Global Market for Big Data in Smart Commercial Buildings Expected to Grow to $35.8B by 2023

In the 21st century economy, data is everything. The old fashioned commercial real estate business is no exception. The latest research from Memoori estimates the market for big data in real estate will skyrocket in growth, rising from $15.6B at the end of 2018 to $35.8B by 2023.

That means the data in your building is like gold waiting to be mined. Application software represents the largest portion of revenue spending in the market as landlords and building managers invest heavily in business intelligence tools, data visualization, and other reporting functionalities. Building application software is expected to grow by 19.8% in the next five years. By 2023, its share of the overall market will represent estimated revenues of $12.9B.

Most of that growth will come from the relatively untapped commercial office market. Building application software — popular in retail, hospitality, and medical fields — like automation systems, haven’t been adopted in the office sector at the same pace. With new environmental regulations and energy goals being enacted in major office markets, real estate holders will soon be relying more heavily on building management systems than ever before.

Read the full report: https://memoori.com/portfolio/towards-data-driven-buildings