Building Twin Market worth $13.3 billion by 2029 at a CAGR of 44.7%

(IT-NEWSWIRE.COM, August 31, 2024 ) The report "Building Twin Market by Offering (Software Solutions, Services), Application (Facility Management, Predictive Maintenance, Safety & Security Management, Energy Management), End User (Commercial, Industrial) and Region - Global Forecast to 2029" 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. 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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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.

North America is expected to dominate the building twin market during the forecast period.

The North American region will dominate the building twin market 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 market 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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Building Twin Market worth $13.3 billion by 2029 at a CAGR of 44.7%