The Australia building analytics market accounted to US$ 125.8 Mn in 2018 and is expected to grow at a CAGR of 13.2% during the forecast period 2019 - 2027, to account to US$ 375.0 Mn by 2027.
The government of the country targets to escalate 40% energy productivity by 2030 through the execution of strategies included under the National Energy Productivity Plan. These strategies comprise of reduction in total energy use in buildings, improvement in the national construction code, as well as encouraging the adoption of energy-efficient equipment. Moreover, the rising adoption of various energy efficiency based solutions and service has further propelled the Australia building analytics market demand for the energy management based building analytics solutions.
Australia Building Analytics Market
Australia Building Analytics Market InsightsIncreasing deployment of facility management tools driving the Australia Building Analytics MarketFacility management has gained immense adoption during the past few years as organizations have recognized that well-maintained utilities and buildings are essential for effective and efficient business function. Facility management involves analysis of day-to-day operations, maintenance, and repair of the utilities owned by a company, which results in cost-savings and increased employee productivity. Further, a facility manager is required to make sure that all the amenities in an organization are compliant with industry safety and health regulation, the building should have fire security and emergency exit strategy in place, maintenance of car parking and various other facilities. Also, regular electric and mechanical repairs together with property maintenance are a part of facility management. For helping a business to attain a competitive advantage as well as to increase employee productivity, organizations across the globe as adopting facility management tools. The deployment of facility management tools has resulted in increased adoption of IoT enabled smart, connected devices, which creates a huge amount of data. Thus, with the increasing amount of data, facility managers are leveraging business analytics platform to understand the pattern of operations better. This helps them to gain insights on the exact situation and enable them to quickly diagnose issues and implement solutions to eradicate further damage/loss. Above factors are driving the Australia building analytics market.Advantages related to predictive maintenance is propelling the Australia Building Analytics MarketEngineering, procurement, and construction companies; equipment manufacturers; as well as power and process plant owners and operators generally face the issue of maintaining their machinery, fleet, and other assets to work efficiently along with reducing the maintenance cost and time-complex repairs. It is essential to identify the basis of probable faults or failures before they occur, to meet the time-to-market requirement for products. Evolving technologies such as Big Data, IoT, and machine learning are allowing more production line assets to send data to a centralized server thus, resulting in easier detection of faults. It is a complicated task to gather operational data from multiple systems as well as remote sources during the management of large fleets spread across numerous sites. Presently, most of the utilities make use of real-time historians for consolidating multiple data sources to attain a comprehensive insight into asset performance. On the basis of the data gathered, predictive analytics solutions can utilize the historian data to further enhance operations by reporting early warning detection of asset issues before they result in failure. The companies are significantly investing in predictive maintenance programs including, deployment of predictive analytics software for the purpose of achieving higher operational efficiency. The emergence of advanced technologies such as building analytics has resulted in ensuring that all the required information is available and can be compared with other data sources quickly and accurately. Adoption of building analytics enable companies to implement predictive analytics to enhance operational performance. These factors are leading the Australia building analytics market.Australia Building Analytics Market - Deployment Type InsightsThe Australia building analytics market by deployment type has been segmented into cloud and on premise. Clouds are larger in size when compared to on-premise deployment type, due to which enterprise associated with cloud are benefitted with seamless, on-demand scalability. The cloud deployment model is ideal for organizations which are willing to adopt analytics solutions with low investment. It mainly allows the company to procure the data with all their services, but on an economical expense. In building analytics market, on- premise segment is leading as it provides a huge benefit for buildings by enabling it to preserve all their processes and current internal systems, such as authentication and access privileges.