Building analytics is paving the path to sustainable development
In conjunction with this, the demand for these solutions and services has been estimated across all major geographies namely North America, South America, Europe, Middle East and Africa and the Asia Pacific. To give a clearer view of this market across these geographies, the regional market has been further segmented into countries which account for a significant share in the market. The growth of this market is being driven by increasing focus of end users towards energy efficiency. Various initiatives taken by governments in many regions are further pushing end users towards building energy-efficient structures in order to contribute to sustainable development. This is increasing the demand for building analytics software. Huge investments being funneled by various market players into research and development are accelerating innovation and thus, development of advanced solutions with enhanced capabilities. This is further increasing the demand for building analytics software, thus boosting the growth of this market.
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By deployment model, cloud holds a major share in the market
Deployment of building analytics solutions in the cloud has been witnessing an impressive increase across all major regions. This growth is attributed to increasing focus of end users towards cost reduction. As making investments into IT staff does not align with the business model of many end users, deployment of these solutions in the cloud is gaining traction. High ease of use and flexibility offered by this deployment model is attracting end users towards it. This is augmenting the market growth of this sub-segment.
North America and Europe hold a major share in this market
North America and Europe together hold a major share in this market owing to the presence of a good number of market players in these regions. These regions, being the earliest adopters of new technologies, are showing significantly high adoption of building analytics solutions and services. Availability of favorable infrastructure for deployment of building analytics solutions in these regions is also fueling their adoption, which is boosting the market growth. The market in the Asia Pacific is expected to grow at a very high CAGR over the projected period. This growth will majorly be attributed to rising investments by many companies in this region. The rapid growth of the construction industry in this region will also continue to support the market growth in this region.
This report also includes a study of strategies and product portfolios of some of the leading companies in the building analytics market. Major companies profiled as a part of this report are Schneider Electric, Johnson Controls, IBM, Honeywell, Siemens, General Electric, Buildingiq, and Iconics, among others.
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