Global building analytics market to reach $12.6 Billion by 2025, Zion Market Research
Zion Market Research has published a new report titled “Building Analytics Market By Component (Software and Services), By Deployment (On-Premises and Cloud), By Building Type (Residential, Commercial, and Industrial), and By Application (Energy Management, Fault Detection & Monitoring, Security Management, Operations Management, Network Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’.
According to the report, the global building analytics market was USD 5.3 billion in 2018 and is expected to reach around $12.6 billion by 2025, growing at a CAGR of 13.1% between 2019 and 2025.
Building analytics helps organizations in the construction sector to ensure occupant comfort, improve efficiency, and better the financial well-being of a building. These platforms automatically analyze the building data received from sensors, meters, automation systems, and other smart devices to provide vital building insights.
Rising technological investments in the construction sector are fueling the building analytics market. In the first half of 2018, the global investments in construction technology were USD 1.05 billion, around 30% more as compared to 2017. A majority of these investments were for solutions that provide analysis, cost reduction, and improved efficiency. Thus, the upsurge of building analytics market is over the forecast timeframe is imminent.
The increasing adoption of “Internet of Things” (IoT) to optimize building performance and reduce facilities management expenses is also fueling the building analytics market. Structures are becoming complex due to the increasing number of interconnected devices. The enormous volume of data is generated by these devices. However, the high cost of implementing these solutions may limit the market over the forthcoming years.
The building analytics market is divided on the basis of component, deployment, building type, and application. On the basis of deployment, the market is bifurcated into the cloud and on-premises.
The cloud segment is anticipated to hold a considerable market share, owing to its increasing adoption in connected devices. By component, the building analytics market is divided into software and services. The services segment is projected to grow substantially over the forecast time period. By building type, the market is divided into residential, industrial, and commercial. The commercial segment is expected to grow considerably in the upcoming years.
By application, the market includes fault detection and monitoring, energy management, security management, network management, operations management, and others. The fault detection and monitoring segment is expected to hold a notable share of the market, owing to the rising awareness about the safety of workers and on-site employees.
North America, being the most technologically advanced global region, is anticipated to hold a substantial share of the building analytics market over the estimated timespan. The U.S. is a major revenue contributor in this region, due to the rising investments in smart homes. In 2018, the U.S. spent around USD 20 billion on smart home technology. Furthermore, the presence of key players like IBM and Honeywell International in this region is also driving this market.
The Asia Pacific is anticipated to witness a notable growth rate in the building analytics market globally in the future. China and India are projected to generate huge demands for the software in this region, owing to the rapid economic development and growing adoption of technology in the construction sector.
China is the world’s largest construction market. In 2016, the Chinese construction industry was worth USD 717.7 billion and is estimated to be worth USD 976.4 billion by 2020. Furthermore, in 2018, the Indian infrastructure sector witnessed investments worth USD 63.2 billion. The Indian government is also taking initiatives to promote technological usage in this sector, which will also support the region’s building analytics market.
The European building analytics market is expected to hold a notable share globally in the years ahead. Market players are opting to expand their business in this region, specifically in the UK, Germany, and France.
The presence of major players like Siemens and Schneider Electric is proving to be a boon for this regional market. Various regional organizations are focusing on offering solutions to government agencies that monitor historical structures and provide analytics related to maintenance and lifetime, which will further support this regional market over the forecast timespan.
Latin America will make notable contributions to the building analytics market globally in the upcoming years, owing to the rising building analytics demand in Brazil and Argentina. Brazil is the most lucrative country in this region, due to the increasing adoption of technology to prevent any mishaps and maintain the security of the on-site workers. The Middle East and Africa is expected to grow notably in this market, due to the flourishing construction sector in the UAE and Saudi Arabia.
Some noticeable players of the building analytics market are IBM, Siemens, Schneider Electric, General Electric, Honeywell International, Johnson Controls International, BuildingIQ, ICONICS, Delta Electronics, and BuildingLogix.
The report segments the global building analytics market into:
Global Building Analytics Market: Deployment Analysis
Global Building Analytics Market: Component Analysis
Global Building Analytics Market: Building Type Analysis
Global Building Analytics Market: Application Analysis
- Energy Management
- Fault Detection and Monitoring
- Security Management
- Operations Management
- Network Management
Global Building Analytics Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa