NEWARK, Del, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global digital twin technology market stands at US$ 9.5 Bn as of now and is expected to reach US$ 72.65 Bn by the year 2032 at a robust CAGR of 22.6% from 2022 to 2032.
Digital twin technology is inclusive of XR (Extended Reality, cloud, Internet of Things (IoT), and AI (Artificial Intelligence). They are widely used for digitally representing real-time data. In other words, digital twins help in building predictive models and gauging probability of success of various physical prototypes prior to them getting rolled out. The post-Covid-era is more into adopting digital twin technology across several applications way beyond production - like telecom, healthcare, real estate, and retail.
Organizations going for digital twin can easily access behavioral data from the connected products (IoT, in particular), which helps the product engineers as well as designers in identifying future iterations of the problems. The product performance, on the whole, could be improved.
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Coming to telecom service, digital twin technology extends support to the telecom service providers with respect to designing complicated network architectures and upgradation of existing network infrastructures for accommodating novel solutions like FTTH (Fiber to the Home) and software-defined networking.
The healthcare personnel, with the help of digital twin technology, are able to look through infected patient’s data to perform treatment simulations. The commercial and residential sectors prefer showcasing 3D models of the smart city projects.
The transportation & automotive vertical holds the largest market share in digital twin technology market due to rising utilization for simulation, designing, MRO (Maintenance, Repair, and Overhaul), manufacturing, and aftermath. Digital twin does facilitate visualizing a race car engine to gauge importance of maintaining components that are at the risk of getting damaged or burnt out. Digital twin could also be used aftermath to collect feedback.
In the aerospace sector, digital twin is used in designing and developing products with ML (Machine Learning), AI (Artificial Intelligence), cloud computing, and IoT (Internet of Things). Aerospace vertical makes use of digital twins for developing one/more critical systems like thermal protection system, avionics, energy storage systems, propulsion, and airframes.
At the same time, the fact that cloud-based digital twins need online storage for assets’ information, thereby resulting in privacy and security concerns. Also, there is a dearth of skilled professionals, which is making it difficult to devise an appropriate cybersecurity strategy.
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Key Takeaways from Digital Twin Technology Market
- The transportation & automotive sector holds more than 15% of the market share due to growing demand for automotives. This could be reasoned with growing adoption of EVs all across.
- The Asia-Pacific is expected to grow at a whopping CAGR of ~40% in the digital twin technology market, led by South Korea, Japan, India, and China.
- North America and Europe are at the matured stage of digital twin technology market.
Competitive Landscape
- Microsoft Corporation, in May 2021, entered into collaboration with Aera Technology for integrating the latter’s cognitive operating system with the former’s twin technology for creating virtual representation in automation process.
- IBM Corporation entered into long-term partnership with Siemens AG in June 2020 for announcing availability of advanced solution combining the elements of former’s Maximo portfolio with the latter’s Xcelerator. The purpose of this solution is that of enhancing the SLM (Service Lifecycle Management) assets to tabling a digital thread amongst equipment manufacturers, project owners, and product design for increasing manufacturing capacity.
- ANSYS, Inc. in March 2021, entered into collaboration with ENGIE, so that the former’s twin technology is used by the latter for developing high fidelity platform for delivering 3D CFD (Computational Fluid Dynamics) results real-time.
- Dassault Systemes, in April 2021, renewed partnership with Bouygues Construction for powering construction industry by making use of 3D experience platform for increasing productivity.
- Autodesk Inc., in April 2021, launched Autodesk Tandem (a virtual twin tool) for streamlining flow of the real-time data amongst AEC (architectural, engineering, and contracting) teams and the project owners. The ultimate result would be a twin technology model.
- Microsoft, in March 2022, announced its strategic partnership with Newcrest for adopting Azure as preferred cloud provider at the global scale and also work on the digital twins with sustainability data model.
- Google Cloud, in January 2022, tabled a supply chain digital twin for providing manufacturers and distributors with precise visibility of the operations.
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What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the digital twin technology market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on application (manufacturing process planning and product design), and by end-user (automotive, chemical, agriculture, oil & gas, and research & development).
Key Segments Profiled in the Digital Twin Technology Market Survey
By Application:
- Manufacturing Process Planning
- Product Design
By End User:
- Automotive
- Chemical
- Agriculture
- Oil & Gas
- Research & Development
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
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