According to IMARC Group latest report titled “Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on digital twin market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global digital twin market size reached US$ 13.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 71.9 Billion by 2028, exhibiting a growth rate (CAGR) of 31.34% during 2023-2028.
What are digital twin?
A digital twin is the virtual replica of any physical asset, process, and system that can ensure predictive maintenance and reduce outages over a stipulated time. It is developed with multiple IoT sensors that collect the real-time data generated in the product development phase and learns, analyze, and update itself according to working conditions. It includes four core technologies, the Internet of Things (IoT), cloud, Extended Reality (XR), and artificial intelligence. These are used to create a digital representation, collect, and store real-time data, and provide essential insights based on the information gathered.
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What are the growth prospects and trends in the digital twin industry?
The global market is majorly driven by increasing demand for twin solutions across the healthcare and life science sector. Digital twins are widely deployed across the pharmaceutical industry to estimate the conclusion of procedures, resulting in fewer physical and real-world tests or process completions. Furthermore, the widespread adoption of 3D simulation and 3D printing software is creating a positive outlook for the market. Apart from this, the rising usage of a digital twin for predictive maintenance and the growing adoption of IoT and cloud-based solutions are other growth-inducing factors. Moreover, escalating utilization of digital twins in the manufacturing sector to optimize production performance is positively influencing the market. Besides this, the increasing urge to adopt digital solutions in product development processes to reduce downtime is catalyzing the market. Additionally, the growing potential of users to invest in digital solutions to survive in competitive markets is providing a boost to product demand.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- ABB Ltd
- Accenture Plc
- ANSYS Inc.
- AVEVA Group plc (Schneider Electric)
- Cal-Tek Srl
- Dassault Systèmes
- General Electric Company
- International Business Machines Corporation
- Microsoft Corporation
- PTC Inc.
- SAP SE
- Siemens AG
Digital Twin Market Segmentation:
Our report has categorized the market based on region, type, technology and end use industry.
Breakup by Type:
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
Breakup by Technology:
- IoT and IIoT
- Artificial Intelligence and Machine Learning
- Augmented Reality, Virtual Reality and Mixed Reality
- Big Data Analytics
Breakup by End Use:
- Aerospace and Defense
- Automotive and Transportation
- Energy and Utilities
- Oil and Gas
- Residential and Commercial
- Retail and Consumer Goods
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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