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.
Download a Free Sample Copy of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=8252
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 :
- By End Use :
- Residential & Commercial
- Automotive & Transport
- Energy & Utilities
- Healthcare & Life Sciences
- Other End Uses
Get Customization on this Report for Specific Research Solutions – https://www.factmr.com/connectus/sample?flag=RC&rep_id=8252
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.
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
Explore Our Safe & Secure Payment Options for Quick Buy – https://www.factmr.com/checkout/8252
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.
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Email: [email protected]
Tel: +1 (628) 251-1583