Press release
Digital Twin Market Study Analysis with Forecast to 2031
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.
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A "digital twin" is a virtual machine that provides a real-time online rendition of a physical object or process. Simulation models and data intelligence are employed to profile, predict, and optimize the performance of industrial assets. Digital twins are an essential component of the industrial Internet of Things because they can automate the control and monitoring of industrial assets and processes, including product development, design and manufacturing planning, investment performance management, and business and operation optimization.
Digital siblings could be employed to develop predictive models and evaluate the probability of success before the release of physical prototypes. The pandemic has expedited the implementation of digital twin technology in various industries, including real estate, healthcare, telecom, and retail, thereby enhancing the market's development potential. It is also anticipated that using digital twin technology in conjunction with IoT, AI, and cloud computing will enhance market expansion.
In addition, organizations employ AI and Iao technologies to collect and analyze behavioural data from IoT devices and connected products. The digital twin model can then be used to replicate the functionality and use of the existing item by applying this information. This facilitates the monitoring of the efficacy of their work by product engineers and designers. Additionally, businesses employ artificial intelligence technologies and the Internet of Things to collect and analyze behavioural data from connected products and IoT devices. The digital twin paradigm can be used to replicate the functionality and use of the current device by applying this data.
List of Prominent Players in the Digital Twin Market:
• General Electric (U.S.)
• Hexagon AB
• Hitachi Ltd. (Japan)
• Honeywell (US)
• IBM Corporation
• ABB (Switzerland),
• Altair (US),
• ANSYS Inc. (U.S.)
• Autodesk Inc. (U.S.)
• AVEVA Group plc
• Bentley Systems (US)
• Dassault Systemes SE (France)
• Emerson (US),
• 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 potential for intrusions, security breaches, and data privacy concerns is also elevated by the increasing prevalence of cloud and IoT technology. The storage of asset data online is a requirement for digital duplicates that are constructed on the cloud, which poses a privacy risk. Companies are investing in process automation and product R&D as a result of the intense competition among market leaders to introduce innovative and cutting-edge products. Furthermore, numerous automobile manufacturers are employing interactive dashboards for automobiles on their websites to incorporate digital twin technology, which enables customers to customize their vehicles at their discretion. This facilitates the comprehension of consumer behavior and the modification of existing models by businesses.
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Challenges:
The necessity of qualified professionals renders it more challenging for businesses to develop and execute cybersecurity strategies. Consequently, the digital twin industry's expansion is expected to be impeded by the necessity for numerous small and medium-sized enterprises to allocate substantial resources to cutting-edge technology.
Regional Trends:
Due to the early availability and adoption of new technology, the North American digital twin market is anticipated to register a significant market share in revenue and is expected to grow at a high CAGR in the near future. The areas have some of the most sophisticated infrastructures in terms of sustaining emerging technologies like digital twins, which is the primary factor in the technology's widespread adoption. Additionally, in the Asia Pacific region, there was a significant market share. The expansion of this region is attributed to the established manufacturing and automotive sectors of the nations. The regional market is also driven by the growing demand for consumer products and the development of smart cities in the region. Furthermore, the expansion of the region would be facilitated by the proliferation of connected devices during the period of projection. The technology's pervasive adoption is primarily due to the sophisticated infrastructures in the areas that support emerging technologies such as digital twins.
Recent Developments:
• In December 2021- A collaboration between Renault Group and Dassault Systems was recently announced. The objective of the collaboration is to develop applications for new vehicles and other mobility services by utilizing the cloud-based 3DEXPERIENCE platform from Dassault Systems.
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Segmentation of Digital Twin Market-
By Industry
• Aerospace & Defense
• Automotive & Transportation
• Home & Commercial
• Healthcare
• Energy & Utilities
• Oil & Gas
• Agriculture
• Telecommunication
By Type
• System Digital Twin
• Product Digital Twin
• Process Digital Twin
• 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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