The global building analytics market is estimated to garner notable revenue by growing at a CAGR of ~13.5% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing demand for real-time monitoring for buildings, especially in terms of energy consumption, and fault detection. Increasing urban population, along with increasing emergence of smart buildings, are another major factor estimated to drive the market growth. According to the data by the World Bank, 56.15% of the total population, around 4.352 billion individuals lived in urban settlements in 2020. Moreover, government initiatives promoting smart buildings, energy optimization in government buildings, and development of residential infrastructure are projected to boost the market growth. In addition to this, increasing penetration of technologies, including, IoT, cloud computing, artificial intelligence and automation, are estimated to promote the market growth.
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The global building analytics market is divided by deployment into on premise, and cloud-based, out of which, the cloud-based segment is anticipated to hold the largest share in the market during the forecast period on the back of increasing penetration of cloud computing among various end-user verticals. Moreover, increasing population of the tech-savvy generation in developing countries, along with increasing usage of smartphones, is anticipated to boost the segment growth.
On the basis of application, the market is segmented into fault detection and monitoring, energy management, parking management, emergency management, security management, and others, out of which the energy management segment is anticipated to garner a significant share over the forecast period, owing to the increasing awareness amongst people regarding energy conservation and optimization, combined with the rising need to monitor energy usage trends.
On the basis of end-user, the market is segmented into residential buildings, government buildings, commercial, and others, out of which, the residential buildings segment is foreseen to garner the largest revenue share over the forecast period, on the back of increasing construction of residencies for the growing population, coupled with the mounting demand for smart buildings for residential purposes. Moreover, there is a rising demand for efficient security systems, parking areas and maintenance structure in residential buildings, which is projected to generate the need for analytics services in such buildings, which, in turn, is expected to boost the market growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global building analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to garner largest share over the forecast period on the back of growing construction industry, backed by urbanization and emergent smart buildings in countries, such as, Canada and the United States. According to the statistics by Bureau of Economic Analysis, in the first quarter of 2021, construction gross output of the United States amounted to USD 1,875.3 billion. Moreover, increasing awareness for energy optimization among the masses, and government initiatives for power management and monitoring, are estimated to further boost the market growth in the region.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, on account of infrastructural development in countries, such as, India, Vietnam, South Korea, and Indonesia along with the increasing adoption of IoT in the region. Moreover, governments of these nations are taking various initiatives for the conservation of energy and sustainable developments of their respective nations. One such initiative is the formation of Bureau of Energy Efficiency by the government of India for overlooking the optimization of energy utilization in the country.
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The global building analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global building analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for energy efficiency and government initiatives to promote energy optimization are the key factors driving market growth.
The market is anticipated to attain a ~13.5% CAGR over the forecast period, i.e., 2022-2030.
High cost of implementation is a major challenge that is estimated to hamper the market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing demand for energy in developing countries, backed by infrastructural growth.
The major players dominating the building analytics market are NOVEDA Technologies, Inc., PointGrab Inc., BuildingIQ, GridPoint, Inc., SitelogIQ, Delta Electronics, Inc., Crestron Electronics, Inc., Enel X North America, Inc., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, deployment, end-user, application, and region.
With respect to application, the energy management segment is anticipated to hold the largest market share owing to the increasing awareness among people for energy conservation.
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