PUBLISHER: The Business Research Company | PRODUCT CODE: 1760091
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760091
A digital twin for buildings is a virtual representation of a physical structure that integrates real-time data and advanced technologies including Internet of Things (IoT) sensors, artificial intelligence (AI), and analytics. Its primary goal is to simulate, monitor, and optimize building performance, leading to enhanced efficiency, lower operational costs, and better decision-making in areas such as maintenance, energy management, and space utilization.
The key components of a digital twin for buildings include software and services. The software involves digital tools and platforms used to create, manage, and interact with the virtual model of a building. There are several types of digital twins, such as descriptive twins, informative twins, predictive twins, comprehensive twins, and autonomous twins. These digital twins are utilized for various functions, including automated progress tracking, comparing as-executed versus as-planned models, resource management, safety monitoring, quality control, equipment usage optimization, and tracking workers. They are widely applied across industries such as manufacturing, aerospace, oil and gas, utilities, healthcare, automotive, construction, IT and telecommunications, retail, and many others.
The digital twin for buildings market research report is one of a series of new reports from The Business Research Company that provides digital twin for buildings market statistics, including the digital twin for buildings industry's global market size, regional shares, competitors with the digital twin for buildings market share, detailed digital twin for buildings market segments, market trends and opportunities, and any further data you may need to thrive in the digital twin for buildings industry. This digital twin for buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The digital twin for buildings market size has grown exponentially in recent years. It will grow from $1.36 billion in 2024 to $1.73 billion in 2025 at a compound annual growth rate (CAGR) of 27.8%. The growth during the historical period can be attributed to factors such as the rising demand for operational efficiency, the increasing adoption of the Internet of Things (IoT), the growing need for predictive maintenance, heightened awareness of energy efficiency, and growing investments in building automation systems.
The digital twin for buildings market size is expected to see exponential growth in the next few years. It will grow to $4.58 billion in 2029 at a compound annual growth rate (CAGR) of 27.5%. The projected growth during the forecast period can be attributed to a stronger focus on sustainability, growing demand for real-time data analytics, increasing complexity of building systems, greater use of cloud-based platforms, and rising interest in asset performance management. Key trends expected during this period include the development of sustainable energy models, integration with smart grids, innovations in smart building design, incorporation of building information modeling, and integration with cloud computing.
The growing use of cloud-based platforms is anticipated to accelerate the growth of the digital twin for buildings market. Cloud computing services provide on-demand access to various resources including storage, servers, and software over the internet, offering scalability, flexibility, and cost savings. The demand for these platforms is increasing because they allow for flexible resource allocation and reduce the need for expensive on-site infrastructure. Digital twins for buildings enhance cloud platforms by integrating real-time data and simulations, making them ideal for optimizing building performance and operations. These digital twins improve decision-making by providing valuable insights into maintenance, energy efficiency, and space usage. For instance, in December 2023, Eurostat, a government agency based in Luxembourg, reported that 45.2% of businesses purchased cloud computing services, up 4.2% from 41% in 2021. Consequently, the increased adoption of cloud-based platforms is driving the growth of the digital twin for buildings market.
Leading companies in the digital twin for buildings market are focusing on developing advanced solutions, such as Software as a Service (SaaS) digital twin platforms, to improve building performance, optimize energy efficiency, and streamline maintenance. A SaaS digital twin platform is a cloud-based software solution that creates a virtual replica of physical buildings or assets, enabling real-time monitoring, analysis, and optimization of building operations. For example, in October 2023, Nemetschek Group, a Germany-based software company, launched dTwin, a SaaS digital twin platform designed to provide data-driven insights for more efficient facility management across a building's entire lifecycle, from design to operations. By integrating various building data sources, including real-time data from Internet of Things (IoT) sensors and other formats, dTwin delivers actionable insights via customizable dashboards and reports. Its open application programming interface (API) architecture ensures seamless system integration, enhancing visibility and efficiency, and enabling data-driven decision-making throughout the building lifecycle.
In December 2022, Hexagon AB, a Sweden-based software company, acquired LocLab Consulting GmbH for an undisclosed amount. This acquisition enables Hexagon AB to accelerate and automate the creation of scalable three-dimensional (3D) digital twins, further enhancing its smart digital reality platform to offer faster, more cost-effective, and intelligent solutions across various industries. LocLab Consulting GmbH, a Germany-based digital twin company, specializes in developing digital twins for buildings and infrastructure.
Major players in the digital twin for buildings market are Amazon Web Services Inc., Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Microsoft Azure, General Electric Company, Accenture 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., and Bentley Systems Incorporated.
North America was the largest region in the digital twin for buildings market in 2024. The regions covered in digital twin for buildings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the digital twin for buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital twin for buildings market consists of revenues earned by entities by providing services such as design and simulation, real-time monitoring and maintenance, energy management, data integration services, and construction and renovation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Twin For Buildings Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital twin for buildings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital twin for buildings ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital twin for buildings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.