Digital Twin Market Size is Projected to Reach $62.64 Billion by 2033 at a CAGR of 37.8%
The Business Research Company presents an extensive market research report on the Digital Twin Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
The digital twin market size has grown exponentially in recent years. It will grow from $14.78 billion in 2023 to $20.36 billion in 2024 at a compound annual growth rate (CAGR) of 37.8%. The growth in the historic period can be attributed to surge in the adoption of industrial iot, adoption of 3d printing and increased use of digital twins in the manufacturing sector.
The digital twin market size is expected to see exponential growth in the next few years. It will grow to $62.64 billion in 2028 at a compound annual growth rate (CAGR) of 32.4%. The growth in the forecast period can be attributed to growing demand for increasing demand for digital twin in healthcare, rise in establishment of smart building infrastructure and covid-19 impact. Major trends in the forecast period include using digital twin for metaverse, innovation in technology, developing digital twin solutions to optimize supply chains and operational processes, adopting digital twins in the pharmaceutical industry for drug discovery.
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Key Market Players:
Major companies operating in the digital twin market report are SAP SE, IBM Corporation, ANSYS Inc, Microsoft Corporation, General Electric, Siemens AG, Bentley Systems, Dassault Systèmes, ABB Ltd., Oracle Corporation, 51World, FARO, Freedo Technology, Genesys International, Datumix, Esri India, Robert Bosch, Pauley, Sp. z o.o., NCC, PTC, TIBCO Software Inc, SAS Institute Inc, Wilson Sons, Kraken Robotics Inc, ReStudio, Blue Orange Digital, Pagarba Solutions, Aryng, Accern, Azumo, Tableu Software, Axilion, Beeah Group, TCTx, ShaikhTech, Neom Tech & Digital Company, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, BearingPoint, Bosch, Aveva Group, Amazon Web Services.
The emergence of digitalization in manufacturing is driving the global digital twin market. Manufacturing units across the globe are investing in digitalization strategies to increase their operational efficiency, productivity and accuracy. These digitalization solutions including digital twin are contributing to an increase in manufacturer responsiveness and agility through changing customer demands and market conditions. For instance, according to the study published by InfinityQS, more than 52% of manufacturers are actively investing in digital transformation technologies to enhance their operational capabilities. Thus, the increase in the adoption of digitalization technologies or practices in the manufacturing sector is expected to boost demand for digital twin solutions during the forecast period.
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The digital twin market covered in this report is segmented -
1) By Type: Product Digital Twin, Process Digital Twin, System Digital Twin
2) By Technology: IoT, IIoT, Blockchain, Artificial Intelligence And Machine Learning, Extended Reality And Other Technology, Big Data Analytics, 5G
3) By Application: Manufacturing, Energy and Power, Aerospace, Automotive, Transportation, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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