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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=195753377
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.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=195753377
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.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=195753377
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Digital Twin Market Size, Share, Statistics and Industry Growth Analysis Report by Application (Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry (Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography – Global Growth Driver and Industry Forecast to 2028
Building Information Modeling Market by Offering (Software, Services), Deployment Type (On-Premises), Project lifecycle (Pre construction), End User (AEC Professionals), Application (Planning & Modelling) and Region – Global Forecast to 2029
Smart Home Market Size, Share, Statistics & Industry Growth Analysis Report by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen and Smart Furniture), Software and Services, Sales Channel and Region – Global Forecast to 2028
Industrial IoT Market by Offering (Hardware (Processors, Connectivity ICs, Sensors, Memory Devices, Logic Devices), Software (PLM, MES, SCADA, OMS), Platforms), Connectivity Technology, Deployment, Vertical and Region – Global Forecast to 2029
Smart Manufacturing Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (3D printing, Al in Manufacturing, Automated guided vehicle, Condition Monitoring, Cybersecurity, Digital Twin, HMI, Machine Vision, MES, PAM, Robot, Sensor), Industry, Region – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/building-twin-companies.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/building-twin.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/building-twin-market-worth-13-3-billion-by-2029—exclusive-report-by-marketsandmarkets-302201440.html
Near Videos5 days ago
Near Videos4 days ago
Near Videos4 days ago
Near Videos3 days ago
Near Videos3 days ago
Coin Market1 day ago