The global building analytics market 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. Major growth drivers for the market include an increasing demand for energy efficient systems and decreasing operational costs.
The building analytics market highlights how different vendors and service providers integrate with each other to deliver unique building analytics solutions to real estate end-users and building personnel. Companies in the building analytics marketspace offer a variety of software and associated services to help building operators and occupants achieve enhanced energy efficiency, better safety and security with minimal human intervention. The companies operating in the market invest significantly in R&D activities to bring technological advancements in building monitoring and control. The innovative solutions provide visibility into real-time data on energy consumption across equipment as well as geographic locations. Although there has been a focus on energy efficiency in commercial buildings for some years, the building analytics solutions growth can still be considered nascent. The landscape of new entrants, new technologies, and new methodologies is expanding rapidly.
The building analytics market includes major vendors, such as Honeywell International Inc. (US) International Business Machines Corporation (IBM; US), Johnson Controls International Plc. (Ireland) Schneider Electric SE (France), General Electric Company (US), Siemens AG (Germany), ENGIE Insight Services Inc. (France), Lucid (US), EnerNOC, Inc. (US), BuildingIQ (US), ICONICS, Inc. (US), Senseware (US), KGS Buildings, LLC (US), BuildingLogiX (US), Lutron Electronics Co., Inc. (US), CopperTree Analytics, Inc. (Canada), EcoVox, Inc. (US), GridPoint (US), Energy Advantage (US), Delta Electronics Industry Co., Ltd. (Taiwan), BuildPulse (US), Crestron Electronics, Inc. (US), PointGrab Inc. (Israel), Verdigris (US), and NOVEDA Technologies, Inc. (US). Other stakeholders of the building analytics market include research organizations, network and system integrators, managed service providers, and web and audience analytics. The key players in the market have employed various growth strategies to further extend their presence and market shares. Their major growth strategies have been partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions.
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Schneider Electric was founded in 1836 and is headquartered in Rueil-Malmaison, France. The company is involved in the manufacturing of industrial engineering equipment, power distribution, and automation systems. In September 2017, Schneider Electric introduced EcoStruxure Building, an open, collaborative IoT platform, to enable developers and partners interact, share data, and develop apps for building management. The solution also incorporates analytics to reduce energy consumption and increase the level of comfort. In August 2018, Schneider Electric entered Malta with the launch of EcoStruxure solution. The company launched the solution partnering with its local lighting and electrical supplies distributor, Elektra Ltd.
Johnson Controls, headquartered in Ireland, offers a diversified technology and manufacturing solutions, including air systems, building management systems, HVAC controls, HVAC equipment, security and fire safety, refrigeration, batteries, and distributed energy storage solutions. The company’s Building Management Systems helps analyze the data collected from sensors and devices pertaining to air systems, HVAC controls, security and fire safety, and refrigeration. In April 2018, Johnson Controls acquired Smartvue, an IoT and video surveillance solution provider, to strengthen its video surveillance product capabilities. The acquisition would help Johnson Controls offer scalable Video-as-a-Service (VaaS) with a minimum cost and strengthen the relationship with its partners by harnessing the power of cloud-based video solutions. In December 2017, the company launched Metasys, an enterprise management platform capable of analyzing building energy and equipment data. The company offers a diversified range of building analytics solutions for analyzing data from various devices, including air systems, HVAC controls, HVAC equipment, commercial security, and fire safety systems. The merger with Tyco, a provider of fire and security solutions, is expected to drive Johnson Controls in the coming years.
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
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