Digital Twin Market Size, Share and Growth Factors Study

Digital Twin Market to reach over USD 195.96 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Twin Market Size, Share & Trends Analysis Report by Type (System Digital Twin, Product Digital Twin, Process Digital Twin), by Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others) - Market Outlook And Industry Analysis 2024- 2031"

The global digital twin market is estimated to reach over USD 195.96 billion by 2024-2031, exhibiting a CAGR of 40.76% during the forecast period.

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An object or process that can be viewed online in real-time and virtualized is called a "digital twin." Data intelligence and simulation models are used to profile, forecast, and improve the performance of industrial assets. Digital twins are essential to the industrial Internet of Things because they allow automated vehicle control and monitoring of industrial assets and processes such as design & manufacturing planning, business & operation optimization, investment performance management, and product development.

Before releasing actual prototypes, digital twins could be utilized to build predictive models and evaluate the likelihood of success. The pandemic has expedited the adoption of digital twin technology in several non-manufacturing areas, including real estate, healthcare, telecommunications, and retail, augmenting the market's potential for growth. Adopting cloud computing, IoT, and AI in digital twin technologies is also expected to quicken market growth.

Organizations also utilize Iao and AI technology to collect and examine behavioural data from IoT devices and linked products. The functionality and utility of the original object can then be replicated in the digital twin model by applying this knowledge to it. This helps designers and product engineers monitor how well their work is functioning. Additionally, companies are collecting and processing behavioural data from connected products and IoT devices utilizing artificial intelligence and the Internet of Things. The functionality and use of the existing gadget can then be replicated by applying this data to the digital twin model.

List of Prominent Players in the Digital Twin Market:

• 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 Dynamics:
Drivers-

The expanding use of cloud and IoT technology also increases the potential for intrusions and security and data privacy issues. Digital twins built on the cloud need to store asset data online, which raises privacy risks. Companies are investing in product R&D and process automation due to the fierce competition among market leaders to introduce cutting-edge and novel items. Additionally, several automakers are implementing digital twin technology by utilizing interactive dashboards for cars on their websites, allowing customers to personalize their cars whenever they like. This aids businesses in understanding consumer behavior and modifying current models.

Challenges:

Businesses find it more difficult to efficiently create and implement cybersecurity plans due to a need for qualified professionals. As a result, many small and medium-sized businesses still need to be willing to spend significantly on cutting-edge technology, which is anticipated to hinder the growth of the digital twin industry.

Regional Trends:

The North America digital twin market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon due to the early availability and adoption of new technology. Concerning supporting emerging technologies like digital twins, the areas have some of the most sophisticated infrastructures, which is the main factor in the technology's widespread adoption. Besides, the Asia Pacific region had a substantial share of the market. The nations' established manufacturing and automotive sectors are responsible 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. Additionally, the proliferation of connected devices would support regional expansion throughout the projected period. The areas supporting emerging technologies like digital twins have some of the most sophisticated infrastructures, which is the main factor in the technology's widespread adoption.

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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.

Segmentation of Digital Twin Market-

By Type
• System Digital Twin
• Product Digital Twin
• Process Digital Twin

By Industry

• Aerospace & Defense
• Automotive & Transportation
• Home & Commercial
• Healthcare
• Energy & Utilities
• Oil & Gas
• Agriculture
• Telecommunication
• Others

By Region-
North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.