The global building analytics market size is expected to grow by 13.3%, from $5.94 billion in 2018 to $11.10 billion by 2023.
Increasing demand for energy-efficient systems and a growing focus on decreasing operational costs are the major driving factors for the global building analytics market.
However, the high cost of implementation may limit the market growth, as well as challenges brought about by the growing impact of IIoT deployment.
The energy management application is expected to dominate the overall building analytics market in terms of share and growth rate, as it is predominantly finding its use in all building facilities to reduce excessive energy consumption across premises.
Moreover, it enhances the comfort level of humans and increases the life and performance of equipment.
The HVAC systems and lighting control systems are major consumers of energy, hence the use of building analytics solution helps in analysing the data generated from various equipment and facility systems and accelerate the equipment performance across the facility.
The building analytics market in Asia Pacific is expected to record the highest growth rate. Vendors in APAC are investing in R&D activities in an effort to provide technologically advanced building analytics solutions.
The rapid modernisation and increase in construction activities in the APAC region have accelerated the growth of automatic centralised control of the HVAC systems installed in the buildings, ultimately leading to the growth of the building analytics market in APAC.
Major growth drivers for the APAC building analytics market include high economic growth in the major countries in the region.
In addition, major economies in APAC, such as Japan, China, India, and Singapore are leading in terms of the adoption of the building analytics solution.