Home > Media & Technology > Next Generation Technologies > Analytics and Business Intelligence > Building Twin Market

Building Twin Market Trends

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

Download Free Sample

Building Twin Market Trends

The integration of Internet of Things (IoT) and Artificial Intelligence (AI) technologies is transforming the building twin industry. Market leaders are leveraging these advancements to offer smart building management, predictive maintenance, and real-time monitoring solutions. They are increasingly pursuing strategic acquisitions to enhance their technological capabilities. For instance, in February 2024, Capgemini and Unity announced an expansion of their strategic partnership, allowing Capgemini to take over Unity's Digital Twin Professional Services division.

Moreover, there is an increasing focus on sustainable and energy-efficient building management. Digital twins for green building optimization are gaining popularity, especially in regions with strict environmental regulations. These eco-friendly solutions not only reduce energy consumption but also provide comprehensive insights into building performance.

The building twin market faces several challenges, including high implementation costs and integration difficulties with legacy systems. The initial investment required for deploying advanced building twin solutions can be a significant barrier for many organizations, particularly smaller firms with limited budgets. Additionally, the complexity of integrating building twin technologies with existing infrastructure and legacy systems can lead to compatibility issues, requiring extensive customization and additional resources, thus hindering market growth.

An emerging opportunity in the building twin market lies in the integration of 5G technology, which facilitates real-time building monitoring and control. With the increasing prevalence of smart buildings, equipped with advanced sensors and IoT devices, the demand for building twins that can process and analyze vast amounts of data instantaneously is set to rise significantly. As a result, leveraging 5G services in building twins will be critical for optimizing building performance and meeting the evolving needs of smart infrastructure.

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.