Digital Twin Market Size is predicted to be worth USD

TOKYO, July 28, 2022 (GLOBE NEWSWIRE) — The Global Digital Twin Market Size was valued at USD 6,985 Million in 2021 and is predicted to be worth USD 134,058 Million by 2030, with a CAGR of 39.3% from 2022 to 2030.

Digital twin technology is among the most rapidly evolving Industry 4.0 technologies. A digital twin is a computerized counterpart of a physical thing that is performed in a simulation platform to verify its efficiency and competence. The major factors boosting the digital twin market expansion are the development of the Internet of Things and cloud technologies, as well as the desire to minimize costs and speed up product design and development. Engineers may now test and connect with sensors embedded within a corporation’s running products, providing real-time insights into the system’s functionality and assuring timely repair.

Digital twins are digital replicas of actual devices that analytics scientists and IT professionals can be used to run simulations prior to building and deploying actual hardware. Real-time IoT data can also be used by digital twins to optimize performance using artificial intelligence technology and data analytics. One of the most inherent benefits is that it provides engineers with access to a precise, nuanced image of a physical commodity that may be located far away. It helps them to predict maintenance failures using reconstruction models that collect data on many risk variables. It also assists entrepreneurs to develop new product-as-a-service business practices and driving innovation in production, R&D, inventory control, service, and logistic support. The leading organizations in the digital twin market include Oracle, Microsoft, IBM, ANSYS, PTC, Siemens, General Electric, as well as Dassault System.

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Report Coverage:

Global Digital Twin Market Dynamics

Technological development is a crucial trend that is gaining traction in the digital twin industry. To enhance the existing presence in the digital twin market, major corporations in the field are focusing on inventing innovative technology solutions. The increased usage of 3D printing technology, the strong growth for related technologies in the pharmaceutical and healthcare enterprises, and the increasing proclivity to adopt IoT technologies across multiple industries are expected to drive such technology acceptance throughout the forecast timeframe. With increasing interconnection, the threat of cyber protection, information security, and adherence has also accelerated. This is among the most significant factors inhibiting the development of the digital twin industry. Furthermore, numerous company owners who are comfortable with digital twin technology are concerned about the potential of misrepresenting the technology or product they seek to mimic using this innovation. Many organizations avoid employing digital twin technology as there is no reliable confirmation of how accurate it is in relation to its physical counterpart.

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Rising Usage of IoT-based Technologies Drives Market Expansion

The global need for digital twin technologies is being driven by the trend for networked environments across sectors. Over 41 billion linked IoT devices are anticipated to be in operation by 2025, demonstrating the massive adoption of digital technologies. Increased throughput for each part or “thing” is required for the proper adoption and operation of IoT, which would be made feasible via digital twin technologies. In order to improve systems, there is a growing global desire for digital twin technologies since a system’s performance and satisfaction over its existence depend on its components. Furthermore, suppliers and product managers are demonstrating a growing need for the digital image in order to decrease operational expenses and develop new business models.

Market Segmentation                

According to Acumen Research and Consulting, the worldwide digital twin market is segmented by type and end-use. In term of type, the segment has been categorized into component, system, and process. According to end-use, the segment is divided into manufacturing, automotive & transportation, agricultural, healthcare & life sciences, retail & consumer goods, telecommunication, energy & utilities, residential & commercial, aerospace, and others.

Digital Twin Market Regional Overview        

The market for digital twin is divided into five regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. North America is expected to be the leading region in the digital twin market by 2021. This is mostly due to the region’s robust IT backbone and growing prevalence of 5G, Automation, IoT, and artificial intelligence technologies across numerous industries, including aerospace, automobiles, energy & utilities, and electronics industries. This region includes economically developed nations such as Canada and the United States, where huge investments in Research and development activities are discovered, thereby attributing to technological innovations such as 3D printing, edge analytics, smart sensors, and digital twin. Furthermore, supportive federal programs, such as linked de-icing equipment at airlines, smart lighting, and intelligent traffic projects related to data security, cybercrime, and infrastructure investment, are helping to drive market expansion in the region.

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Digital Twin Market Players                        

Some of the prominent digital twin market companies are ABB Group, Ansys Inc., Bosch Rexroth AG, IBM Corporation, Microsoft Corporation, Siemens AG, Accenture Plc, Autodesk Inc., Capgemini SE, Infosys Ltd., Oracle Corporation, and Wipro Ltd.

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