New York, June 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Digital Twin Global Market Report 2022” – https://www.reportlinker.com/p06286072/?utm_source=GNW
AI Inc., Hexagon AB, TIBCO Software Inc., and SAS Institute Inc.
The global digital twin market is expected to grow from $7.86 billion in 2021 to $10.99 billion in 2022 at a compound annual growth rate (CAGR) of 39.74%. The digital twin market is expected to reach $41.77 billion in 2026 at a CAGR of 39.64%.
The digital twin market consists of sales of the digital twin by entities (organizations, sole traders, and partnerships), that refers to a digital virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and assists decision-making via simulation, machine learning, and reasoning.It will assist engineers and operators in understanding not only how items currently work, but also how they will perform in the future.
These software’s or solutions can create these predictions by analyzing data from linked sensors and combining it with information from other sources.
The main types of digital twin include product digital twin, process digital twin, and system digital twin.The product digital twin are used as a virtual version of a real product or process to understand and predict the performance characteristics of the physical equivalent.
These solutions bring together data from all stages of the product and manufacturing lifecycles.The technologies used in digital twin includes IOT and IIoT, artificial intelligence and machine learning, augmented reality, virtual reality, and mixed reality, big data analytics, 5G.
The applications of digital include manufacturing, energy & power, aerospace, oil & gas, automobile, and other applications.
North America was the largest region in the digital twin market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital twin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The emergence of digitalization in manufacturing is driving the global digital twin market.Manufacturing units across the globe are investing in digitalization strategies to increase their operational efficiency, productivity and accuracy.
These digitalization solutions including digital twin are contributing to an increase in manufacturer responsiveness and agility through changing customer demands and market conditions.For instance, according to the study published by InfinityQS, more than 52% of manufacturers are actively investing in digital transformation technologies to enhance their operational capabilities.
Thus, the increase in adoption of digitalization technologies or practices in the manufacturing sector is expected to boost demand for digital twin solutions during the forecast period.
Technological advancement is a key trend gaining popularity in the digital twin market.Major companies operating in the digital twin sector are focused on developing new technological solutions to strengthen their position in the digital twin market.
For instance, In February 2022, Once Concern, a US-based provider of resilience-as-a-service solutions, launched Domino, a high-resolution digital twin solution that identifies abnormal changes in complex networks and ecosystems including the power grid, transportation networks, and communities.In January 2021 DIGIPREDICT develops digital-twin technology improving diagnostics methods for COVID-19.
The project’s major goal is to enable the identification, monitoring, and screening of high-risk patients, as well as the provision of appropriate supportive care based on individualized referral decisions.
In December 2021 Siemens AG, a Germany-based multinational conglomerate corporation acquired EcoDomus, a California-based provider of digital twin software for an un-disclosed mount.Through this acquisition EcoDomus, will be part of siemens and operates under the brand of Siemens.
This acquisition also helps Siemens Smart Infrastructure expand its digital building portfolio, including its cloud-based building operations twin software and its flagship building management platform Desigo CC.
The countries covered in the digital twin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06286072/?utm_source=GNW
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