Digital Twin Market is Forecasted to Reach US$ 92.44 billion in 2028, Says Stratview Research

The global digital twin market is projected to witness a growth rate of 44.01% annually from 2023 to 2028, with an anticipated size of US$ 92.44 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global digital twin market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/934/digital-twin-market.html#form

Report Highlights:
Market Size in 2028: US$ 92.44 billion
Growth (CAGR): 44.01% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Digital Twin Market:

The global digital twin market is segmented based on industry type, digital twin type, technology type, and region.

Based on industry type - The digital twin market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after-service. In 2022, the automotive and transportation segments will account for more than 15% of the market. The automotive & transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment.

Based on digital twin type - The market is segmented as product digital twin, process digital twin, and system digital twin. The process segment is expected to grow at the fastest rate, with a CAGR of more than 35% in 2022.
The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/934/digital-twin-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is estimated to be the largest market, whereas Asia-Pacific is estimated to be the fastest-growing market with a CAGR of more than 40% in 2022. This growth outlook is majorly attributed to the following-

• Owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world.
• China and India are the growth engines of the Asia-Pacific region.

Digital Twin Market Drivers:

Some of the key drivers listed in the report are given below.
• Increased demand for predictive maintenance: Digital twins are used to monitor and predict the performance of assets in different industries. This helps to prevent unplanned downtime and reduce maintenance costs. According to General Electric Power (GE), leveraging digital twin solutions can help reduce reactive maintenance in less than 1 year by 40%, reduce time to achieve outcomes by 75%, and save up to $11 million by detecting and preventing failures.
• Adoption of Industry 4.0: The fourth industrial revolution is characterized by the use of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT). Digital twin technology plays a vital role in fulfilling various requirements of Industry 4.0, as they can be used to integrate and analyze data from these different technologies.
• Regulatory compliance requirements: In some industries, there are regulatory requirements that mandate the use of digital twins. For example, in the healthcare industry, digital twins can be used to simulate the performance of medical devices, which can help to ensure that they meet safety standards. The FDA approved the use of digital twins to simulate the performance of a new medical device, which helped to speed up the approval process.
• Growing Adoption in Multiple Industries: Owing to its benefits, digital twin technology has found applications across various industries, including manufacturing, healthcare, automotive, aerospace, energy, infrastructure, etc. This widespread adoption is driving market growth as more organizations recognize the benefits of digital twins in improving their operations, optimizing asset performance, and delivering better customer experiences.

Top Companies in the Digital Twin Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Ansys
• General Electric
• IBM
• Microsoft Corporation
• Oracle
• PTC
• Robert Bosch
• SAP
• Siemens AG
• SWIM AI Alubond U.S.A.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Digital Twin Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Industry 4.0 Market: https://www.stratviewresearch.com/2727/industry-4-0-market.html
• Machine Learning Market: https://www.stratviewresearch.com/2721/machine-learning-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.