Dublin, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The "Global Digital Twin Market" report has been added to ResearchAndMarkets.com's offering.
The global digital twin market was estimated to be worth $11.5 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 45.7% and is forecast to reach $119.3 billion by the end of 2029.
The report provides an overview of the digital twin global market value and analyzes its trends. Using 2023 as the base year, the report provides estimated market data for the forecast period from 2024 through 2029. Revenue forecasts for this period are segmented by solution type, application, industry, enterprise size, and geographical region. It also highlights major trends and challenges that affect the market, concluding with an analysis of the vendor landscape and including detailed profiles of major players in the global digital twin market.
Major drivers of the digital twin market include the adoption of 3D printing technologies combined with digital twin in manufacturing industries; increasing amounts of real-time data generated from the internet of things (IoT) and other smart devices; and the growing adoption of IoT, wireless connectivity and 5G technologies. High cost of deployment acts as a restraint to this market, whereas advances in cloud-based technology applications present future opportunities.
The industry paradigm is drastically changing as technology stands at the transition of Industry 4.0, a revolutionary wave driven by the unrelenting advance of connectivity, artificial intelligence (AI), mobility and machine learning (ML). Businesses are looking for methods to reduce errors and to maximize the development and dissemination of technology, finding themselves at the nexus of innovation and financial responsibility. Digital twin technology isn't limited to any one scale; it may be applied to everything from single parts to enormous urban environments. There are many applications for digital twins; they can be used to monitor a jet engine's efficiency or to plan the smooth running of an entire
smart city.
The report also includes emerging technologies that are expected to shape the digital twin market in the coming years. It also includes ESG analysis of the market with the companies' ratings based on their performance. The competitive landscape provides detailed analysis of strategic decisions made by the leading companies in the digital twin market.
Report Includes
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025 and 2028, and projected CAGRs through 2029
- Estimate of the current market size and revenue prospects, along with market share analysis by solution type, application, enterprise size, end-use industry and region
- Facts and figures pertaining to the market dynamics, technological advances, regulations and the macroeconomic factors driving future demand and innovation
- Porter's Five Forces, global supply chain, and use case analyses
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, the ESG practices of leading companies and their ESG scores
- A look at key granted patents and published patents
- Analysis of the vendor landscape, including company shares, strategic alliances, M&A activity and venture fundings outlook
- Company profiles of market leaders included in this report include Autodesk Inc., ANSYS Inc., Schneider Electric, Hexagon AG, and Dassault Systemes
Companies Featured
- ABB
- Altair Engineering Inc.
- Ansys Inc.
- Autodesk Inc.
- Bentley Systems Inc.
- Bosch Rexroth Ag
- Dassault Systemes
- Ge Vernova
- Hexagon Ab
- Ibm Corp.
- Microsoft
- Oracle
- Rockwell Automation
- Schneider Electric
- Siemens
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 176 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $18.2 Billion |
| Forecasted Market Value (USD) by 2029 | $119.3 Billion |
| Compound Annual Growth Rate | 45.7% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Executive Summary
- Market Outlook
- Scope of the Report
- Market Summary
- Technological Advances and Applications
- Market Dynamics and Growth Factors
- Future Trends and Developments
- Segmental Analysis
- Regional Insights and Emerging Markets
- Conclusion
Chapter 2 Market Overview
- Digital Twins Overview
- Current Stage of Digital Twin Technology
- Porter's Five Forces Analysis of Digital Twin Industry
- Future of Digital Twin Industry
- Digital Twin Solution Use Cases
- Case Studies
- Patent Analysis
- Key Findings
- Upcoming Conference List of Digital Twin Technology
Chapter 3 Market Dynamics
- Market Dynamics Snapshot
- Market Drivers
- Manufacturing Shift Toward Industry 4.0
- Real-Time Data Generated from Sensors and Other Smart Devices
- Growing Adoption of Internet of Things Devices
- Market Opportunities
- Three-Dimensional Printing Technologies Combined with Digital Twin Applications
- Digital Twin Technology Adoption in Healthcare
- Market Challenges and Restraints
- High Cost of Deployment
- Inadequate Information Technology Infrastructure and Connectivity Issues
- Growing Number of Global Cyberattacks
Chapter 4 Emerging Technologies and Developments
- Digital Twin as a Service
- Development in Augmented Reality and Virtual Reality Technology
- Integration of Generative Artificial Intelligence and Digital Twin Solutions
- Digital Twin as a Platform Expanding Metaverse Applications
Chapter 5 Market Segmentation Analysis
- Segmentation Breakdown
- Digital Twin Market, by Solution Type
- System Digital Twins
- Product Digital Twins
- Process Digital Twins
- Component Digital Twins
- Digital Twin Market, by Application
- Predictive Maintenance
- Performance Monitoring
- Supply Chain and Inventory Management
- Product Design and Development
- Other Applications
- Digital Twin Market, by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
- Digital Twin Market, by Industry
- Automotive and Transportation
- Aerospace and Defense
- Smart Cities
- Energy and Utilities
- Healthcare
- Food and Beverages
- Agriculture
- Construction
- Chemical
- Other Industries
- Geographic Breakdown
- Digital Twin Market, by Region
- Americas
- Europe
- Asia-Pacific
- Middle East and Africa
Chapter 6 Competitive Intelligence
- Top Players in the Digital Twin Industry
- Strategic Analysis
- Major Key Developments
Chapter 7 Sustainability in Digital Twin Industry: An ESG Perspective
- Overview
- Current Status of ESG in the Digital Twin Market
- ESG Practices by Digital Twin Companies
- Concluding Remarks from BCC Research
Chapter 8 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/e016l0
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