The Building Analytics Market is to Touch $22.4 Billion by 2030; The increasing integration of AI and ML technologies is a significant driving factor for the adoption of Building Analytics market.

The Building Analytics Market size is estimated to reach $ billion by 2030, growing at a CAGR of 14.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Building Analytics Market  – By Building Type (Residential Buildings, Commercial Buildings (Offices, Retail, Hospitals, Hotels, Others), Industrial Buildings, Government Buildings, Public Places, Others), By Component (Software (Cloud-Based, On-Premises), Services (Professional Services, Managed Services), By Technology (IoT (Internet of Things), Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics, Cloud Computing, Edge Computing, Others), By Application (Energy Management, Security Management, Infrastructure Management, Network Management, Workforce Management, Asset Management, Emergency Management, Fault Detection and Monitoring, Parking Management, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Building Analytics Market refers to the use of advanced data analysis and software tools to monitor, assess, and improve the performance of building systems. This includes analyzing data from various building systems such as HVAC (heating, ventilation, and air conditioning), lighting, security, and energy management systems to optimize operational efficiency, enhance occupant comfort, reduce energy consumption, and lower overall maintenance costs. Building analytics leverages technologies such as IoT, AI, and big data to provide actionable insights for facility managers and building owners.

 

Asia-Pacific held a dominant market share of 30% in the year 2023 only behind North America due to rapid urbanization, increasing construction activities, and the adoption of smart city initiatives. Countries like China, India, and Japan are investing heavily in smart infrastructure to accommodate growing populations and economic development. This investment includes integrating advanced analytics into building management systems to enhance operational efficiency, reduce energy consumption, and improve occupant comfort. The region's strong technological advancements, particularly in IoT and AI, support the deployment of sophisticated building analytics solutions. Additionally, stringent government regulations and environmental policies in countries like Singapore and Australia are pushing for higher energy efficiency and sustainability standards in buildings, further propelling the demand for analytics tools. 

The market for building analytics is mostly driven by the need for sustainability initiatives and regulatory compliance. Stricter controls have been imposed by governments and international organizations more frequently in an effort to reduce energy use and carbon footprints. These laws frequently require the monitoring and reporting of energy consumption through the use of smart building technology. Building analytics tools offer comprehensive insights into energy usage trends, operational inefficiencies, and possible areas for energy savings, which assist enterprises in meeting these compliance requirements. Furthermore, businesses are encouraged to use building analytics systems by the increased focus on corporate social responsibility (CSR) and the requirement to follow sustainability guidelines. By utilizing these resources, companies can improve their brand image as environmentally conscious organizations while simultaneously adhering to legislation. 

Another significant factor propelling the building analytics market is the requirement to lower operating expenses. Businesses aim to keep their competitiveness by streamlining their operations, particularly in sectors with narrow profit margins. Solutions for building analytics provide important information on how to manage resources like water, power, and HVAC systems efficiently. These platforms analyze data from several building systems to find inefficiencies and suggest changes that result in significant cost savings. Predictive maintenance capabilities, for instance, can lower maintenance costs and downtime by informing site managers of impending equipment failures before they happen. Optimizing energy use can also lead to decreased utility bills, which can further reduce costs. Businesses are adopting building analytics solutions at an increasing rate as they realize the financial benefits. 

• In April 2024, a platform created by the former Twilio team assists SaaS companies in creating analytics solutions 

• In February 2023, the market leader in global digital adoption platforms (DAPs), Whatfix, announced the launch of its new product line, Product Analytics, recently. With seamless instrumentation that guarantees no-code event tracking and data consistency, this product line enables organizations to track, visualize, and analyze user engagement and behavior data.

• In November 2022, IBM unveiled new tools meant to assist businesses in dismantling analytics and data silos so they can swiftly make decisions based on data and manage unforeseen interruptions. 

Key companies profiled in the Building Analytics Market are Honeywell International Inc, IBM Corporation, Siemens AG, Schneider Electric, Delta Electronics, Inc., Johnson Controls International PLC, ICONICS Inc., General Electric Company, Crestron Electronics, CopperTree Analytics, Cognizant, NV5, Bueno Analytics, Accenture, ScienceSoft USA Corporation and others.