PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1521913
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1521913
The building twin market is expected 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. The growth of the building twin market is driven mainly by the growing focus on cost reduction and reducing environmental impact; and growing focus on predictive maintenenace are driving the market for building twin.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Offering, Application, End User and Region |
Regions covered | North America, Europe, APAC, RoW |
"The building twin market for the commercial end user segment is expected to grow at the highest CAGR during the forecast period"
The building twin market for the commercial end user segment is expected to grow at the highest CAGR during the forecast period. This growth is driven by a rising demand for effective building management, cost efficiency, and sustainability practices specifically tailored for commercial properties. Digital twin technology offers significant advantages such as real-time monitoring, predictive maintenance, and optimized space utilization, which are particularly valuable in commercial environments. Furthermore, businesses increasingly emphasize improving tenant experiences and meeting regulatory standards, which further promotes the adoption of digital twins. By integrating IoT and AI technologies, commercial enterprises can leverage advanced analytics and automation to enhance operational efficiency and decision-making processes. These factors collectively contribute to the rapid expansion of the building twin market within the commercial sector.
"Facility Management application segment is expected to dominate the building twin market throughout 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 growth is driven by its critical role in improving building performance through real-time monitoring, and effective management of building systems. Advanced analytics and IoT technologies further boost efficiency, reduce downtime and prolong the lifespan of building assets. In addition, increasingly complex building systems and a focus on sustainability are also driving the adoption of these solutions, ensuring compliance with regulations while enhancing comfort and safety for occupants. As organizations prioritize cost-efficiency and operational excellence, the demand for facility management applications continues to increase, underscoring their importance in modern building management practices.
"Building twin market in North America region to register highest CAGR between 2024 and 2029"
The building twin market in North America is expected to grow at the highest CAGR during the forecast period. The growth is driven by several factors, such as the region's adoption of advanced technologies such as IoT, AI, and cloud computing, which are crucial for effective building twin solutions and supported by a robust infrastructure. Regulatory priorities on sustainability and energy efficiency further incentivize the adoption of building twin technologies, enhancing operational efficiency and environmental sustainability in smart buildings. North America's innovation ecosystem, bolstered by major technology companies, continually advances, building twin capabilities like real-time monitoring and predictive maintenance. This diverse industry landscape, encompassing commercial and industrial, offers ample opportunities for tailored building twin solutions, reinforcing North America's global leadership in shaping the future of building management practices.
Breakdown of primaries
Key players in the building twin market are Microsoft (US), Siemens (Germany), Amazon (US), Dassault Systemes (France), Robert Bosch GmbH (Germany), ANSYS, Inc (US), IBM (US), Autodesk Inc. (US), SAP (Germany), Oracle (US), and Bentley Systems, Incorporated (US) and others.
The building twin market has been segmented into offering, application, end user, and region. The building twin market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the building twin and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.