According to the 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 building analytics 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.
Browse and in-depth TOC on " Building Analytics Market "
71 - Tables
44 - Figures
157 - Pages
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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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