The global Digital Twin Market size is 11.12 billion USD in 2022 and is projected to reach a CAGR of 60.9% from 2023-2030.
Digital twin technology has allowed businesses in end-use industries to generate digital equivalents of objects and systems across the product lifecycle. The potential use cases of digital twin technology have expanded rapidly over the years, anchored in the increasing trend of integration with internet-of-things (IoT) sensors.
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Coupled with AI and analytics, the capabilities of digital twins are enabling engineers to carry out simulations before a physical product is developed. As a result, digital twins are being deployed by manufacturing companies to shorten time-to-market. Additionally, digital twin technology is also showing its potential in optimizing maintenance costs and timelines, thus has attracted colossal interest among manufacturing stalwarts, notably in discrete manufacturing.
Recent Developments
In April 2022, GE Research (US) and GE Renewable Energy (France), subsidiaries of GE, collaborated and developed a cutting-edge artificial intelligence (AI)/machine learning (ML) technology that has the potential to save the worldwide wind industry billions of dollars in logistical expenses over the next decade.
In March 2022, Microsoft announced a strategic partnership with Newcrest. The mining business of Newcrest would adopt Azure as its preferred cloud provider globally, as well as work on digital twins and a sustainability data model. Both organizations are working together on projects, including the use of digital twins to improve operational performance and developing a high-impact sustainability data model.
Prominent Players
- ABB
- AVEVA Group plc
- Dassault Systemes
- General Electric
- Hexagon AB
- IBM Corporation
- SAP
- Microsoft
- Siemens
- ANSYS
- PTC
- IBM
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North America to Dominate the Market
North America is expected to hold the largest share of the digital twin market throughout the forecast period. North America is a major hub for technological innovations and an early adopter of digital twins and related technologies.
North America has an established ecosystem for digital twin practices and the presence of large automotive & transportation, aerospace, chemical, energy & utilities, and food & beverage companies in the US. These industries are replacing legacy systems with advanced solutions to improve performance efficiency and reduce overall operational costs, resulting in the growth of the digital twin technology market in this region.
Digital Twin Market Segmentation:
On the basis of enterprise
· Large Enterprises
· Small & Medium Enterprises
On the basis of the application
· Product Design & Development
· Predictive Maintenance
· Business Optimization
· Performance Monitoring
On the basis of industry
· Automotive & Transportation
· Energy & Utilities
· Infrastructure
· Healthcare
· Aerospace
· Oil & Gas
· Telecommunications
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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Frequently Asked Questions
· What are the years considered to study Digital Twin Market?
· What is the compound annual growth rate (CAGR) of the Digital Twin Market?
· Which region holds the largest market share in Digital Twin Market?
· Who are the major players in Digital Twin Market?
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