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Last edited 20 Apr 2021
Building analytics market trends
Building analytics are used for enhancing building infrastructure in terms of energy, comfort and overall development. Generally, building analytics are used for advanced life cycle managed services that deliver automated fault detection, diagnosis and real-time performance monitoring for buildings.
With rapid urbanisation and industrialisation, the need for constructing various structures is on the rise, which is subsequently driving the global building analytics market. Companies are rapidly developing user friendly solutions, which could increase demand for building analytics solutions.
There is a trend toward making large commercial buildings more responsive, energy efficient and easy to maintain. Various organisations have introduced new technologies and innovation to enhance building analytics solutions.
Building analytics technology can also play a role in enhancing the architecture, engineering and construction (AEC) industry. Analytics services may help to enhance decision making in existing business processes.
 Global growth
Countries around the globe have become proactive in adopting new technology. Due to the penetration of business intelligence among developing countries, demand for building analytics solutions is increasing rapidly. A number of countries around the world are starting to realize the importance of building analytics technology and are developing their own capability.
Governments and various vendors are willingly investing in technologies in construction services, primarily engineering and architecture. Therefore, vendors need to keep up with developments in order to maintain their competitiveness.
An increase in adoption of smart building and cloud computing technologies are supplementing the growth of the building analytics market. However, the need for additional expenditure in order to avail building analytics services is expected to hamper the building analytics market.
Lack of awareness for building analytics is one of the restraints of the market. Nevertheless, with a significant rise in the population across the globe, construction activities are estimated to increase substantially. This is projected to create potential growth opportunities for the building analytics market in the coming years.
Major players operating in the building analytics market are Schneider Electric, General Electric Company, IBM Corporation, Siemens, Honeywell, Johnson Controls, Lucid, EnerNOC, BuildingIQ, Senseware, KGS Buildings, ENGIE Insight, BuildingLogiX and Lutron Electronics.
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