Digital Twin Market Share & Size Worth USD 270.06 Billion in 2032 | Emergen Research
The Global Digital Twin Market Report presents an exhaustive analysis of the Digital Twin market and offers investors, stakeholders and business strategists’ valuable insights on the forecast period 2022-2032. The report on the Global Digital Twin Market presents the growth rate and market value projected to be reached by the market in the coming years
digital twin market size was USD 11.19 Billion in 2022 and is expected to register a steady revenue CAGR of 37.4% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of data analytics, Internet of Things (IoT) and Machine Learning (ML) and application of digital twins in various industries, such as manufacturing and healthcare sectors and increasing funding and investment toward early-stage startup companies developing digital twin software and solutions are key factors driving market revenue growth.
Recent years have seen rapid developments in the information and communication technology sector, with the industry projected to grow substantially in revenue over the next five years. ICT industry technology advancements, increasing adoption of advanced and latest devices, an increasing number of consumers using these devices, and high internet penetration worldwide are expected to drive global market revenue growth throughout the forecast period
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Development of digital twins of actual objects, systems, or procedures is one of the most well-liked technological trends currently. Digital twin integrates ideas from Artificial Intelligence (AI), Internet of Things (IoT), metaverse, and Virtual Reality and Augmented Reality (VR/AR). Digital twin has applications in precision medicine and digital agriculture, engineering design of complex machinery, and immersive 3D environments. Leading technology companies, such as Amazon Web Services (AWS), are focusing on lowering costs and simplifying deployment of this technology, along with introduction of AWS IoT TwinMaker, which makes it simpler and more accessible for businesses of all shapes and sizes to create their own digital twin. Digital twin is significant in development of 6G networks from 5G communication services because these allow users to explore and view the real world without any spatial limits. The industry has started utilizing digital twin technologies to increase asset performance and Return On Investment (ROI) through remote operations and production assurance, which has a major effect revenue growth of this industry.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Digital Twin market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others
Key Companies Profiled in the Report are:
IBM Corporation, ANSYS, INC., SIEMENS., Microsoft, General Electric, Emerson Electric Co., Bosch Global Software Technologies Private Limited, Rockwell Automation, Amazon Web Services (AWS), Inc., and PTC.
Key Highlights From the Report
- The large sized enterprises accounted for largest revenue share in the global digital twin market in 2022. This is because large-scale businesses can make quick adjustments and decisions on launches, recalls, and changes by using digital twins to run simulations prior to bulk manufacturing, distribution, or modifications. These businesses are utilizing digital twin technology to use various characteristics and elements for creating a product, program, or technical service. Large organizations across industries can now more easily use the potential of digital twins.
- Concepts of I4.0 have been adopted by major corporations, such as Tesla, General Electric, Siemens, and others, by fusing physical production and operation with smart technology, Artificial Intelligence (AI), big data, and Digital Twin (DT) model to ensure better connectivity and continuity of workflow and increase productivity, efficiency, and competitiveness. These are some of the major factors driving revenue growth of this segment.
- The services & solutions segment is expected to register steady fast revenue growth rate in the digital twin market during the forecast period. Digital twin solutions are used to build digital replicas and models of people, healthcare institutions, and medical instruments. Major goals of these solutions are monitoring, analyzing, and forecasting concerns including individualized care delivery, proactive maintenance of healthcare facilities, and rising Research & Development (R&D).
- Such solutions would eliminate inefficient company processes and allow data-driven decision-making. Internet of Things (IoT) has a significant impact on business because of digital twin solutions’ sophisticated asset and process monitoring and control system. A virtual replica of the full value chain or a single machine is used to mimic, test, and optimize processes and functionalities without harming the business. These services also optimize business strategy and manufacturing machine maintenance, driving revenue growth of this segment.
- The North America market accounted for largest revenue share in the global digital twin market in 2022. This is due to rising number of strategic initiatives and partnerships by digital twin provider companies located in this region. For instance, on 12 October 2022, Capgemini announced a partnership with Microsoft to develop ReflectIoD, a first-of-its-kind cloud-industry, serverless Azure-based digital twin platform.
- This secure and highly scalable platform will use best-in-class architecture and technological components from Microsoft’s Azure cloud suite to transform an organization’s work and maintenance agility, enabling intelligent industry and driving long-term business benefits. Furthermore, increasing strategic partnerships between major companies for sustainable implementation of digital twin for local city projects is also expected to drive market revenue growth in this region.
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The report bifurcates the Digital Twin market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Emergen Research has segmented global digital twin market on the basis of end-use, organization size, component type, and region:
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Automotive & Transportation
- Energy & Utilities
- Retail & Commercial Goods
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small & Medium Sized Enterprises (SMEs)
- Large Enterprises
- Component Type Outlook (Revenue, USD Billion; 2019-2032)
- Services & Solutions
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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