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Building Twin Market Size

Report ID: GMI11946
Published Date: Oct 2024
Report Format: PDF

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Building Twin Market Size

The global building twin market size was valued at USD 1.8 billion in 2023 and is estimated to register a CAGR of 25.5% between 2024 and 2032. The increasing focus on smart buildings, digital transformation, and operational efficiency are key factors driving the demand for building twin solutions. Companies are increasingly investing and leveraging strategic acquisitions to enhance their market presence and capabilities. For instance, in September 2024, Bentley Systems acquired Cesium to enhance its expanding collection of accessible digital twin tools for infrastructure clients. This expansion aims at providing users with advanced capabilities for visualizing and analyzing complex infrastructure projects.

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Additionally, the growing emphasis on digital twin technology is significantly driving the building twin market. As organizations seek to create more comprehensive digital representations of physical assets, the demand for advanced solutions is increasing. It facilitates real-time monitoring and simulation, enabling stakeholders to make informed decisions regarding building management, maintenance, and operations.

Building Twin Market Report Attributes
Report Attribute	Details
Base Year:	2023
Building Twin Market Size in 2023:	USD 1.8 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	25.5%
2024 – 2032 Value Projection:	USD 14.1 Billion
Historical Data for:	2021-2023
No. of Pages:	165
Tables, Charts & Figures:	190
Segments covered:	Component, Application, End Use
Growth Drivers:	Rising demand for smart building solutions Increasing focus on sustainability Growing adoption of IoT and AI Government initiatives for smart cities
Pitfalls & Challenges:	High implementation costs Integration challenges with legacy systems

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The digital twin market is projected to grow from USD 9.9 billion in 2023 to USD 125.1 billion by 2032, with an annual growth rate of over 30%. This surge highlights the rising adoption of digital technologies that allow for the seamless integration of data from various sources, providing enhanced insights into building performance and efficiency.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of building twin reached USD 1.8 billion in 2023 and is set to grow at a 25.5% CAGR from 2024 to 2032, driven by the increasing focus on smart buildings and digital transformation.

The operations & maintenance segment is anticipated to register a CAGR of over 20% during 2024 to 2032, propelled by the need for predictive maintenance and operational efficiency.

North America market accounted for 35% of the revenue share in 2023, led by significant investments in R&D and early adoption of innovative technologies.

The industry includes key players such as Accenture, Autodesk, Bentley Systems, Dassault Systems, Honeywell, IBM, Microsoft Azure, Oracle, Schneider Electric, and Siemens AG.