Digital Twin Market projected to reach USD 316.81 Billion by 2030, growing at a CAGR of 63.6% during the forecast period of 2023-2030 - pronounced by MarketDigits in its recent study.

Richmond, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to a research report "Digital Twin Market, by Enterprise (Large Enterprises, Small & Medium Enterprises), Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management, Others), Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunications, Agriculture, Retail, Others), and Region.

Global Digital Twin Market Report Scope:

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TOC Covers in Depth & Breath on Digital Twin Market
170 - Market Data Tables
65 - List of Figures
226 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview           

Digital twin technology encompasses four fundamental components: the Internet of Things (IoT), artificial intelligence, Extended Reality (XR), and cloud computing. These elements work in synergy to create a digital replica of physical entities, gather and store real-time data, and provide valuable insights based on the data collected. Notable solutions within this domain include 3DEXPERIENCE Cloud Platform, Azure Digital Twins, GE Digital's ADMS, and Ansys Twin Builder.

Digital twin technology holds a significant role within the Industrial Internet of Things (IIoT) landscape. It empowers automated control and monitoring of industrial assets and processes. These applications span a wide range of functions, including but not limited to product development, design and manufacturing planning, investment performance management, and business and operational optimization. Digital twins are integral to enhancing efficiency and effectiveness across various industries and processes.

Major vendors in the global Digital Twin Market - Microsoft, Siemens, Amazon Web Services, ANSYS, Dassault Systèmes, PTC, Robert Bosch, General Electric, IBM, SAP, Oracle, General Electric, Hitachi Ltd, Autodesk Inc and Others.

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There is an increasing emphasis on the implementation of predictive maintenance strategies.

Digital twins play a prominent role in predictive maintenance practices, finding application in a wide array of industries. In predictive maintenance with digital twins, real-time sensor data is gathered to assess the health and performance of products, processes, or systems. This data undergoes analysis, comparing it to historical records of failure patterns and their criticality. The insights derived from this analysis are instrumental in forecasting maintenance requirements. Beyond just predicting breakdowns, this technology brings a host of benefits to streamline maintenance processes. Digital twins empower the computation of key maintenance performance metrics and forecast the performance of machines under various operational scenarios. Serving as precise, real-time replicas of a product, process, or system's condition and performance, digital twins facilitate simulations and predictions of behavior under specific variables like runtime, exposure to extreme conditions, and temperature fluctuations.

Market Dynamics

Drivers:

• Industry 4.0 and Iot Adoption
• Increasingly Adopting Digital Twins to Optimize Urban Planning, Monitor Public Utilities, And Enhance Overall City Management
• Increased Computing Power and Iot Sensors
• Rising Adoption Of 3D Simulation And 3D Printing Software.

Opportunities:

• Increasing Adoption Of Digital Twins In Healthcare
• Increasing public and private investments in digital transformation solutions rephrase this sentence

An emerging trend is the adoption of Product Twins in the healthcare and life science sectors.

An emerging trend in the wearable robotic exoskeleton market is the increasing adoption of Product Twins within the healthcare and life science sectors. This trend involves the creation of digital representations of wearable exoskeleton devices, which are used to simulate and optimize their performance for individual patients. These Product Twins enable personalized and more effective rehabilitation and mobility assistance solutions, ultimately enhancing patient care and quality of life. The application of Product Twins in this market reflects a growing commitment to leveraging digital twin technology for tailored medical interventions and patient-specific healthcare advancements.

As awareness of digital solutions grows, companies are actively introducing new digital R&D models in the life sciences field. For instance, Hewlett Packard Enterprise has partnered with the Ecole Polytechnique Federale de Lausannes (EPFL) to utilize supercomputers in creating digital brain models for research. This ongoing industry development and the rising demand for advanced technology are expected to contribute to the expanding market share of digital twins.

The market for Digital Twin Market is dominated by North America.

North America is poised to maintain its dominant position in the digital twin market throughout the projected period. The region's proactive stance towards digital transformation has fueled the adoption of cutting-edge technologies like digital twins, providing it with a competitive advantage. Additionally, North America possesses a well-developed technological ecosystem, including robust digital infrastructure, advanced data analytics capabilities, and a highly skilled workforce. These attributes create a strong foundation for the effective implementation and utilization of digital twin solutions, allowing businesses to extract maximum value from this technology. Furthermore, North America's strong emphasis on the manufacturing and industrial sectors amplifies its prominence in the digital twin market. Manufacturers in the region recognize the substantial advantages that digital twins offer in terms of optimizing processes, enhancing operational efficiency, and reducing costs. This heightened awareness and demand for digital twin solutions propel market growth and solidify North America's leadership in the field.

The Asia Pacific region is anticipated to experience the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. End-users in countries like China, India, Japan, South Korea, and others are significantly ramping up their investments to embrace digital twin technologies, particularly in manufacturing processes. Additionally, the region's diverse industrial landscape, spanning sectors like automotive and transportation, manufacturing, energy, and utilities, is expected to drive market growth. Notably, China stands out as the leading adopter of this technology in the region.

Automotive and Transport Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

The automotive and transportation industry operates within a highly intricate and interlinked supply chain, encompassing numerous components, suppliers, and manufacturing procedures. Digital twins present a comprehensive, real-time perspective of this entire supply chain, empowering more effective monitoring, analysis, and operational optimization. This capability enhances overall efficiency, minimizes downtime, and elevates supply chain management to a new level. Moreover, digital twins deliver substantial advantages across the entire product lifecycle within the automotive and transportation sector. Ranging from the initial design and prototyping stages to manufacturing, maintenance, and end-of-life considerations, digital twins provide valuable insights into product performance, maintenance requirements, and potential enhancements. This all-encompassing approach enables manufacturers to elevate product quality, streamline processes, and ultimately deliver superior customer experiences.

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Recent Developments

• In October 2023, SOMAC, in collaboration with the University of NSW and Omni Tanker, is advancing composite manufacturing by creating a 'digital twin' of Omni Tanker's production plant. This digital twin operates alongside the physical plant, allowing virtual testing of various production methods for efficiency improvements before real-world implementation. It facilitates process optimization, layout planning, and targeted automation investments, positioning Omni Tanker for future growth and paving the way for advanced Industry 4.0 manufacturing in Sydney.
• In October 2023, startup Leucine secured $7 million in series A funding to expand its AI-generated digital twin platform. The platform is designed to assist drug manufacturers in streamlining regulatory compliance by replacing paper-based records and legacy systems. Leucine's platform acts as a digital twin of a drugmaker's production floor, employing AI to digitize manufacturing workflows and enhance compliance, speed, and cost-effectiveness.

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