Digital Twin Market Expected to Reach USD 64.76 Billion by 2030 with a CAGR of 33.30% – Report by Market Research Future (MRFR)

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New york, US, May 24, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Digital Twin Market Information by Type, Technology, End-user, and Region – Forecast till 2030”, Digital Twin Market could thrive at a rate of 33.30% between 2022 and 2030. The market size will be reaching around USD 64.76 Billion by the end of the year 2030.

Market Synopsis:

A digital twin is a virtual model of a physical product, process, or system that enables the user to simulate, analyse, and optimize its performance. Digital twin technology has been gaining traction in industries such as manufacturing, automotive, aerospace, healthcare, and energy, among others, as it allows businesses to improve their operations, reduce downtime, and cut costs.

The digital twin market is expected to grow significantly in the coming years, driven by several factors such as the increasing adoption of the Internet of Things (IoT), cloud computing, and big data analytics. The ability of digital twin technology to enable predictive maintenance and reduce unplanned downtime is a key driver of the market. By creating a virtual model of a physical asset, businesses can predict potential issues and address them before they become major problems.

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Market Competitive Landscape:

The affluent companies in the Digital Twin industry include.

• General Electric
• AI
• IBM
• Siemens AG
• PTC
• Microsoft Corporation
• ANSYS
• Oracle
• SAP
• Robert Bosch

Latest Industry Updates:

• June 2021 – FARO Technologies Inc. acquired HoloBuilder to add reality-capture photo documentation and remote access capability to their 3D point cloud-based laser scanning technology, creating the industry’s first end-to-end Digital Twin solution.
• March 2021 – The Lamina Tower partnered with Cityzenith LLC to create a multi-purpose digital twin of the ultra-luxury residential condominium tower in the Middle East, using the SmartWorldOS Digital Twin desktop application. The digital twin provided a 3D view of the property and surroundings, along with other requirements.

Scope of the Report – Digital Twin Market:

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Market USP Covered:

Market Drivers:

The driver of the digital twin market is the increasing use of simulation and modelling tools in product design and development. Digital twin technology enables designers and engineers to simulate different scenarios and optimize product performance, which can lead to faster time-to-market, reduced costs, and improved product quality.

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Market Restraints:

The high cost of implementation and the lack of skilled professionals to operate the technology are significant restraints on the growth of the digital twin market. The technology requires a significant investment in hardware and software infrastructure, which can be a barrier for smaller businesses. Additionally, the shortage of skilled professionals who can design, develop, and operate digital twin systems is a major challenge for the market.

COVID 19 Analysis:

The COVID-19 pandemic has had both positive and negative impacts on the digital twin market. On the positive side, the pandemic has increased the demand for digital twin solutions as businesses look for ways to operate remotely and efficiently. The need to maintain social distancing measures has also resulted in an increased need for digital twin solutions that can remotely monitor and control operations. On the negative side, the pandemic has disrupted supply chains and resulted in a slowdown of several industries, which has impacted the adoption of digital twin solutions. Additionally, the economic uncertainty caused by the pandemic has resulted in a reduction in investment in new technology, including digital twin solutions. Overall, the impact of the pandemic on the digital twin market is complex and multifaceted.

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Market Segmentation:

• By Type – The types in the market include Parts Twin, Product Twin, Process Twin, and System Twin.
• By Technology – By technology, the segment includes IoT and IIoT, 5G, Big data analytics, Blockchain, and Artificial intelligence.
• By End-User – By end-user, the segment includes Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial, IT and Telecom, and Others.

 Regional Insights:

The North American region is expected to hold a significant share of the Digital Twin market due to the increasing demand for connected devices, the adoption of IoT technologies, and advancements in cloud computing technologies. The presence of several major companies such as Microsoft, IBM, and GE in the region is also driving the market growth. Further, Europe is expected to witness substantial growth in the Digital Twin market owing to the increasing adoption of Industry 4.0 technologies, the presence of a large number of automotive and aerospace companies, and the growing focus on smart manufacturing. Germany, France, and the UK are some of the key countries contributing to the growth of the Digital Twin market in this region.

Additionally, the Asia Pacific region is expected to witness significant growth in the Digital Twin market due to the increasing adoption of IoT and cloud technologies, the growing focus on smart cities and infrastructure development, and the presence of several major manufacturing companies in the region. China, Japan, and India are some of the key countries contributing to the growth of the Digital Twin market in this region.

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About Market Research Future:

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