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.
Competitive Landscape
Some Major Key Players In The Building Twin Market:
- Microsoft Corp.
- Siemens AG
- Amazon
- Dassault Systèmes
- Robert Bosch GmbH
- ANSYS, Inc
- IBM Corp.
- Autodesk Inc.
- SAP SE
- Oracle
- Bentley Systems
- Matterport Inc.
- Trimble Inc.
- ABB Ltd.
- Johnson Controls
- Schneider Electric
- ESRI
- Navvis
- Novacene Iot Ltd.
- Apriori
- Software AG
- Integrated Environmental Solutions Limited
- Twinsity Gmbh
- Twinzo
- Cityzenith
- Other Market Players
Market Segmentation:
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.
Based On The Offering, The Services Segment Accounts For A Major Contributor To The Building Twin Market.
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.
Safety & Security Management Segment To Witness Growth At A Rapid Rate
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.
In The Region, The North American Building Twin Market Holds A Significant Revenue Share.
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.
Recent Developments:
- In July 2024, Siemens and Microsoft announced their intention to align the Digital Twin Definition Language (DTDL) with the Thing Description standard in collaboration with the W3C Consortium.
Building Twin Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.68 Bn |
|
Revenue Forecast In 2031 |
USD 24.43 Bn |
|
Growth Rate CAGR |
CAGR of 40.4% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
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 |
|
Competitive Landscape |
Microsoft, Siemens, Amazon, Dassault Systèmes, Robert Bosch GmbH, ANSYS, Inc, IBM, Autodesk Inc., SAP, Oracle, Bentley Systems, and Other Market Players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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