USD 8.08 billion
Report ID: SQSG45I2023 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 118 | Figures: 77
Digital Twin Market size was valued at USD 8.08 billion in 2021 and is poised to grow from USD 11.12 billion in 2022 to USD 155.83 billion by 2030, growing at a CAGR of 37.5% in the forecast period (2023-2030).
Integration of digital twin technology with other technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing is likely to drive the market growth even more. Organizations using IoT and AI technologies to capture and analyse behavioural data from existing IoT devices and connected products, which can then be applied to a digital twin model to imitate the performance and use of existing device. This aids product engineers and designers to monitor product performance and identify any flaws. Besides, other features such as forecasting future iterations, device lost and found trackers, and etc., offer major benefits. Organizations can improve operations and system productivity by deploying these technologies, which improves total product performance.
While the world has begun to recover, there is still a lot of uncertainty about the spread of new COVID-19 variations. As a result, a number of countries are likely to use digital twin technology as part of their economic reform efforts. Before actual prototypes are rolled out, digital twins could assist construct predictive models and estimate the likelihood of success. The pandemic has spurred the use of digital twin technology in a variety of verticals outside of manufacturing, such as real estate, healthcare, communications, and retail, boosting the market's development potential.
US Digital Twin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.08 billion
Design & Development
Design & Development
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Digital twin market is segmented based on end use, type, solution, application, industry and region. Based on end use, the market is further sub-segmented into manufacturing, agriculture. According to the solution category, the market is segregated into components, process and system. Based on application, the market is further sub-segmented into predictive maintenance, business optimization. Based on industry, the market is further sub-segmented into aerospace, automotive & transportation, healthcare, infrastructure, energy & utilities. Based on region, the global market is further sub segmented into North America, Europe, Asia Pacific, and Rest of the World.
Digital Twin Market Analysis by Application
During the forecast period, the digital twin market for product design & development applications is expected to be dominated by the aerospace sector. Additionally, from 2023 to 2030, it is expected to expand at a significant CAGR. Along with cloud computing, internet of things, machine learning, and artificial intelligence, digital twin is one of the developing technologies utilized in product design and development. Real part design and development in the aerospace industry need a staggering amount of capital. Even designing prototypes is expensive. Aerospace businesses utilize digital twins in R&D to better the engineering of new parts by enabling them to simulate their performance in a variety of scenarios. To build one or more crucial systems, including the airframe, propulsion and energy storage systems, avionics, and thermal protection system, the aerospace industry uses digital twins.
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During the projected period, North America is expected to grow at a rapid rate. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. Furthermore, significant providers including IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others are present in the United States and Canada. To boost their product offerings and expand their customer base, market players are merging and partnering with technology providers.
Siemens AG and IBM Corporation announced the availability of an advanced solution that integrates aspects of the IBM Maximo portfolio and Siemens Xcelerator, as part of their long-term relationship. To increase production capacity, the solution is utilized to strengthen Service Lifecycle Management (SLM) assets by building a digital thread between equipment manufacturers, product design, and project owners.
During the projection period, Asia Pacific is expected to grow at the fastest rate. End-users in China, India, Japan, South Korea, and other countries are increasing their venture capital investment in twin technologies. Similarly, the presence of a large number of industries in the region, such as automotive and transportation, manufacturing, energy and utilities, and others, is expected to help market growth. China is the world's most technologically advanced country.
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Digital Twin Market Driver
A growing number of materials are now 3D printable, thanks to the significant advancements in 3D printing. Some materials will warp during the 3D printing process that demand a prolonged time for trial and error. As a result, the cost rises for printing parts and the time it takes to print them. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model.
Digital Twin Market Restraints
In industries, the demand for twin solutions based on technologies such as the Internet of Things, Big Data, cloud, and artificial intelligence is increasing. The approach entails the combination of several loT sensors and other digital technologies in order to create the physical twin. There is an increased danger of security, compliance, and data protection, as the number of loT sensors and programmable electrical devices grows.
Due to a lack of privacy-related constraints, there may be a large risk of an anonymous individual or a hacker easily acquiring the information of mechanisms. In the healthcare, government, and critical infrastructure sectors, rising concerns about privacy and security are expected to affect demand. This will most likely to affect the market share.
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Companies are investing in product R&D and process automation as a result of intense competition among major competitors to introduce improved and innovative products. Furthermore, numerous car firms are implementing digital twin technology to boost consumer interaction by utilising interactive automobile dashboards on websites that allow buyers to modify automobiles at their leisure. This enables businesses to better understand consumer behaviour and make modifications to existing models.
Digital Twin Market Top Player's Company Profiles
Digital Twin Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global digital twin market report analysis, in 2022, the product twin market led the global digital twin market. With a higher market share, North America is expected to dominate the global market. With the increasing adoption of Internet of things, electronic manufacturing equipment in healthcare and automotive have emerged as major trends in this market.
|Market size value in 2021||USD 8.08 billion|
|Market size value in 2030||USD 11.12 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Twin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Twin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Twin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Twin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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