The global Digital Twin Market size is projected to reach USD 155.83 billion by 2030, registering a CAGR of 37.5% from 2023 to 2030, according to a new study by Grand View Research Inc. Digital twin technologies were primarily developed and deployed in manufacturing, aerospace, and automotive sectors for designing and simulating component and system twins. However, the rising need for virtualization and automation as well as the emergence of technologies such as the Internet of Things (IoT) and artificial intelligence has opened up new avenues for digital twin solution providers across industries such as retail, real estate, banking and finance, and healthcare, thereby driving the market growth.
Digital twins enable enterprises to create virtual
representations of their existing workflow patterns, which can be then observed
and optimized to reduce operational costs. The retail and residential sectors
are expected to witness increased adoption of digital twin technologies with an
increasing focus on optimizing vendor-to-customer supply chains, sales forecasts,
and the development of smart city projects. The emergence of such varied
applications has increased the demand for tailor-made solutions across end-use
industries to address specific requirements, which is anticipated to fuel
market growth.
The COVID-19 pandemic has expedited the adoption of
digital twin technology across several industries owing to social distancing
norms in place. As offices are on the verge of reopening, several firms are
expected to adopt the technology to facilitate employee safety by creating
digital twins of workplaces and modifying furniture, workplaces, and sitting
arrangements, among other applications. Additionally, the healthcare sector has
witnessed a surge in the adoption of digital twin technology to create virtual
replicas of infected patients and use them for future research. For instance,
in May 2021, Dell Technologies partnered with i2b2 tranSMART Foundation to
create digital twins using de-identified patient data. The digital twin is then
expected to help researchers perform innumerable treatment simulations for
future treatments, which may help mitigate the spread of the disease.
Related Press Release@ Digital Twin Market Report
Digital Twin Market Report Highlights
- In terms of end use, the automotive & transport sector is
expected to register the fastest growth rate of more than 40% during the
forecast period. Increasing developments in electric and connected
vehicles are the prime factors driving the adoption of digital twin
technology in the automotive sector
- In terms of solutions, the system segment held the highest revenue
share of more than 42% in 2022. The high deployment of digital twins in
the automotive, manufacturing, and aerospace sectors to enhance existing
engine models and manufacturing lines can be attributed to the segment’s
high market share
- Asia Pacific is expected to register the fastest growth in the
forecast period owing to the presence of well-established automotive and
manufacturing industries and the rising proliferation of connected devices
- Key players in the market are adopting inorganic strategies to
acquire a larger market share and kill competition. For instance, in April
2021, Hexagon AB acquired CADLM, a design software company based in
Wissous, France. The acquisition was aimed at leveraging CADLM’s
technology and expertise in AI to enhance Hexagon AB’s Smart Manufacturing
autonomous and digital twin capabilities. Furthermore, manufacturers would
also be able to use digital twin for image recognition, predictive
simulation, and fault prediction to address issues with downtime, quality,
and flexibility throughout the manufacturing process
List of Key Players of the Digital Twin Market
- ABB
- AVEVA Group plc
- Dassault Systemes
- General Electric
- Hexagon AB
- IBM Corporation
- SAP
Some Other Next Generation Technology Reports @
Infrastructure Monitoring Market
Digital Twin Market Segmentation
Grand View Research has segmented the digital twin
market report based on end-use, solution, and region:
Digital Twin End-use Outlook (Revenue, USD Million, 2018
- 2030)
- Manufacturing
- Agriculture
- Automotive & Transport
- Energy & Utilities
- Healthcare & Life Sciences
- Residential & Commercial
- Retail & Consumer Goods
- Aerospace
- Telecommunication
- Others
Digital Twin Solution Outlook (Revenue, USD Million, 2018
- 2030)
- Component
- Process
- System
Digital Twin Regional Outlook (Revenue, USD Million, 2018
- 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin Americ
- Middle East & Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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