Building Analytics Market: Introduction
Transparency Market Research delivers key insights on the global building analytics market. In terms of revenue, the global building analytics market is estimated to expand at a CAGR of ~15% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global building analytics market.
Building analytics are data analytics accumulated from smart building technologies that include building management systems (BMSs), networked sensors, Internet of Things (IoT) edge devices, and integrated workplace management systems (IWMSs). Building analytics are essentially used for analyzing and reviewing the information collected from smart building technologies and smart building analytics, so as to manage various building operations such as HVAC systems and security systems.
Besides, building analytics is used to enhance the building infrastructure in terms of energy, comfort, and overall development. Generally, building analytics is used for advanced lifecycle managed services that deliver automated fault detection, diagnosis, and real-time performance monitoring for buildings. As a result, the market is anticipated to witness healthy growth rate during the forecast period.
Building Analytics Market: Dynamics
Cloud computing is massively being implemented in the construction industry, as it can provide streamlined business operations to contractors, architecture firms, and building material suppliers. The construction sector is infamous for being one of the least digitized industries across the world. Hence, construction companies are adopting the cloud-based technology to improve their budgets that fluctuate regularly, which can help in enhancing the digital revolution of the sector. Cloud computing aids construction companies to easily manage equipment/asset management, bid/proposal management, along with field services. Besides, construction companies are using the cloud computing technology to provide real-time management of different projects running in different locations. This, in turn, can accelerate the growth of the building analytics market across the world.
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Rising infrastructure development globally is a major factor projected to create lucrative opportunities for the building analytics market. Rise in infrastructure investment by governments of various countries such as India, Africa, Russia, and Brazil is expected to enhance economic development across the world. Meeting development strategies such as quality, quantity, and accessibility of economic infrastructure across developing and developed countries is projected to boost the building analytics market. In addition, expansion of the construction sector is influenced by economic development and subsequent growth of construction in both commercial and residential sectors, which is anticipated to drive the building analytics market across the globe during the forecast period.
Building Analytics Market: Prominent Regions
North America is projected to hold a strong position in the global building analytics market during the forecast period due to technological advancements. Digitization and adoption of building analytics in the construction of smart buildings to reduce construction cost and precisely monitor the building lifecycle is increasing considerably. In addition, adoption of building analytics has increased considerably in the past few years, owing to latest trends in technology in the field of architecture, engineering and construction (AEC) in North America. Building analytics is used to convert the data created by a building management system into actionable intelligence, by prioritizing and identifying the cost-saving opportunities, mechanical system inefficiencies, and threats to occupant comfort.
However, the building analytics market in Asia Pacific is estimated to expand at a robust pace during the forecast period. The market in Asia Pacific is predominantly driven by extensive government policies and investment for smart buildings, so as to manage energy demand and carbon footprint. In addition, governments are increasingly integrating smart solutions across countries such as Japan, China, and India for ways to green their buildings.
