According to a new market research report "Building Analytics Market by Application (Fault Detection and Monitoring, Energy Management, Emergency Management, Security Management), Component (Software and Services), Deployment Mode, Building Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 5.94 billion in 2018 to USD 11.10 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
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The key growth drivers for the market include an increasing demand for energy efficient systems and a growing focus on decreasing operational costs.
Commercial buildings segment to hold the largest market size during the forecast period
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.
Cloud deployment model to grow at a higher CAGR during the forecast period
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 organizations.
APAC to hold the significant market share and to grow at the highest CAGR
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 a majority of the revenues in the market.
Major vendors providing building analytics software and services include Honeywell, IBM, Johnson Controls, Schneider Electric, General Electric, Siemens, ENGIE Insight Services, Lucid, EnerNOC, 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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