building analytics Market

In terms of revenue, the global building analytics market is expected to grow to US$ 19,655.7 million by 2027 from US$ 6,181.4 million in 2018. Factors such as growing energy prices, increasingly stringent building energy guidelines, and achieving maximum operational efficiency for building and facility management is expected to be the major market driving forces for building analytics market in the coming years. Moreover, growing demand for interoperable and robust building analytics solution facilitating effective monitoring and managing of various facility assets is also expected to gain major traction in the coming years and provide numerous profitable business opportunities for the market players in global building analytics market.

Currently, the companies offer a mix of solution and services to their clients such as signal malls, airports, manufacturing & production plant residential complexes, hotels, offices, and government buildings among others for their seamless facility management. Further, the companies also offer insights and reports to relate to fault detection, monitoring, and risk assessment analytic reports for making informed decisions and framing policies for improved infrastructure management.

On the basis of building type, commercial building segment is the leading segment of the global building analytics market. Presently, more than of the world's population lives in urban areas, and the trend is expected to move rapidly to around 80% over the next couple of decades. More than half of the built space in the urban areas and the majority of their resources are utilized by commercial buildings. A major portion of these resources consumed by these buildings is wasted, which has created a need to build or adopt new and advanced measures for sustainable growth. In US itself, commercial buildings consume around 20% of country's total energy and 40% of electricity. The new as well as existing buildings in the country can substantially enhance their energy efficiency and performance through integration of building analytics solution into their operations. Thus, the building analytics market is anticipated to gain significant traction in the coming years and yield numerous profitable opportunities for the market players in the coming years.

The overall building analytics market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the building analytics market. It also provides the overview and forecast for the global building analytics market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the building analytics industry.