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 growth of the building twin market is driven by the growing focus on predictive maintenance and government initiatives for digitization. In addition, advancements in AI & ML powered prediction and growing preference towards smart cities generate opportunities within the building twin market.
The rapid advancements in artificial intelligence (AI) and machine learning (ML) are creating significant opportunities for the building twin market. Al and ML technologies enhance the capabilities of building twins by enabling more accurate and sophisticated predictive analytics.
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Facility Management Segment to hold the largest share of the building twin market during 2024–2029.
The facility management application is expected to account for the largest size of the building twin market during the forecast period. The segment’s leadership is driven by its critical role in optimizing building performance and efficiency. It enables real-time monitoring, and proactive management of building systems, utilizing advanced data analytics and IoT technologies. This approach reduces operational costs, prolongs the lifespan of building assets, and enhances overall operational effectiveness. Moreover, businesses increasingly adopt building twins to streamline maintenance workflows, ensure compliance with regulations, and improve occupant comfort and safety. As a result, the facility management segment is becoming pivotal in advancing modern building management practices.
Software Solutions segment to dominate the 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 advancements in cloud computing, IoT, and artificial intelligence, which greatly enhance how building twin technologies operate. These software solutions enable real-time data analysis, predictive maintenance, and effective building operations management, all essential for boosting efficiency and reducing costs. The increasing adoption of digital transformation and smart building technologies further drives this trend. Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) models provide scalability, flexibility, and cost-effectiveness, allowing organizations to efficiently handle building data, optimize resource use, and achieve sustainability goals. This shift highlights the pivotal role of software solutions in innovating modern building management practices.
Commercial end user industry to dominate the market during the forecast period.
The Commercial end user industry is expected to account for the largest share of the building twin market during the forecast period. It is expected to grow at a significant CAGR from 2024 to 2029. Commercial entities, including office buildings, hospitals, and hotels, are increasingly adopting building twin technologies to enhance operational efficiency, reduce costs, and improve sustainability efforts. Building twins offer significant advantages, such as real-time monitoring, predictive maintenance, and optimized space utilization. These advantages are particularly valuable for commercial settings that streamline operations and enhance tenant experiences. Moreover, compliance with regulatory standards and the growing focus on environmental sustainability further propel the adoption of building twins in commercial properties. The integration of IoT and AI technologies enables commercial enterprises to leverage advanced analytics and automation, thereby improving decision-making processes and operational outcomes. This capability is crucial for maintaining competitive advantage and meeting evolving customer expectations in the commercial real estate sector.
The Building Twin market in North America is expected to maintain the highest share during 2024–2029
North America is expected to hold the largest share of the building twin market throughout the forecast period. The region has embraced advanced technologies like IoT, AI, and cloud computing, which are crucial for building twin solutions. These technologies are supported by a strong infrastructure and a dynamic ecosystem of leading technology companies constantly innovating in building management. Additionally, North America’s culture of innovation, with support from major tech firms and top academic institutions, drives ongoing advancements in building twin technologies. This includes enhancements in real-time monitoring, predictive maintenance, and advanced data analytics, which are essential for modern building management practices. Moreover, the region’s diverse industry landscape across commercial and industrial provides tailored building twin solutions that cater to specific market needs. This diversity fuels market growth and adoption across various applications, cementing North America’s global leadership in the building twin market.
Key Market Players
The major players are Microsoft (US), Siemens (Germany), Amazon (AWS) (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).