Press release
Building Twin Market expected to Witness Huge Revenue Growth to 2031
According to the latest research by InsightAce Analytic, the Global Building Twin Market is valued at US$ 1.68 Bn in 2023, and it is expected to reach US$ 24.43 Bn by 2031, with a CAGR of 40.4% during the forecast period of 2024-2031.
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A building twin is a digital copy of a real building that was made using cutting-edge technologies like sensors and data analytics. The rising importance of maintenance prediction and government programs aimed at digitization is fueling the expansion of the building twin industry. The building twin industry is also seeing growth due to developments in AI and ML-powered prediction and the increasing demand for smart cities. However, high costs and lack of expertise are limitations that restrict the market growth. Furthermore, the market is expected to be propelled by leading companies in the industry adopting advanced technology with tech-driven solutions and tailored services. Building twins are becoming more popular because of the increasing interest in sustainable building management and energy efficiency. These digital models aid in optimizing energy use and reducing environmental effects. Building twins boost performance, cut operational costs, and optimize resource management; the rising need for smart buildings further supports this trend. In addition, by simulating a building's functions digitally, digital twins improve risk management and decision-making, better building performance, lower operating costs, and more efficiency, which will grow the market demand in the coming years.
List of Prominent Players in the Building Twin Market:
• Microsoft
• Siemens
• Amazon
• Dassault Systèmes
• Robert Bosch GmbH
• ANSYS, Inc
• IBM
• Autodesk Inc.
• SAP
• Oracle
• Bentley Systems
• Matterport Inc.
• Trimble Inc.
• ABB
• Johnson Controls
• Schneider Electric
• ESRI
• Navvis
• Novacene Iot Ltd.
• Apriori
• Software AG
• Integrated Environmental Solutions Limited
• Twinsity Gmbh
• Twinzo
• Cityzenith
Market Dynamics:
Drivers-
The worldwide building twin industry fuels the growing demand because government rules encourage green buildings and energy saving, which drive increasing demand for the worldwide building twin sector. After all, digital twins provide exact monitoring and optimization of energy use. These rules encourage the acceptance of building twins, which is necessary for compliance. In addition, building twins gives real-time data and predicted insights. The growing usage of digital twins in buildings also helps to simplify design, construction, and maintenance procedures, lower expenses, and improve general project management; this helps the growing building twins market growth throughout the forecast period.
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Challenges:
The prime challenges are the high implementation costs, shortage of skilled professionals, and lack of standardization in digital twin technologies, which are predicted to slow the growth of the building twin market. Adopting building twin technologies is difficult due in great part to high implementation costs, particularly for small and mid-sized businesses. Furthermore, the need to standardize digital twin technology across several sectors causes compatibility problems and limits flawless integration with current systems. Moreover, the building twin market suffers from a lack of qualified specialists because maintaining and evaluating sophisticated digital twin data demands specific knowledge, which is challenging market growth in the coming years.
Regional Trends:
The North American building twin market is anticipated to register a very large market share in revenue. It is projected to grow at a high CAGR in the near future because of government projects encouraging energy efficiency, modern infrastructure, and great acceptance of smart building technologies. Besides, Europe had a remarkable market share because of rising government spending on building twins, rising city populations, and continuous developments in building twin technologies with help from big technology companies and prominent educational institutions.
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.
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Segmentation of Building Twin Market-
By Offering-
• Software Solutions
• Services
By Application-
• Design & Construction
• Facility Management
• Predictive Maintenance
• Safety & Security Management
• Energy Management
• Others
By End-User-
• Commercial
• Industrial
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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