Building Analytics Market Size

Building Analytics Market size was valued at USD 11.33 billion in 2023 and is expected to exceed USD 27.97 billion by the end of 2036, registering over 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of building analytics is evaluated at USD 11.98 billion.

The growth of the market can be attributed to the increasing demand for real-time monitoring for buildings, especially in terms of energy consumption, and fault detection. Increasing urban population, along with increasing emergence of smart buildings, are another major factor estimated to drive the market growth. According to the data by the World Bank, 56.15% of the total population, around 4.352 billion individuals lived in urban settlements in 2020. Moreover, government initiatives promoting smart buildings, energy optimization in government buildings, and development of residential infrastructure are projected to boost the market growth. In addition to this, increasing penetration of technologies, including, IoT, cloud computing, artificial intelligence and automation, are estimated to promote the market growth.

Frequently Asked Questions (FAQ)

Rising demand for energy efficiency and government initiatives to promote energy optimization are the key factors driving market growth.

The market is anticipated to attain a ~13.5% CAGR over the forecast period, i.e., 2022-2030.

High cost of implementation is a major challenge that is estimated to hamper the market growth.

The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing demand for energy in developing countries, backed by infrastructural growth.

The major players dominating the building analytics market are NOVEDA Technologies, Inc., PointGrab Inc., BuildingIQ, GridPoint, Inc., SitelogIQ, Delta Electronics, Inc., Crestron Electronics, Inc., Enel X North America, Inc., and others.

Building Analytics Market Size