The global building analytics market is projected to expand significantly, reaching an estimated US$ 19,655.7 million by 2027, up from US$ 6,181.4 million in 2018. This growth is driven by several key factors, including rising energy costs, stricter energy regulations for buildings, and the pursuit of optimal operational efficiency in facility management. Additionally, there is an increasing demand for robust and interoperable building analytics solutions that enable effective monitoring and management of various facility assets. This trend is expected to create substantial business opportunities for stakeholders in the global building analytics sector in the years ahead.
At present, companies in this market provide a diverse array of solutions and services tailored to various clients, including shopping malls, airports, manufacturing plants, residential complexes, hotels, office buildings, and government facilities. These offerings are designed to ensure seamless facility management. Furthermore, these companies deliver valuable insights and reports related to fault detection, monitoring, and risk assessment analytics, which assist clients in making informed decisions and developing policies aimed at enhancing infrastructure management.
When categorized by building type, the commercial building segment stands out as the dominant sector within the global building analytics market. Currently, over half of the world's population resides in urban areas, a figure that is anticipated to rise to approximately 80% in the next few decades. Commercial buildings account for a significant portion of the built environment in urban settings, utilizing a majority of available resources. Unfortunately, a considerable amount of these resources is wasted, highlighting the urgent need for innovative and sustainable practices. In the United States alone, commercial buildings are responsible for consuming about 20% of the nation?s total energy and 40% of its electricity. By integrating building analytics solutions into their operations, both new and existing buildings can greatly improve their energy efficiency and overall performance. Consequently, the building analytics market is expected to experience significant growth and present numerous lucrative opportunities for market participants in the near future.
The overall size of the building analytics market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the building analytics market. This research also includes an overview and forecast of the global building analytics market, segmented by five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. To validate the data and analysis, primary interviews are conducted with industry participants and experts. These participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the building analytics field.