Ameliorate Digital Consultancy) The global digital twin market is valued at US$ 5 billion in 2023 and is predicted to touch US$ 95 billion by 2033, expanding at a stupendous CAGR of 34.3% during the forecast period (2023–2033).
Any physical asset, system, or process can have a virtual twin called a“digital twin” that can be utilised to assure predictive maintenance and lessen outages over a predetermined time frame. Multiple Internet of Things (IoT) sensors are used to create a digital twin that collects real-time data generated during the product development process and learns, assesses, and updates itself based on working conditions. At each stage of the design process, engineers can enhance the performance of a product by looking at and altering the physical design of the prototype.
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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.
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
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
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Questionnaire answered in the Market outlook Report of Digital Twin include:
- What is the key strategy deployed by large players to maximize Digital Twin Market growth?
- What are the main challenges faced by players in the Digital Twin market Demand?
- With the advent of technological advancement, how will the Digital Twin market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Digital Twin market size?
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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).
