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Digital Twin Technology Market Size, Trends, Share Analysis, Size And Forecast To 2033
Digital Twin Technology Market Size
As per the report, the digital twin technology market size has grown exponentially in recent years. It will grow from $11.24 billion in 2023 to $14.97 billion in 2024 at a compound annual growth rate (CAGR) of 33.2%. The digital twin technology market size is expected to see exponential growth in the next few years. It will grow to $47.40 billion in 2028 at a compound annual growth rate (CAGR) of 33.4%.
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IoT Devices Adoption Fuels The Digital Twin Technology Market Expansion
The increasing adoption of IoT devices is expected to propel the growth of the digital twin technology market going forward. IoT (Internet of Things) devices are specialized hardware devices, such as sensors, actuators, and appliances, that communicate wirelessly with a network to gather, exchange, and process data. The demand for IoT (Internet of Things) devices is increasing due to enhanced connectivity, digital transformation, convenience and efficiency, safety, and security. IoT devices collect real-time data on a variety of characteristics, such as temperature, pressure, and usage patterns, which digital twins utilize to generate virtual models. With continuous data streaming, digital twins provide real-time monitoring, allowing businesses to optimize operations and detect challenges in advance. For instance, in May 2022, according to a report from the GSM Association, a UK-based non-profit industry organization that represents the interests of mobile network operators worldwide, there will be over 23 billion connections on the Internet of Things (IoT) by 2025, compared to 15.1 billion in 2021. Therefore, the increasing adoption of IoT devices is driving the growth of the digital twin technology market.
Revolutionizing Infrastructure Management With AI-Driven Digital Twin Solutions
Major companies operating in the digital twin technology market are focused on developing next-generation technological solutions, such as AI-enabled digital twin platforms, to digitize and analyze critical infrastructure assets. An AI-enabled digital twin platform refers to a sophisticated software system that integrates artificial intelligence (AI) capabilities into the creation and management of digital twins. For instance, in March 2024, Looq AI, a US-based software company, launched its AI-enabled digital twin technology, the Looq platform. It is a one-stop solution for surveyors, engineers, contractors, and asset owners to digitally map the physical world's infrastructure in minutes with survey-grade precision, allowing them to create and maintain a safer, more sustainable, and electrified future. The Looq platform is driven by a handheld 'Q' camera, which combines four high-resolution cameras, survey-grade GPS, and an AI processor. This gives nearly 360-degree coverage, allowing for quick data gathering. The Looq platform offers a complete end-to-end workflow, allowing project teams to engage with created digital twins and AI-derived data to fulfill engineering, surveying, analysis, and coordinating activities.
The digital twin technology market covered in this report is segmented -
1) By Type: Product Digital Twins, Process Digital Twins, System Digital Twins, Asset Performance Digital Twins, Other Types
2) By Application: Predictive Maintenance, Product Design And Development, Supply Chain Optimization, Remote Monitoring And Control, Performance Optimization
3) By End-User Industry: Manufacturing, Energy And Utilities, Transportation And Logistics, Healthcare, Other End Users
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Major companies operating in the digital twin technology market are Microsoft Corporation, Siemens AG, General Electric Company, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Limited, NTT DATA Corporation, Infosys Limited, Emerson Electric Co., Dassault Systèmes, Hexagon AB, Autodesk Inc., ANSYS Inc., PTC Inc., Bosch Global Software Technologies Private Limited, AVEVA Group Limited, Bentley Systems Incorporated, TIBCO Software Inc., L&T Technology Services Limited, Altair Engineering Inc., Digital Twin Consortium
Contents of the report:
1. Executive Summary
2. Digital Twin Technology Market Report Structure
3. Digital Twin Technology Market Trends And Strategies
4. Digital Twin Technology Market - Macro Economic Scenario
5. Digital Twin Technology Market Size And Growth
…..
27. Digital Twin Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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