Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The "Digital Twin Technology Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global digital twin technology market reached a value of nearly $11.82 billion in 2023, having grown at a compound annual growth rate (CAGR) of 24.34% since 2018. The market is expected to grow from $11.82 billion in 2023 to $59.25 billion in 2028 at a rate of 38.04%. The market is then expected to grow at a CAGR of 26.96% from 2028 and reach $195.44 billion in 2033.
Growth in the historic period resulted from expansion of smart cities initiatives, increased use of digital twin technology in manufacturing, increased government initiatives and rise in cloud-based activities. Factors that negatively affected growth in the historic period was lack of awareness of the cost benefits of adopting digital twins and high deployment cost.
Going forward, rise in cybersecurity threats, increasing adoption of IoT devices, increasing use of digital twin technology in healthcare, increasing investments in digital transformation, growth in connected devices and rise in adoption industrial internet of things (IIoT) will drive the growth. Factor that could hinder the growth of the digital twin technology market in the future include limited availability of skilled personnel and technical expertise and growing concerns about data security.
The digital twin technology market is segmented by type into product digital twins, process digital twins, system digital twins and asset performance digital twins. The product digital twins market was the largest segment of the digital twin technology market segmented by type, accounting for 35.4% or $4.18 billion of the total in 2023. Going forward, the product digital twins segment is expected to be the fastest growing segment in the digital twin technology market segmented by type, at a CAGR of 40.78% during 2023-2028.
The digital twin technology market is segmented by application into predictive maintenance, business optimization, product design and development and other applications. The predictive maintenance segment was the largest segment of the digital twin technology market segmented by application, accounting for 35.22% or $4.16 billion of the total in 2023. Going forward, the product design and development segment is expected to be the fastest growing segment in the digital twin technology market segmented by application, at a CAGR of 40.86% during 2023-2028.
The digital twin technology market is segmented by end user Industry into manufacturing, energy and utilities, transportation and logistics, healthcare and other end users. The manufacturing segment was the largest segment of the digital twin technology market segmented by end user industry, accounting for 25.41% or $3.0 billion of the total in 2023. Going forward, the manufacturing segment is expected to be the fastest growing segment in the digital twin technology market segmented by end user industry, at a CAGR of 41.64% during 2023-2028.
The global digital twin technology market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 28.84% of the total market in 2023. SAP SE was the largest competitor with a 5.75% share of the market, followed by International Business Machines (IBM) Corporation with 4.45%, Microsoft Corporation with 3.72%, ANSYS Inc. with 2.62%, General Electric Company with 2.60%, Asea Brown Boveri (ABB) Ltd. with 2.39%, Siemens AG with 1.97%, Bentley Systems Inc. with 1.87%, Dassault Systemes SE with 1.83% and Oracle Corporation with 1.66%.
The top opportunities in the digital twin technology market segmented by type will arise in the product digital twins segment, which will gain $18.96 billion of global annual sales by 2028. The top opportunities in the digital twin technology market segmented by application will arise in the predictive maintenance segment, which will gain $17.01 billion of global annual sales by 2028. The top opportunities in the digital twin technology market segmented by end user industry will arise in the manufacturing segment, which will gain $14.12 billion of global annual sales by 2028. The digital twin technology market size will gain the most in the USA at $12.88 billion.
Market-trend-based strategies for the digital twin technology market include focus on leveraging digital twin technology in sports to transform spectator engagement, focus on strategic partnerships and collaborations to strengthen their market position, enhance product offerings and expand their geographic reach, focus on leveraging digital twins to create virtual replicas of patients, enabling personalized treatment and accurate disease modeling, focus on using digital twin technology to enhance customer interactions and operational efficiency, focus on utilizing digital twins and AI (artificial intelligence) to create detailed city models, integrating diverse data sources and focus on leveraging real-time 3D virtual models, advanced data analytics and machine learning.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider digital twin technology market; and compares it with other markets.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 318 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $11.8 Billion |
| Forecasted Market Value (USD) by 2033 | $195.4 Billion |
| Compound Annual Growth Rate | 32.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Digital Twin Technology - Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Digital Twin Technology Market Definition and Segmentations
6.4 Market Segmentation by Type
6.4.1 Product Digital Twin
6.4.2 Process Digital Twin
6.4.3 System Digital Twin
6.4.4 Asset Performance Digital Twins
6.5 Market Segmentation by Application
6.5.1 Predictive Maintenance
6.5.2 Business Optimization
6.5.3 Product Design and Development
6.5.4 Other Applications
6.6 Market Segmentation by End User Industry
6.6.1 Manufacturing
6.6.2 Energy and Utilities
6.6.3 Automotive
6.6.4 Aviation
6.6.5 Healthcare
6.6.6 Other End Users
7 Major Market Trends
7.1 Innovative Application of Digital Twin Technology to Transform Spectator Interaction in Sports
7.2 Strategic Partnerships and Collaborations Among Major Players
7.3 Role of Digital Twins in Modern Medical Innovation and Trials for Disease and Therapy Research
7.4 Innovations in Digital Twins Technology for Enhanced Customer Interactions
7.5 Leveraging Digital Twins and AI for Comprehensive Urban Planning Solutions
7.6 Predictive Maintenance for Cement Production Through Digital Twin Integration
8 Digital Twin Technology Market - Macro Economic Scenario
9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018-2023, Value ($ Million)
9.3 Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
10 Global Digital Twin Technology Market Segmentation
10.1 Global Digital Twin Technology Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.2 Global Digital Twin Technology Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.3 Global Digital Twin Technology Market, Segmentation by End User Industry, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11 Digital Twin Technology Market, Regional and Country Analysis
11.1 Global Digital Twin Technology Market, by Region, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11.2 Global Digital Twin Technology Market, by Country, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
19.1 Company Profiles
19.2 SAP
19.3 International Business Machines Corporation (IBM)
19.4 Microsoft Corporation
19.5 ANSYS Inc
19.6 General Electric Company
20 Other Major and Innovative Companies
20.1 Asea Brown Boveri (ABB) Ltd
20.2 Siemens AG
20.3 Bentley Systems Inc
20.4 Dassault Systemes SE
20.5 Oracle Corporation
20.6 Emerson Electric Co
20.7 Autodesk Inc
20.8 Robert Bosch GmbH
20.9 Honeywell International Inc
20.10 Amazon Web Services Inc
20.11 Rockwell Automation Inc
20.12 Johnson Controls International plc
20.13 Schneider Electric Co
20.14 DNV (Det Norske Veritas) GL
20.15 NTT DATA Corporation
21 Competitive Benchmarking
22 Competitive Dashboard
23 Key Mergers and Acquisitions
23.1 CoStar Group Acquired Matterport
23.2 Capgemini Acquired Unity's Digital Twin Professional Services Arm
23.3 Clockworks Analytics Acquired Animated Insights
23.4 Keysight Technologies Acquired ESI Group
23.5 Anser Advisory Acquired Gafcon Digital,
23.6 Hexagon Acquired LocLab
23.7 Cadence Acquired Future Facilities
23.8 Siemens Acquired EcoDomus
23.9 Dawood Engineering Inc Acquired ArchiTube
23.10 Faro Acquired HoloBuilder
23.11 Bentley Systems Acquired Seequent
23.12 Autodesk Acquired Innovyze
23.13 FARO Technologies Acquired Advanced Technical Solutions
24 Opportunities and Strategies
24.1 Global Digital Twin Technology Market in 2028 - Countries Offering Most New Opportunities
24.2 Global Digital Twin Technology Market in 2028 - Segments Offering Most New Opportunities
24.3 Global Digital Twin Technology Market in 2028 - Growth Strategies
25 Digital Twin Technology Market, Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/c3s86l
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