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The Global Digital Twin Market Size is valued at 10.34 billion in 2023 and is predicted to reach 161.06 billion by the year 2031 at a 41.43% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Digital twins in healthcare can be used for personalized medicine, treatment planning, and simulation of patient-specific scenarios. This presents opportunities for advancements in patient care and medical research.
- The growing connectivity of devices and systems across industries has created a demand for solutions that can integrate and analyze data from various sources.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the use of data and the potential consequences of decisions based on digital twin simulations.
A digital twin is a virtual reproduction of a tangible asset, operation, or process that can ensure process and decrease outages beyond predetermined timeframes to thrive in cutthroat marketplaces. Digital twin models can now include information gathered from real-time asset monitoring technology like LiDAR (light detection and ranging) and FLIR (forward-looking infrared). As a result, in recent years, the CAGR of the global digital twin market progress has increased due to such medical conditions. The expansion results from the increased use of robotic technology like industry 4.0, robotic process automation (RPA), and others. Key companies would have the chance to provide specialized solutions to meet the needs of end customers as a result of the introduction of these technologies.
Furthermore, one of the most recent digital twin market trends is the use of twin solutions throughout the healthcare and life science industries. There are fewer physical and real-world testing or process completions since these solutions are being used more frequently by the pharmaceutical industry to estimate the end of procedures.
Additionally, these elements help healthcare professionals develop and authenticate drug candidates. IoT and cloud computing usage are growing, raising the risk of attacks and privacy and data security concerns. Privacy risks are increased when asset data must be stored online for digital twins developed on the cloud. However, the adoption of 3D simulation and 3D printing software is another driver boosting the digital twin market expansion.
Recent Developments:
- In December 2021-Dassault Systems announced a collaboration with Renault Group. The collaboration aims to use the cloud-based 3DEXPERIENCE platform from Dassault Systems to create applications for new vehicles and other mobility services.
Competitive Landscape:
List of major Digital Twin market Players are:
- ABB (Switzerland),
- Altair (US),
- ANSYS Inc. (U.S.)
- Autodesk Inc. (U.S.)
- AVEVA Group plc
- Bentley Systems (US)
- Dassault Systemes SE (France)
- Emerson (US),
- General Electric (U.S.)
- Hexagon AB
- Hitachi Ltd. (Japan)
- Honeywell (US)
- IBM Corporation
- Microsoft Corporation (U.S.)
- Oracle (US),
- Oracle (US)
- DNV (Norway),
- PTC Inc. (U.S.)
- River Logic (US),
- Robert Bosch (Germany),
- SAP SE
- Schneider Electric (France)
- Siemens AG (Germany)
- SWIM AI (US),
Market Segmentation
The digital twin market is divided into types and industries. Based on type, the market is categorized into a system digital twin, product digital twin and process digital twins. The market is segmented by industry: aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication and others.
Based On Industry, The Automotive & Transportation Segment Is A Major Contributor To The Digital Twin Market
The automotive & transportation category is expected to hold a major share of the global digital twin industry in 2022. This is due to lean manufacturing techniques, electric automobiles, and increasing simulation technology. The use of digital twin technology in the automotive industry aids engineers in obtaining psychological and technical data about the vehicle, improving automobile design and lowering costs. The usage of digital twin technology is also anticipated to rise due to future automotive themes, including public transportation, connected and self-driving automobiles, and autonomous and linked vehicles. Thus, driving the digital twin market development.
The System Digital Twin Segment Witnessed Growth At A Rapid Rate
The system digital twin segment is projected to grow rapidly in the global digital twin market. The large market share is due, among other things, to the widespread use of digital twins in the development, construction, and prototyping of aerospace engines, assembly lines, communication systems, full-scale automobile models, and piping methods in the oil and gas sector. System twins are a collection of various assets that enable engineers to analyze and monitor the system's operation and synchronize its many components. Using digital twin technologies makes it easier to spot system performance and operation irregularities, which supports the digital twin market growth during the forecast period.
The North America, Digital Twin Market Holds A Significant Regional Revenue Share
The North America digital twin market position is anticipated to register the highest market share in revenue soon. Due to the accessibility of state-of-the-art health centers, the government helps the expansion of the healthcare sector, an older society, and a rise in the prevalence of rheumatism, psoriatic arthritis, and degenerative spinal degeneration. In many technological fields, this region likewise continues to grow quickly. Organizations are increasingly adopting digital twin technologies in this region due to technical advancements in many industries and business processes. The primary drivers of market expansion are the need to use digital solutions in product development processes to reduce downtime and the increased willingness of users to invest in digital solutions to thrive in cutthroat marketplaces. In addition, Asia Pacific is projected to expand at a rapid rate in the global digital twin market. The developed production and automotive sectors in nations like China, India, Japan, and South Korea are to blame for this region's expansion. The growth of smart cities around the region and the increasing demand for consumer goods also drive the regional market.
Digital Twin Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 10.34 Bn |
|
Revenue forecast in 2031 |
USD 161.06 Bn |
|
Growth rate CAGR |
CAGR of 41.43% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Industries |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
ABB Group, ANSYS Inc., Accenture plc, Autodesk Inc, bentley systems, AVEVA Inc., bosch rexroth ag, Oracle Corporation, Siemens AG, Rockwell Automation Inc., Schneider Electric |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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