Global Digital Twin Market Size, Share, Growth Analysis, By Solution(Component, Process), By End-Use(Manufacturing, Healthcare) - Industry Forecast 2024-2031

Q: What is the global market size of Digital Twin Market?

Global Digital Twin Market was valued at USD 9.50 billion in 2022 and is poised to grow from USD 13.34 billion in 2023 to USD 202.63 billion by 2031, growing at a CAGR of 40.5% during the forecast period (2024-2031).

Report ID: SQMIG45I2130 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 75

Global Digital Twin Market Insights

Digital Twin Market was valued at USD 9.50 billion in 2019 and is poised to grow from USD 13.34 billion in 2023 to USD 202.63 billion by 2031, growing at a CAGR of 40.5% during the forecast period (2024-2031).

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 Digital Twin Market Report Snapshots

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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. 'Siemens AG', 'IBM Corporation', 'Microsoft Corporation', ' General Electric Company ', ' PTC Inc. ', ' ANSYS Inc. ', ' Dassault Systèmes ', ' Oracle Corporation ', ' SAP SE ', ' Schneider Electric SE ', ' Bentley Systems, Incorporated ', ' Altair Engineering, Inc. ', ' AVEVA Group plc ', ' Autodesk, Inc. ', ' Honeywell International Inc. ', ' Robert Bosch GmbH ', ' Rockwell Automation, Inc. ', ' ArcGIS ', ' NVIDIA Corporation ', ' Wipro '

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.

The market trend that is essential for digital twin adoption is the involvement of AI and ML engines in digital twin platforms. This shows that the industry is trying to getting the most out of such available information as a result of advanced analytics that they can use to derive the useful meaning from the gush of information. AI and ML features imbedded into the digital twin solution may enable autonomous analysis of data, detection of patterns, prediction of future scenarios, and course of action recommendation anytime a need arises. This is not only shortening the decision process but also giving a possibility to proactive decision making which means that operational efficiency will increase, downtime decreases, and processes across industries become better.

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.

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Global Digital Twin Market Size, Share, Growth Analysis, By Solution(Component, Process), By End-Use(Manufacturing, Healthcare) - Industry Forecast 2024-2031

Global Digital Twin Market Insights

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