Building Twin Market Size is valued at USD 1.68 billion in 2023 and is predicted to reach USD 24.43 billion by the year 2031 at a 40.4% CAGR during the forecast period for 2024-2031.
A Building Twin is a virtual model of a physical building that uses real-time data to monitor, simulate, and optimize its performance. It helps improve energy efficiency, predict maintenance needs, and enhance overall building management, and it is commonly used in smart buildings and facilities management.
Key factors driving the building twin industry ahead are the technological breakthroughs in the Internet of Things and artificial intelligence, rising demand for smart buildings and operational efficiency, encouraging government laws, fast urbanization, and the necessity for improved safety and security are some of the key factors propelling the building twin sector forward. All of these factors work together to make building twin technology more popular and increase market demand in the coming years. In addition, the market is anticipated to be propelled by increased government investments in research and development to optimize better building twin service processes.
However, the market expansion is hindered by obstacles such as high development costs, shortage of expertise, and problems with regulation and compliance. Several variables can hinder adoption in this market. In addition, COVID-19 hastened the implementation of building twins by drawing attention to the importance of effective facility management and remote monitoring. The demand for digital solutions to guarantee health, safety, and operational continuity in buildings twin surged during the pandemic, propelling the market to new heights. Global markets expanded during the coming years due to technological developments and rising demand for building twins.
The building twin market is segmented based on offering, application, and end-user. Based on the offering, the market is segmented into software solutions and services. By application, the market is segmented into design and construction, facility management, predictive maintenance, safety and security management, energy management, and others. By end-users, the market is segmented into commercial and industrial.
The services in the building twin market are expected to hold a major global market share because of the essential function services play in implementing, integrating, and maintaining building twin technology. Moreover, services, including advice, customization, and ongoing support, are in high demand because of the rising adoption of building twins by enterprises. The sector has seen significant development in the market growth driven by these services, which guarantee optimal implementation and performance.
The segment is projected to grow rapidly in the global building twin market because of growing worries about building security and the demand for sophisticated risk control measures. Moreover, real-time surveillance, predictive analytics, and automated incident response features of building twins improve safety procedures and emergency readiness. This integration of digital technology into safety management guarantees more efficient and proactive actions, so growing major market development.
The North American building twin market is expected to report a very high market share in revenue in the near future. This is because of the growing focus on smart buildings and the high rate of technological adoption and innovation; governments in North America are enacting regulations and standards supporting energy efficiency, sustainability, and technical developments in the building twin industry, which also contribute to the expansion of the market. In addition, Europe is likely to grow rapidly in the building twin market because of the growth of cities, strong building and real estate industry, presence of top technological businesses, and continuous urbanization and infrastructural developments, which are propelling the rise of building twins in this region.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 1.68 Bn |
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Revenue Forecast In 2031 |
USD 24.43 Bn |
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Growth Rate CAGR |
CAGR of 40.4% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Offering, Application, And End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Microsoft, Siemens, Amazon, Dassault Systèmes, Robert Bosch GmbH, ANSYS, Inc, IBM, Autodesk Inc., SAP, Oracle, Bentley Systems, and Other Market Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Building Twin Market Snapshot
Chapter 4. Global Building Twin Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Building Twin Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Exascale Computing Industry Trends
Chapter 5. Building Twin Market Segmentation 1: By Offering, Estimates & Trend Analysis
5.1. Market Share by Offering, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Offering:
5.2.1. Software Solutions
5.2.2. Services
Chapter 6. Building Twin Market Segmentation 2: By Application, Estimates & Trend Analysis
6.1. Market Share by Application, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Applications:
6.2.1. Design & Construction
6.2.2. Facility Management
6.2.3. Predictive Maintenance
6.2.4. Safety & Security Management
6.2.5. Energy Management
6.2.6. Other Application
Chapter 7. Building Twin Market Segmentation 3: By End User, Estimates & Trend Analysis
7.1. Market Share by End User, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following End Users:
7.2.1. Commercial
7.2.2. Industrial
Chapter 8. Building Twin Market Segmentation 6: Regional Estimates & Trend Analysis
8.1. Global Building Twin Market, Regional Snapshot 2023 & 2031
8.2. North America
8.2.1. North America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.2.1.1. US
8.2.1.2. Canada
8.2.2. North America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2019-2031
8.2.3. North America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.2.4. North America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2019-2031
8.3. Europe
8.3.1. Europe Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.3.1.1. Germany
8.3.1.2. U.K.
8.3.1.3. France
8.3.1.4. Italy
8.3.1.5. Spain
8.3.1.6. Rest of Europe
8.3.2. Europe Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2019-2031
8.3.3. Europe Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.3.4. Europe Building Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2019-2031
8.4. Asia Pacific
8.4.1. Asia Pacific Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.4.1.1. India
8.4.1.2. China
8.4.1.3. Japan
8.4.1.4. Australia
8.4.1.5. South Korea
8.4.1.6. Hong Kong
8.4.1.7. Southeast Asia
8.4.1.8. Rest of Asia Pacific
8.4.2. Asia Pacific Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2019-2031
8.4.3. Asia Pacific Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.4.4. Asia Pacific Building Twin Market Revenue (US$ Million) Estimates and Forecasts By End User, 2019-2031
8.5. Latin America
8.5.1. Latin America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.5.1.1. Brazil
8.5.1.2. Mexico
8.5.1.3. Rest of Latin America
8.5.2. Latin America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2019-2031
8.5.3. Latin America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.5.4. Latin America Building Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2019-2031
8.6. Middle East & Africa
8.6.1. Middle East & Africa Building Twin Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.6.1.1. GCC Countries
8.6.1.2. Israel
8.6.1.3. South Africa
8.6.1.4. Rest of Middle East and Africa
8.6.2. Middle East & Africa Building Twin Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2019-2031
8.6.3. Middle East & Africa Building Twin Market Revenue (US$ Million) Estimates and Forecasts by application, 2019-2031
8.6.4. Middle East & Africa Building Twin Market Revenue (US$ Million) Estimates and Forecasts by End User, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Microsoft Corp.
9.2.1.1. Business Overview
9.2.1.2. Key Product/Service Offerings
9.2.1.3. Financial Performance
9.2.1.4. Geographical Presence
9.2.1.5. Recent Developments with Business Strategy
9.2.2. Siemens
9.2.3. Amazon
9.2.4. Dassault Systèmes
9.2.5. Robert Bosch GmbH
9.2.6. ANSYS, Inc
9.2.7. IBM Corp.
9.2.8. Autodesk Inc.
9.2.9. SAP SE
9.2.10. Oracle Corp.
9.2.11. Bentley Systems
9.2.12. Matterport Inc.
9.2.13. Trimble Inc.
9.2.14. ABB Ltd.
9.2.15. Johnson Controls
9.2.16. Schneider Electric
9.2.17. ESRI
9.2.18. Navvis
9.2.19. Novacene Iot Ltd.
9.2.20. Apriori
9.2.21. Software AG
9.2.22. Integrated Environmental Solutions Limited
9.2.23. Twinsity Gmbh
9.2.24. Twinzo
9.2.25. Cityzenith
9.2.26. Other Market Players
Building Twin Market By Offering-
Building Twin Market By Application-
Building Twin Market By End-User-
Building Twin Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
