Building Data Integration Revenue to Reach $971.3 Million by 2025
Organizing and understanding large data sets from facilities remains a challenge
BOULDER, Colo. — As the cost of advanced sensors has decreased and the amount of computational power and data storage has increased, buildings have become data-rich environments, notes Navigant Research. Today, the global market for building data integration technologies is growing as vendors begin to understand and develop solutions that can process large amounts of facility data. According to a new report from the research firm, global building data integration revenue is expected to grow from $89.9 million in 2016 to $971.3 million in 2025.
“For years, data-integrated buildings have shown promise in reducing energy and operational costs, especially as regulatory energy efficiency pressures and corporate sustainability strategies increase customer demand for data-driven solutions,” said Alvin Chen, research analyst with Navigant Research. “However, the analytics software to effectively provide actionable insights is still being developed to deliver on this promise.”
According to the report, while the potential for using large data sets to improve energy and operational efficiencies is significant, the challenges of organizing and understanding the data have yet to be overcome. New building energy management systems (BEMS) can be implemented to enhance data collection and processing, but existing systems present obstacles in performing functional data analyses. Additionally, as BEMS look to incorporate data from networked lighting, access controls, and demand response (DR) signals, the ability to develop analytics platforms as expert systems presents more challenges.
An executive summary of the report is available here.
Publication date: 5/24/2016