interested in. In building spaces – from malls and residential buildings to hospitals and commercial high rises – building analytics provide specific advantages to different interest groups, provided it is known what to expect from the system.
In fact, initial pilot projects to attain analytics have been promising, and product developers are striving to improve algorithms at faster rates than ever before. As more people are getting interested to understand building analytics, it is important to have a clear understanding what an analytics effort offers, and what it should be doing for owners, operators, and managers. Meanwhile, how business analytics are important for other industries, in the same way building analytics is useful for various stakeholders for best practices of building management goals.
Beyond the customary cost savings and energy efficiency benefits, building analytics delivers both 'hard' benefits, and the less quantifiable, yet highly valuable 'soft' benefits for customers. If the hard benefits have to be summarized, they would be;
Increase the working life of building automation systems
Provide the direction to prioritize tasks of maintenance, comfort adjustments, and energy saving
Direct the info to those for whom it is most relevant
Explore 330 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the 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 at https://www.transparencymarketresearch.com/building-analytics-market.html
For such tangible benefits, building analytics systems are now mostly installed in all types of buildings. The continual integration of avant-garde technology in building analytics systems has led to improved efficiency and reliability of these systems. With prospects of promising demand, the building analytics market is estimated to exceed a valuation of US$ 20.1 Bn by 2030.
Building Analytics Market – Key Findings of the Report
Capability to Gauge Building Health, Energy Consumption Remotely favors Deployment
Building analytics systems are invaluable for situations, such as the ongoing COVID-19 that require remote monitoring of building establishments. Building analytics systems are strongly connected with each and every small process in the entire monitoring activity, unlike traditional systems that can communicate with only proprietary systems. Precisely, building analytics systems are designed to integrate easily with open systems and provide alerts, notifications even from predecessor systems. Fault detection and diagnostics for estimation of energy requirements and cost savings are also some features of building analytics systems. Collectively, this favors growth in building analytics market.
Analyze global building analytics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Use of Cloud Computing, Data analytics in the Construction Sector creates Massive Opportunities
In recent years, complex workflows and challenging environments in the construction sector have necessitated the use of data analytics and artificial intelligence applications. Earlier, SaaS solutions were used in the construction sector to use the leverage the potential of data analytics and cloud computing. This has attracted contractors in the construction sector to invest in cloud computing technologies. Applications of cloud computing in the building analytics market include powerful data processing, data storage, advanced analytics, connected job sites, and improved security.
Artificial intelligence and machine learning are some other next-gen technologies used in the construction sector integrated into building analytics systems. With the exponential growth of the construction sector, the building analytics market is at gains.
Need to Optimize Energy for Sustainability fuels Growth
Building analytics systems help to obtain insightful data to optimize the energy performance of a facility and eliminate any undue use. This further helps to lower energy cost, improve equipment life, and comfort of occupants of the facility. Meanwhile, data for building analytics is obtained using a gamut of processes, including building management systems, Internet of Things edge devices, networked sensors, and integrated workplace management systems.
Need to interpret and review information collected from smart building technologies and smart building analytics to attain best efficiency and productivity of HVAC systems and security systems of buildings fuels growth.
Besides maintenance and upkeep, the requisites to monitor inside temperatures of modern buildings for the comfort of occupants, which involves deployment of advanced lifecycle managed services, indirectly translates into demand.
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