Digital Twin Global Market Expected to Witness $62.64 Billion with Impressive Growth at a 32.4% CAGR By 2028 | SAP SE, IBM Corporation, ANSYS Inc., Microsoft Corporation, General Electric

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.

Market Overview -
The digital twin refers to a digital virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and assists decision-making via simulation, machine learning, and reasoning. It will assist engineers and operators in understanding not only how items currently work, but also how they will perform in the future. This software or solution can create these predictions by analyzing data from linked sensors and combining it with information from other sources.

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Digitalization's Impact On The Global Growth Of Digital Twin Solutions In Manufacturing
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.

Competitive Landscape -
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.

Advancements In Technological Solutions Driving The Digital Twin Market Growth
Technological advancement is a key trend gaining popularity in the digital twin market. Major companies operating in the digital twin sector are focused on developing new technological solutions to strengthen their position in the digital twin market. For instance, In February 2022, Once Concern, a US-based provider of resilience-as-a-service solutions, launched Domino, a high-resolution digital twin solution that identifies abnormal changes in complex networks and ecosystems including the power grid, transportation networks, and communities. In January 2021 DIGIPREDICT develops digital-twin technology improving diagnostics methods for COVID-19. The project's major goal is to enable the identification, monitoring, and screening of high-risk patients, as well as the provision of appropriate supportive care based on individualized referral decisions.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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