Selbyville, Delaware,, Oct. 25, 2022 (GLOBE NEWSWIRE) --
The digital twin market valuation is estimated to cross USD 90 billion by 2032, as reported in a research study by Global Market Insights Inc.
Digital twin technology is expected to gain popularity as the need for energy-efficient smart infrastructure rises. Organizations in the infrastructure sector are ramping up their efforts to go digital. The deployment of digital twin technology in residential buildings enhances the structure’s safety, security, and surveillance. Infrastructure owners and operators are incorporating digital technology into their daily operations, including new payment methods and integrated asset management systems, thereby driving product uptake. Furthermore, government initiatives to collaborate with leading technology companies to develop smart cities and energy-efficient infrastructure are likely to aid digital twin market expansion.
Rising R&D investment to fuel process support and service segment share
The process support and service application segment is predicted to exhibit a growth rate of above 30% through 2032 as digital twins provide insights into every part of the manufacturing process. Rising investment by market participants in R&D efforts to develop novel solutions to improve process support & services is slated to stimulate segment development.
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High IoT/IIoT deployment to impel digital twin technology adoption in the automotive sector
As per the report, the automotive end-use segment held more than 15% of digital twin market share in 2022 on account of the growing implementation of IoT/IIoT and Industry 4.0 in the automotive sector. Digital twins are vital across many industries due to their capacity to provide considerable benefits to automakers, designers, and OEMs. Additionally, trends like mounting penetration of autonomous vehicles (AVs) or self-driving cars are increasing market demand.
Increasing penetration of Industry 4.0 to boost APAC market
Regionally, the Asia Pacific digital twin market is projected to expand at around 30% CAGR from 2023 to 2032 since manufacturers and industries are widely using Industry 4.0 to decrease asset downtime and boost the operational efficiency of processes. Moreover, the regional growth is attributed to the growing number of programs and initiatives to build smart cities and infrastructural facilities.
Acquisition tactics by key players to define the competitive scenario
Enterprises are investing in technology integration and making strategic acquisitions to broaden their product offerings and extend their customer reach. AVEVA Inc., ABB Group, Ansys Inc., Bosch Rexroth AG, Autodesk Inc., Accenture Plc, Capgemini SE, Microsoft Corporation, IBM Corporation, Infosys Ltd., Rockwell Automation, Oracle Corporation, Schneider Electric Inc., Wipro Ltd., and others are some of the prominent players operating in the digital twin market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Digital twin industry 360º synopsis, 2016 – 2027
2.2 Business trends
2.3 Regional trends
2.4 Application trends
2.5 End-use trends
Chapter 3 Digital twin industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.4 Digital twin industry ecosystem analysis
3.5 Digital twin evolution
3.6 Digital twin maturity model
3.7 Digital twin conceptual architecture
3.8 Digital twin hierarchy analysis
3.9 Technology & innovation landscape
3.10 Use cases
3.11 Investment portfolio
3.12 Regulatory landscape
3.13 Industry impact forces
3.13.1 Growth drivers
3.13.2 Industry pitfalls & challenges
3.14 Growth potential analysis
3.15 Porter’s analysis
3.16 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
