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Digital Twin Market Size worth US$ 95 Billion by 2033 at of CAGR 34.3%: Fact.MR Research

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Rockville, Jan. 18, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global digital twin market is estimated to garner US$ 95 billion by 2033, growing rapidly at a 34.3% CAGR from 2023 to 2033.

A digital twin is a virtual representation of a real entity or system that follows it through its entire life cycle. It employs real-time data and data from other sources to allow learning, reasoning, and dynamic recalibration for better decision-making. It is a type of computer software that generates simulations based on real-world data in order to estimate how a process or product will perform.

Predictive maintenance has become a necessity in many industries, as malfunctions and outages/downtime result in high costs for any firm. This unanticipated interruption can be prevented by taking appropriate precautions and planning maintenance efficiently. Incorporating digital twin technology can improve this breakdown condition and reduce maintenance and manufacturing costs in a short period of time.

During product development, sensors are attached to the product, which generates data that allows simulations to foresee faulty scenarios, allowing professionals to analyze maintenance workflow, including testing with all types of conceivable fault conditions. As a result, more businesses are embracing digital twin solutions to transition to digital-driven asset management.

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The advent of digitalization in manufacturing is driving the global digital twin market. Manufacturing companies all around the world are investing in digitalization initiatives in order to improve operational effectiveness, productivity, and precision. Through changing consumer expectations and market situations, digitalization solutions, including digital twins, improve manufacturer responsiveness and agility.

  • According to an InfinityQS report, over 53% of firms are investing heavily in digital transformation technologies to enhance their operational capabilities.

As a result, increased adoption of digitalization technologies or practices in the manufacturing industry is likely to drive demand for digital twin solutions over the forecast period.

Technological development is a significant trend that is gaining traction in the global digital twin market. Major providers of digital twins are focusing on developing innovative technology solutions to increase their market position.

  • In February 2022, Once Concern, a provider of resilience-as-a-service solutions based in the United States, introduced Domino, a high-resolution digital twin solution that detects unusual changes in complicated networks and ecosystems such as transportation networks, power grids, and communities.

Key Takeaways from Market Study

  • The global digital twin market is worth US$ 5 billion in 2023.
  • The market is anticipated to evolve rapidly at a CAGR of 34.3% from 2023 to 2033 (forecast period).
  • The market for digital twins is set to reach US$ 95 billion by 2033.
  • The automotive and transportation segment is projected to advance at a CAGR of 20% during the forecast period.
  • North America captured 40% of the global digital twin market in 2022.

“Digital twin technology, in conjunction with artificial intelligence and machine learning capabilities, is supporting organizations across a wide range of industries in decreasing operational costs, increasing efficiency, improving performance, and transforming the way predictive maintenance is performed,” says a Fact.MR analyst.

Key Segments of Digital Twin Industry Research

  • By Type :
    • System
    • Product
    • Process
  • By End Use :
    • Residential & Commercial
    • Manufacturing
    • Automotive & Transport
    • Energy & Utilities
    • Agriculture
    • Healthcare & Life Sciences
    • Other End Uses

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Regional Analysis

In 2022, North America accounted for the largest market share, followed by Asia Pacific and Europe. The region has some of the most sophisticated infrastructures to support emerging technologies, such as digital twins, which is the primary cause for the technology’s widespread acceptance. Moreover, the early availability and adoption of new technologies have contributed to the North American market’s rise in recent years.

Competitive Landscape

The global market for digital twins is highly competitive. Key players in the digital twin market are implementing a variety of strategies, including strategic agreements & contracts, mergers & acquisitions, and developing, testing, and introducing more effective digital twin solutions. Moreover, several startups are entering the market with innovative offerings.

  • Digital Construction Works, a startup based in the United States, provides DCW, a digital twin integration platform for construction firms. The platform converts every job site into a digital twin by utilizing several third-party databases. This, in turn, streamlines construction progress tracking, simplifies downtime management, and accelerates project completion.
  • Amazon Web Services and ANSYS established a strategic partnership in February 2022 to revolutionize cloud-based engineering simulations. The collaboration will enable ANSYS products to be installed on AWS, making simulation workloads easier while also delivering flexibility and scalability through easy access to storage solutions and software via any web browser. ANSYS can incorporate AWS’ complete framework, which covers items such as storage, computation, digital twin, IoT, machine learning, and analytics.

Key Companies Profiled

  • ABB Ltd
  • Accenture plc
  • ANSYS, Inc
  • AT&T Inc
  • AVEVA Group plc
  • Bentley Systems, Incorporated
  • General Electric (GE Digital)
  • IBM Corporation
  • Microsoft Corporation

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global digital twin market, presenting historical demand data (2018–2022) and forecast statistics for the period 2023–2033.

The study divulges essential insights on the market on the basis of type (system, product, process) and end use (residential & commercial, manufacturing, automotive & transport, energy & utilities, agriculture, healthcare & life sciences, other end uses), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

Check out more related studies published by Fact.MR Research: 

Digital Audio Decoders Market: The rapid increase in digital data usage in several real life applications has paved the way for new and highly effective approaches and technologies, like digital audio decoders. Digital audio decoder is a computer program (in case of software) or a device (in case of hardware) that can decode audio easily. In software, digital audio decoder implements a procedure that decompresses the digital audio data in accordance with the given streaming media audio coding format. In hardware, digital audio decodes digital signals into analog.

Digital Audio Processor Market: The audio industry is evolving and witnessed an immense flourishing growth over the last two decade attributed to expanding media and entertainment industry across the globe. The intent behind deploying digital audio processor is to decode the digital audio signals in context to adorn the sound quality or to decode the surround sound format for home theaters which enhance the overall audio experience of consumers. Digital audio processor has a great potential to expand in the global market on the back of emerging audio technologies in entertainment and media industry.

Digital Audio Workstations (DAWs) Market: The global digital audio workstations (DAWs) market is poised to increase at a steady CAGR of 6%, reaching US$ 1.85 Bn by 2032 from US$ 1.04 Bn in 2022. Several reasons, including the increased popularity of cloud-based audio workstations and the expanding digitalization of instruments, are likely to drive demand for digital audio workstations (DAWs) during the next 5 years.

Digital Battlefield Market: The digital battlefield market is expected to grow at a 14% CAGR from 2022 to 2032, from US$ 35 Bn in 2022 to US$ 129.75 Bn by 2032. AI innovations in digital battlefields in the defense sector will be key to the growth of market players over the coming years. Modern warfare and military combats across countries are being redefined with technology. The flow of information across military hierarchies has led to the evolution of defined horizontal and vertical communication. Budget planners and countries across the world have been increasing the proportion of digital battlefield technology share in their overall military and defence budgets.

Digital Door Lock System Market: The global digital door lock system market is likely to reach a valuation of around US$ 9 Bn in 2022. The sales of digital door lock system are slated to accelerate at a steady CAGR of 18% to top US$ 47 Bn by 2032. The advancement of fundamental technologies such as internet of things, artificial intelligence, cloud-based applications, big data, and others is driving the growth of smart lock industry. These cutting-edge technologies will be essential players in development of new smart door locks with a variety of features.

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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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Artificial Intelligence

Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024

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HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.

Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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Artificial Intelligence

London Blockchain Conference Launches the No Future Campaign

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LONDON, April 26, 2024 /PRNewswire/ — The London Blockchain Conference is excited to announce the launch of its ground-breaking, ‘No Future Campaign’. This initiative aims to create a strong narrative surrounding blockchain technology by challenging perceptions and sparking conversations. By creating this platform, the campaign aims to instil a fear of missing out (FOMO) sensation among the audience, positioning the London Blockchain Conference as a gateway to securing a stake in the future and unlocking the potential of blockchain technology.

With a bold and evocative narrative theme, the campaign will initially confront the audience with a jarring reality check of “NO FUTURE” and then resolve the statement “WITHOUT BLOCKCHAIN” to spark curiosity and engagement with the optimistic revelation that blockchain holds the key to a prosperous future.
The ‘No Future Campaign’ started on 17 April 2024 with the London Blockchain Conference creating and executing content on/with media platforms and partnerships:
Wharf Life inserts (17/04/2024) – Print and a digital advert/editorial-sponsored pieces.Animations being released on paid and organic channels in a 3-week campaign.Alex Stein, Conference Director said, “The No Future Campaign is a call for individuals, enterprises, and governments to recognise the importance and role of blockchain in shaping the future. Through the London Blockchain Conference, we aim to educate and inspire attendees to understand and harness the potential of blockchain technology.”
The three-day London Blockchain Conference at the ExCel will bring together politicians, business leaders, and innovators. The conference will be running from 21 – 23 May 2024 and will focus on disruptive and real-world applications of blockchain technology and the impact it is having on politics, emerging technologies, and enterprises.
For more information about the ‘No Future campaign’, visit the London Blockchain Conference website.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE. 
 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 
 
 

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