CHICAGO, July 19,
2024 /PRNewswire/ -- The global building
twin market size is projected to grow from USD 2.1 billion in 2024 to USD 13.3 billion by 2029 at a CAGR of 44.7%
during the forecast period according to a new report by
MarketsandMarkets™. The key factors fueling the growth of
this market include the growing focus on cost reduction and
reducing environmental impact; government policies focused on
improving digital infrastructure and promoting smart
technologies.
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Browse in-depth TOC on "Building Twin
Market" 120 – Tables
60 – Figures
200 – Pages
Building Twin Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 2.1
billion
|
Estimated Value by
2029
|
$ 13.3
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 44.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Offering,
Application, End User and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Complexities associated
with integrating large amounts of data
|
Key Market
Opportunities
|
Advancements in AI
& ML powered predictions
|
Key Market
Drivers
|
Growing focus on
predictive maintenance
|
Facility Management application to hold the largest size of the
building twin market during the forecast period.
The Facility Management application is expected to account for
the largest size of the building twin market throughout the
forecast period. The dominance of facility management application
is driven by its critical role in optimizing building performance
and efficiency. The application enables real-time monitoring, and
proactive management of building systems, leveraging advanced data
analytics and IoT technologies. This approach not only reduces
operational costs but also extends the lifespan of building assets
while improving overall operational effectiveness. In addition,
businesses are increasingly adopting building twins to streamline
maintenance workflows, ensure compliance with regulations, and
enhance occupant comfort and safety. As a result, the facility
management segment is becoming a key factor in advancing modern
building management practices.
Software Solutions segment to hold the largest size of the
building twin market during the forecast period.
The software solutions segment to hold the largest size of the
building twin market during the forecast period. The growth is
fueled by technological advancements in cloud computing, IoT, and
artificial intelligence, which enhance the capabilities of building
twin solutions. These software solutions enable real-time data
analysis, predictive maintenance, and operational optimization,
which are essential for improving efficiency and reducing costs.
They empower organizations to manage building data efficiently,
support comprehensive monitoring, optimize resource allocation, and
meet sustainability objectives. This evolution positions software
solutions as critical drivers of innovation in modern building
management practices.
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North America is expected to
dominate the building twin market during the forecast
period.
The North American region will dominate the building twin
industry throughout the forecast period. The region is highly
advanced in adopting technologies like IoT, AI, and cloud
computing, which are crucial for building twin solutions. Its
strong infrastructure and technological ecosystem support the
implementation of sophisticated building management systems. In
addition, regulatory policies in the region prioritize
sustainability and energy efficiency, encouraging the adoption of
building twin technologies that optimize resource use and reduce
environmental impact. This focus prompts businesses and property
developers to invest in smart building solutions that improve
operational efficiency and sustainability. In addition,
North America's concentration of
major technology companies and innovators fosters continuous
advancements in building twin technologies. This innovation drives
market growth by offering state-of-the-art capabilities in
monitoring, maintenance, and data-driven decision-making.
Key Market Players
The key players operating in the building twin
companies include Microsoft (US), Siemens (Germany), Amazon (US), Dassault Systèmes
(France), Robert Bosch GmbH
(Germany), ANSYS, Inc (US), IBM
(US), Autodesk Inc. (US), SAP (Germany), Oracle (US), and Bentley Systems,
Incorporated (US), among others.
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