Westford, USA, June 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the digital twin market will attain a value of USD 154.69 billion by 2031, with a CAGR of 36.7% during the forecast period (2024-2031). Digital twin technology is getting prominence by bridging the gap between the physical and virtual worlds. The market is anticipated to grow convincingly over the forecast period globally, with the growing adoption of the IoT and big data analytics, along with emerging innovations in AR and VR, driving the growth of the market. Robust opportunities for market growth are also being created through rising public and private investments in digital transformation solutions.
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Browse in-depth TOC on "Digital Twin Market"
- Pages - 157
- Tables - 66
- Figures – 75
Digital Twin Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 12.68 Billion |
| Estimated Value by 2031 | $ 154.69 Billion |
| Growth Rate | Poised to grow at a CAGR of 36.7 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Deployment, Enterprise Size, Application, End-Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | The involvement of AI and ML engines in digital twin platforms |
| Key Market Drivers | Increasing 3D Simulation and 3D Printing Software Adoption to Drive Market Growth. |
System Segment Leads the Market by Offering In-Depth Analysis of Different Processes and Systems
The segment that represents a major part of the market is the system digital twin. It combines the hardware and software processes and components as well as sophisticated analytics. These digital representations allow in-depth look at the working of different processes and systems together and the performance of different integrated elements. Because they are beneficial and relevant to so many interconnected fields, system digital twins have proven to be the most heavily funded and embraced, occupying the top share among the digital twin market.
Process Segment to be the Fastest Growing Segment Due to Surge in Process Digital Twin Solutions Usage
The growing need for process optimization, predictive maintenance, and process intelligence spanning across numerous sectors has accelerated the widespread utilization of process digital twin solutions. This demand has made the process digital twin segment the fastest growing segment of the market. With the need for businesses to stream operation and optimize productivity going forward, process digital twins which is a major driver in the overall market is also projected to go into higher gear and better its lead compared to other sectors of the industry.
North America is Leading the Digital Twin Market Due to Widespread Investments and Market Expansion
During the projected period, North America is expected to grow at a rapid rate. End-users across industries in countries like the United States, such as healthcare, home & commercial, and others, are investing heavily in parts twin and product twin, which is expected to drive market expansion across the region. The presence of significant providers including IBM Corporation, Microsoft Corporation and others in the US and Canada further fuels this expansion. To boost their product offerings and expand their customer base, market players are merging and partnering with technology providers.
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Drivers
- Increasing 3D Simulation and 3D Printing Software Adoption to Drive Market Growth
- Increasing adoption of industry 4.0 and its associated technologies to drive the digital twin market
- Growing focus on predictive maintenance
Restraints
- High investments associated with the implementation of digital twin technology
- Lack of skilled workforce and awareness regarding cost benefits offered by digital twins
- Privacy and security concerns might restrict the adoption of twin solutions.
Prominent Players in Digital Twin Market
The following are the Top Digital Twin Companies
- Siemens AG
- IBM Corporation
- Microsoft Corporation
- General Electric Company
- PTC Inc.
- ANSYS Inc.
- Dassault Systemes
- Oracle Corporation
- SAP SE
- Schneider Electric SE
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Key Questions Answered in Digital Twin Market Report
- What is the current size of the digital twin market?
- What drives the digital twin market growth?
- Who are the leading digital twin providers in the world?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of digital twin market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital twin market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Industry 4.0 Market
Industry 5.0 Market
Digital Transformation Market
Industrial Automation Market
Industrial Robots Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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