AIThority Primer: Building Analytics and Top Players in the Market
Building analytics has emerged as an extension of the modern IT infrastructure and networks management. This family of data analytics helps organizations to better prepare for a more robust ecosystem supporting the transformational activities in the Big Data, AI, and business intelligence worlds. IT companies are realigning their spend on network infrastructure and building to embrace a more environmental-friendly and sustainable operation with building data analytics or BDA. In this AIThority.com primer series, we have picked the best examples of analytics for building units with examples from the leading innovation companies and solution providers.
What is Building Analytics?
AI analysts have found building analytics has transformed remarkably in the last 5-6 years. The advent of AI, Robotics and machine learning has influenced many areas of building analytics.
Let’s try to define what is building analytics in this article.
Building Analytics is a data-driven technique specifically created for Building Management Systems (BMS). A BMS is an integrated technology for automated software-based management of a building, and the components and utilities fitted to the building. A BMS with building analytics capabilities enable property owners and facility managers to make building management decisions more streamlined and improved. It involves an array of IT systems and internet services such as Networks, Sensors, Integrated Wireless Connectivity, IoT, and so on.
Another widely accepted definition of building analytics refers to use of advanced data management platforms that ingest data from multiple sources at a site or group of sites and give the user a 360-degrees birds-eye view on how each unit in the building is operating in every aspect of performance, utility, ease of use and comfort.
BMS with building analytics have a wide range of customer base. Hotels, airports, malls, manufacturing workshops, thermal plants, commercial offices, government buildings, and hospitals are traditionally the biggest user base in this industry. With the rise of IT spending, energy costs and demand for remote working, the base has expanded significantly, particularly in regions where customers demand are surging past pre-COVID expectations.
What do Building Analytics companies usually provide to customers?
Building analytics is still in its nascent stage. The integrated BMS solutions offer a range of big data analysis, real-time reporting and AI-based predictive intelligence on energy management, fault detection, risk assessments, and cost optimization. With surging energy prices an widening gaps between promises and delivered services, constructors and facility managers are increasingly opting for building analytics for improved infrastructure management.
There are many benefits of deploying a BMS with building analytics suite. These include:
- Consistent and transparent data analysis comparing performance of different facilities and utilities
- Accurate predictions and recommendations for predictive maintenance and cost optimization
- Improvement in reliability and safety of facilities
- Inventory management with optimized sales and revenue generation in peak seasons
- Improvement in resident comfort
- Cost-saving in energy expenditure by up to 30%
- Fully-digitized building management with mobile app operations/ Edge services
- Digital transformation of the entire real estate industry
Top Players in BMS with Analytics
The global building analytics market is projected to grow to $20 billion USD in 2027. There is a 3x jump in the revenue share now as compared to the pre-COVID times, demonstrating the value creation in the building analytics domain.
Here are the top players who offer cutting-edge building analytics solutions to users.
- Schneider Electric
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