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Building Twin Market worth $13.3 billion by 2029 – Exclusive Report by MarketsandMarkets™

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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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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.

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Firstsource positioned as a ‘Leader’ in Lending Services Operations PEAK Matrix® Assessment 2024 by Everest Group

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MUMBAI, India, Sept. 27, 2024 /PRNewswire/ — Firstsource Solutions Limited (NSE: FSL) (BSE: 532809), a leading global provider of specialist domain-led Business Process Services (BPS) and an RP-Sanjiv Goenka Group company, has been positioned as a Leader in the Everest Group’s Lending Services Operations PEAK Matrix® Assessment 2024.

The Lending Services Operations PEAK Matrix ® Assessment 2024 evaluated and classified 30 lending service providers based on their market impact, and vision, and capability, as well as scalability and client references into the three categories of Leaders, Major Contenders, and Aspirants. Firstsource was positioned as a ‘Leader’ among service providers for achieving growth, despite challenging market conditions, offering a balanced range of services across the lending value chain—commercial, consumer, mortgage, and auto lending – providing a diverse set of clients with a complete experience, driving innovation, and investing to augment their Al-based in-house solutions suite.

Vivek Sharma, President – BFS, CMT, and Emerging Geos, Firstsource, shared, “Being recognized as a Leader in the 2024 Lending Services Operations PEAK Matrix® Assessment is a powerful validation of our focused strategy. We have deliberately chosen to limit our domains and deepen our expertise in those areas, and this recognition reinforces that commitment. Our comprehensive operations, supported by Collection and Lending Innovation Labs in the U.S. and U.K., leverage AI-driven solutions and a strategic global reach to enhance customer experience, drive operational excellence, and deliver innovation—all under one roof.

“As the lending services industry continues to evolve, our emphasis on innovation and value creation across the entire lending value chain positions us as a trusted partner for organizations seeking to future-proof their business. This acknowledgment highlights our role in driving the future of the industry and solidifies our leadership in delivering cutting-edge solutions that meet the complex needs of our clients.”

Sahil Chaudhary, Practice Director, Everest Group, shared, “Firstsource’s impetus on innovation and digital solutions has helped it to drive growth, as well as making it a preferred BPS partner amid the challenging economic landscape in the lending operations market. Their well-diversified clientele across the lending value chain, combined with strategic investments in in-house AI-based solutions, has established it as a Leader in Everest Group’s Lending Services Operations PEAK Matrix® Assessment 2024.”

To download a copy of the assessment, please visit: Firstsource Named a Global Leader by Everest Group Peak Matrix 2024 – Firstsource

About Firstsource

Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL) (BSE: 532809) (Reuters: FISO.BO) (Bloomberg: FSOL:IN), is a specialized global business process services partner, providing transformational solutions and services spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, and other diverse industries. With an established presence in the US, the UK, India, Mexico, Australia, South Africa, and the Philippines, we make it happen for our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data, and analytics. Our real-world practitioners work collaboratively to deliver future-focused outcomes. (www.firstsource.com)

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TRIBIT will launch its 200W Bluetooth Speaker StormBox Blast 2 in mid-October

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This time, immerse yourself in the music, live for live

NEWARK, Calif., Sept. 26, 2024 /PRNewswire/ — TRIBIT, a global audio brand, targets the mid-October launch of the upgraded StormBox Blast 2 portable Bluetooth speaker. Following on from the success of its predecessor, StormBox Blast, the StormBox Blast 2 now has upgraded features including a higher IP67 waterproof rating, Bluetooth 5.4 and a huge 200W output power.

Explosive 200W* Output 

Featuring an 80W subwoofer with diamond reinforcement ribs, dual 45W mid-range drivers, and two 15W silk dome tweeters, the StormBox Blast 2 delivers precise beats and notes. Its 2.1 channel design, powered by two advanced Ti amplifiers, ensures balanced and dynamic sound, while dual large passive radiators enhance the bass for deeper resonance.
*AC Power: 200W; Battery Power: 180W

Fun & Interactive Karaoke

Host a karaoke party with the TRIBIT speaker which boasts the professional-grade karaoke function with an adjustable Reverb effect! Supporting dual wired or wireless microphone connections, this party speaker enables you to sing solo or in a duet. Better still, state-of-the-art Bluetooth 5.4 ensures an optimal listening experience with TWS connectivity. What’s more fun than getting friends or family together for a good old sing song?

Customized Dynamic Lighting

The StormBox Blast 2 also features customizable dynamic lighting for a fantastic light show! The speaker can be synced to the pulse and rhythm of the song playing or users can pick a favorite color in the TRIBIT App to add a stunning touch to bars, weddings, festivals, and everything in between.

Unstoppable 30hrs Playtime

Worried about the tunes suddenly stopping mid-event? The StormBox Blast 2 has a 30-hour playtime to ensure there’s enough power to keep party goers dancing into the night! Thanks to the colossal battery capacity, the speaker can also be used to charge phones or other electric gadgets to be certain nothing will run out of juice!

About TRIBIT:

Back in 2017, TRIBIT was born with one singular focus: to inspire outdoor exploration while embracing the beauty of nature and the magic of sound. Just like stepping into a journey where melodies of innovation resonate with your soul, TRIBIT decodes the music mystery with the notes of “do re mi”.

We strive to make high-quality audio accessible to all, orchestrating auditory brilliance. So now turn up the volume on your TRIBIT and treat yourself with better beats!

Contact:
Miriam Lin
media@tribit.com 

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SOURCE TRIBIT

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Linglong’s European Factory Has Achieved Mass Production

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BELGRADE, Serbia, Sept. 26, 2024 /PRNewswire/ — In the middle of September, 2024, Linglong International Europe d.o.o., the first Chinese tire factory in Europe, officially started mass production. Another important project in Linglong Tire’s “7+5” global strategic blueprint has come to fruition, and the global strategic layout has started a new journey!

Serbian President Aleksandar Vučić led government departments at all levels, together with Chinese Ambassador to Serbia Li Ming, industry authorities, well-known experts from universities, as well as Linglong’s global partners and media friends, to attend this grand event.

Since its launch in 2019, Linglong Europe has attracted global attention with its grand blueprint of a total investment of US$990 million and an annual production capacity of 13.62 million high-performance radial tires.

During its construction, Linglong’s European factory has deeply integrated cutting-edge technologies such as artificial intelligence, mobile sensing, industrial big data, and industrial robots. It is committed to becoming a benchmark for tire production that is safe, environmentally friendly, intelligent, automated, and green, and becoming one of the leading digital factories in the global tire industry. It has achieved full automation and digital management from the warehousing of raw materials to the delivery of finished products, greatly improving product quality and production efficiency.

Furthermore, the “green, clean, civilized, and lean” new factory model advocated by Linglong Europe will lead the industry towards a more environmentally friendly, efficient, and intelligent direction.

During their in-depth visit to the production workshops of Linglong Europe, the visiting leaders and guests all expressed sincere admiration for the factory’s high level of intelligence, unanimously acknowledging it as a model in the tire manufacturing industry that they have personally witnessed, and an “incredible factory” beyond their imagination in terms of intelligence. President Vučić emphasized during his visit, “It’s unbelievable and incredible. I feel so proud and happy.”

With the official mass production of its European project, Linglong has taken an important step in its globalization strategy in the European market. The factory will provide European and surrounding market users with an excellent driving experience through high-performance products featuring green, low-carbon, low rolling resistance, and strong handling capabilities, as well as superior services. This milestone achievement not only promotes the construction and improvement of Linglong’s overseas OE system, but also significantly enhances the competitiveness and influence of Chinese tire makers in the global market.

In August 2024, with the Linglong Europe developing rapidly, Linglong announced the launch of the Linglong Phase II expansion project in Europe. After the expansion project is completed, it will add an annual production of 1.1 million high-performance radial tires of various types, including 800,000 sets of commercial vehicle tires, 50,000 sets of engineering radial tires, 150,000 sets of agricultural radial tires, 100,000 sets of retreaded tires, and liquid reclaimed rubber, photovoltaic power generation and other projects.

At the mass production ceremony, Linglong Tire signed an additional investment memorandum with the Serbian government. The signing of this agreement is not only a full affirmation of the previous cooperation results, but also lays the foundation for the smooth progress of the European Linglong expansion project.

In the future, Linglong Tire will take the project’s mass production as an opportunity, aim at the high-quality joint construction of the “Belt and Road” between China and Serbia, strengthen compliance operations and safety production management, and promote future project construction with high standards and strict requirements. At the same time, the company will actively fulfill its social responsibilities, establish an excellent corporate culture image, and contribute more to promoting China-Serbia economic and trade cooperation to a higher level and promoting Chinese manufacturing to the world stage!

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SOURCE Shandong Linglong Tyre Co., Ltd.

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