Today, digital twins are seen as an increasingly established, value-creating tool in property management. This is particularly true for complex management objects such as industrial properties, where operation, flexibility, security and sustainability are key priorities. With new smart technical solutions, there is growing interest in streamlining and simplifying processes. The application of digital twins in property management is clear evidence of this.
The market for digital twins is usually divided into software, services and hardware. The software segment is the largest, with growing demand for sophisticated platforms for simulation, modelling and analysis that can clarify, simplify and streamline work in a variety of areas. These software solutions enable real-time visualisation, data integration and predictive analysis. New features are continuously being developed with AI (artificial intelligence), machine learning and IoT integrations, which enhance the value of digital twins in property management and several other areas of application.
The applications for digital twins in property management are increasing
In the construction and real estate industry, the interaction between software, services and hardware is of great importance to how the market for digital twins will develop.
In Europe, the market for digital twins is expected to grow in the coming years, with an average annual growth rate of around 30 per cent. This is a significant expansion, driven primarily by the increased use of digital technology to measure, streamline, reduce costs and improve asset management within the industry. A growing need for real-time monitoring and predictive analysis is further driving the growth of digital twins in areas such as property management.
The future of digital property management is already here
The report ‘Digital Twin for Existing Buildings’ from Growth Market Reports describes how digital twins are used for existing buildings. Markets such as Germany, the United Kingdom and the Nordic countries are at the forefront of integrating digital twins into both new and existing property portfolios, largely as a result of investments in smart infrastructure and sustainability.
IoT solutions and machine-to-machine communication are becoming increasingly common in the management of industrial properties and technical operations. Today, nearly half of industrial automation is powered by various sensor applications, where digital twins are used, for example, for operational monitoring, preventive maintenance and process optimisation of industrial properties.
New European regulations and directives on sustainability and energy efficiency are also helping to accelerate the pace of development and expand the areas of application for digital twins in property management. Smarter properties with increased digital control enable better energy optimisation, reduced climate impact and lower operating costs. This also contributes to the increasing importance of digital twins and other digital solutions.
What does data-driven property management mean in practice?
A major advantage of data-driven management is transparency and the cohesive chain from data collection and analysis to decisions and actions. To reap the benefits of more data-driven property management, the work needs to be planned, measured and followed up in relation to actual values in areas such as operations, energy, maintenance and contract management.
Technology is central, but it is just as much about processes, culture, business objectives and, not least, user interfaces. Only when employees can easily interpret and act on the data does it become truly valuable. That is why data-driven working methods and the use of digital twins in property management need to be woven into the organisation’s routines and decision-making models. Interfaces are particularly important here in making complex information intuitive and accessible. When technology meets clear business objectives, becomes established and embraced, data-driven working methods become a practical support rather than just a digital opportunity.
What are the common areas of application for digital twins in property management, and what value do they provide?
- Planned maintenance → Better planning, longer system life, reduced emergency costs.
- Troubleshooting and operational support → Faster response times, fewer downtimes, more efficient operations.
- Energy optimisation and climate control → Lower energy consumption, reduced climate impact, improved indoor climate.
- Space optimisation → More efficient use of space and optimised leasing, lower operating costs.
- Document management → Better coordination and transparency. More accurate, real-time updated information in, for example, drawings and agreements contributes to better life cycle management and information security.
- Risk and security → Better planning, control and preparedness. Quick access to critical information in the event of incidents.
How do drawings such as digital twins simplify property management?
Having access to accurate drawings is essential for delivering high-quality, efficient property management. If there are gaps or errors in the information due to delays in updating the drawings, this can affect both financial and technical management.
With the drawings as digital twins in the property system, the interface becomes more visual and the information more accessible and useful for everyone working with the system. It provides a quick picture of how the property is ‘doing’ in real time and enables more reliable forecasts and plans for the future. With better data, you can make better decisions and take more appropriate action based on the conditions that apply to your specific property and over time.
Drawings as digital twins in property management mean more efficient property management in practice when the building, including all installations and systems, is reflected in a digital, searchable and dynamic 3D model. This makes budgeting and controlling easier, for example, when costs can be more easily linked to actual areas, systems and agreements. In technical management, it contributes to faster troubleshooting, more accurate action plans and better planned maintenance, among other things.
At Pythagoras, we encounter many businesses that see the opportunities offered by digitalisation and digital twins in
