Digital Twin For Buildings Market on Track for Strong Growth, Estimated to Grow at 27.4% CAGR Through 2029

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What Will the Digital Twin For Buildings Industry Market Size Be by 2025?
The market size of digital twin for buildings has experienced significant expansion in the past few years. The anticipated growth, from $1.36 billion in 2024 to a substantial $1.73 billion in 2025, will occur at a compound annual growth rate (CAGR) of 27.3%. The previous growth can be credited to factors such as the rising need for operational efficiency, higher usage of the internet of things, increasing desire for predictive maintenance, an elevated consciousness of energy efficiency, and an uptick in investments towards building automation systems.

What's the Long-Term Growth Forecast for the Digital Twin For Buildings Market Size Through 2029?
In the coming years, substantial growth is anticipated in the digital twin for buildings market size, with expectations set for a leap to $4.54 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 27.4%. The escalation forecasted throughout this period is mainly attributed to the growing emphasis on sustainability, the surge in demand for real-time data analytics, rising complexity in building systems, an increase in cloud-based platform usage, and a renewed interest in asset performance management. Key trends projected for this period encompass the development of sustainable energy models, incorporation with smart grids, ingenuity in smart building design, amalgamation with building information modeling, and integration with cloud computing.

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What Are the Key Growth Drivers Fueling the Digital Twin For Buildings Market Expansion?
The rise in the usage of cloud-based platforms is set to fuel the expansion of the digital twin for buildings market. These platforms are online services providing on-demand, comprehensive access to a variety of computing elements like storage, servers, and software on the internet, promoting scalability, flexibility, and cost effectiveness. The surging demand for these platforms can be attributed to their scalability and cost efficiency, as they facilitate flexible resource distribution and cut down the need for costly on-premises set-ups. Digital twins for buildings further boost cloud-based platforms by delivering real-time data integration and simulation, making them perfect for magnifying building performance and operations. They enhance decision-making by supplying practical insights for maintenance, energy efficacy, and space usage. For instance, Eurostat, a Luxembourg-based government agency, indicated that in December 2023, 45.2% of businesses acquired cloud computing services, a rise of 4.2% from 41% in 2021. Consequently, the escalating use of cloud-based platforms is steering the growth of the digital twin for buildings market.

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What Are the Key Trends Driving Digital Twin For Buildings Market Growth?
Leading corporations in the digital twin for buildings industry are concentrating on the creation of highly advanced solutions such as Software as a Service (SaaS) digital twin platforms. These offerings are geared towards enhancing building performance, bolstering energy efficiency, and simplifying maintenance procedures. In essence, a SaaS digital twin platform is a cloud-sourced software resolution that forms a virtual duplicate of physical structures or assets, thereby facilitating real-time surveillance, scrutiny, and fine-tuning of performance and procedures. As a case in point, Nemetschek Group, a software corporation based in Germany, rolled out in October 2023 a SaaS digital twin platform named dTwin. This platform is intended to supply data-guided insights for optimized facility administration throughout the evolution of a building, ranging from the design phase to operational stages. dTwin assimilates various sources of building data, which includes real-time data obtained from Internet of Things (IoT) sensors and other formats, subsequently presenting applicable insights through customizable reporting and dashboard features. The platform's freely accessible application programming interface (API) structure ensures uninterrupted connectivity amongst diverse systems thereby enhancing visibility, improving efficiency, and supporting data-guided verdicts at every phase in a building's lifespan.

How Is the Digital Twin For Buildings Market Segmented?
The digital twin for buildingsmarket covered in this report is segmented -

1) By Component: Software, Service
2) By Type: Descriptive Twin, Informative Twin, Predictive Twin, Comprehensive Twin, Autonomous Twin
3) By Application: Automated Progress Monitoring, As-executed Vs. As-Planned Models, Resource Management And Logistics, Safety Monitoring, Quality Assessment, Optimization Of Equipment Usage, Monitoring And Tracking Of Workers
4) By Industry: Manufacturing, Aerospace And Defense, Oil And Gas, Utilities, Healare And Life Sciences, Automotive, Construction, Information Technology And Telecommunications, Retail, Other Industries

Subsegments:
1) By Software: Three-Dimensional (3D) Modeling Software, Simulation Software, Data Analytics Software, Cloud-Based Software, Asset Management Software, Building Information Modeling Software
2) By Service: Consulting Services, Integration Services, Support And Maintenance Services, Managed Services

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Which Companies Are Leading the Charge in Digital Twin For Buildings Market Innovation?
Major companies operating in the digital twin for buildings market are Amazon Web Services Inc., Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Microsoft Azure, General Electric Company, plc, International Business Machines Corporation, Oracle Corporation, Cisco Systems Inc., Honeywell International Inc., SAP SE, Fujitsu Limited, DXC Technology Company, Wipro Limited, Synopsys Inc., Dassault Systemes SE, Autodesk Inc., PTC Inc., Bentley Systems Incorporated

Which Regions Are Leading the Global Digital Twin For Buildings Market in Revenue?
North America was the largest region in the digital twin for buildings market in 2024. The regions covered in the digital twin for buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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