Pune, March 10, 2023 (GLOBE NEWSWIRE) -- The global Digital Twin Market is estimated to reach over USD 195.96 billion by 2031, exhibiting a CAGR of 40.76% during the forecast period.
A virtual machine that offers a real-time online version of a physical object or process is called a "digital twin." The performance of industrial assets is profiled, predicted, and optimized using simulation models and data intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, and business & operation optimization, digital twins are a crucial part of the industrial internet of things.
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Digital twins could be used to create predictive models and assess the likelihood of success before releasing physical prototypes. The pandemic has sped up the implementation of digital twin technology across various applications in several industries outside of manufacturing, such as real estate, healthcare, telecom, and retail, fueling the market's development potential. Adopting digital twin technology with IoT, AI, and cloud computing is also anticipated to accelerate market expansion.
Additionally, organizations use Iao and AI technologies to gather and analyze behavioral information from connected products and IoT devices. This information can then be applied to the digital twin model to duplicate the functionality and use of the existing item. This aids product engineers and designers in monitoring the functionality of their work. Furthermore, businesses are using the Internet of Things and artificial intelligence technologies to gather and process behavioral data from connected products and IoT devices. This data can then be applied to the digital twin model to replicate the functionality and use of the current device.
List of Prominent Players in the Digital Twin Market:
- ABB (Switzerland),
- Altair (US),
- ANSYS Inc. (U.S.)
- Autodesk Inc. (U.S.)
- AVEVA Group plc
- Bentley Systems (US)
- Dassault Systemes SE (France)
- Emerson (US),
- General Electric (U.S.)
- Hexagon AB
- Hitachi Ltd. (Japan)
- Honeywell (US)
- IBM Corporation
- Microsoft Corporation (U.S.)
- Oracle (US),
- Oracle (US)
- DNV (Norway),
- PTC Inc. (U.S.)
- River Logic (US),
- Robert Bosch (Germany),
- SAP SE
- Schneider Electric (France)
- Siemens AG (Germany)
- SWIM AI (US)
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Digital Twin Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 9.10 Bn |
| Revenue forecast in 2031 | USD 195.96 Bn |
| Growth rate CAGR | CAGR of 40.76% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Industries |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The expanding use of cloud and IoT technology also increases the potential for intrusions and security and data privacy issues. Digital twins built on the cloud need to store asset data online, which raises privacy risks. Companies are investing in product R&D and process automation due to the fierce competition among market leaders to introduce cutting-edge and novel items. Additionally, several automakers are implementing digital twin technology by utilizing interactive dashboards for cars on their websites, allowing customers to personalize their cars whenever they like. This aids businesses in understanding consumer behavior and modifying current models.
Challenges:
Businesses find it more difficult to efficiently create and implement cybersecurity plans due to a need for qualified professionals. As a result, many small and medium-sized businesses still need to be willing to spend significantly on cutting-edge technology, which is anticipated to hinder the growth of the digital twin industry.
Regional Trends:
The North America digital twin market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon due to the early availability and adoption of new technology. Concerning supporting emerging technologies like digital twins, the areas have some of the most sophisticated infrastructures, which is the main factor in the technology's widespread adoption. Besides, the Asia Pacific region had a substantial share of the market. The nations' established manufacturing and automotive sectors are responsible for this region's expansion. The growth of smart cities around the region and the increasing demand for consumer goods also drive the regional market. Additionally, the proliferation of connected devices would support regional expansion throughout the projected period. The areas supporting emerging technologies like digital twins have some of the most sophisticated infrastructures, which is the main factor in the technology's widespread adoption.
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Recent Developments:
- In December 2021-Dassault Systems announced a collaboration with Renault Group. The collaboration aims to use the cloud-based 3DEXPERIENCE platform from Dassault Systems to create applications for new vehicles and other mobility services.
Segmentation of Digital Twin Market-
By Type
- System Digital Twin
- Product Digital Twin
- Process Digital Twin
By Industry
- Aerospace & Defense
- Automotive & Transportation
- Home & Commercial
- Healthcare
- Energy & Utilities
- Oil & Gas
- Agriculture
- Telecommunication
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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