Digital Twin Market Expected to Reach $110,941.6 Million by 2030 | Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-06  

     

As per Business Intelligence Insights (BII) study, the global Digital Twin Market attained revenue growth of USD 3,295.8 million in 2021 and it is projected to reach around USD USD 110,941.6 million by 2030, growing at a 55.2% CAGR.

The growing demand for digital twins in the healthcare and pharmaceutical industries as a result of the COVID-19 pandemic, the evolving nature of maintenance, as well as the increasing usage of digital twin solutions to combat the COVID-19 pandemic, are driving the digital twin market's rise.. A digital twin is a virtual duplication of any physical asset, process, or system that can be used to ensure predictive maintenance and reduce outages over a specified time period. As a result, a digital twin is created using several IoT sensors that collect real-time data generated during the product development phase and learn, analyze, and update itself based on working conditions.

The integration of digital twin technology with technologies such as IoT, AI, and cloud computing is likely to increase market growth even further. Several firms are focusing on using digital twin solutions to streamline their supply chains and operational operations in order to recover from the pandemic's economic damages. As a result, cloud providers such as Microsoft Azure and Google Cloud are focusing on developing a variety of cloud-based digital twin solutions for industry players in order to provide easy access and customizable solutions. Due to COVID-19, industry participants are facing numerous issues in areas such as health and safety, supply chain, supplier resilience, labor shortages, and others. In the current context, manufacturers in the sector require real-time visibility across company boundaries and all the way down the supply and demand chain. This is possible because of digital twin technology.

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Digital Twin Market: Companies Mentioned

  • General Electric (US)
  • IBM (US)
  • PTC (US)
  • Microsoft Corporation (US)
  • Siemens AG (Germany)
  • ANSYS (US)
  • SAP (Germany)
  • Oracle (US)
  • Robert Bosch (Germany)
  • SWIM.AI (US).

Key Highlights of the Report

  • During the forecast period, the product twin segment is expected to dominate. The increased demand for IoT sensors and electronic manufacturing devices in the healthcare business is driving the expansion. According to IoT World Today, virtual twin technology is widely used in the healthcare business to create advanced product twin applications. Technology in healthcare has begun to help doctors gain a better understanding of their patients' ailments, particularly the coronavirus effect on the lungs. During the projection period, technology is expected to advance at a rapid pace. Demand for extended reality technology and predictive analytic tools has increased in areas like manufacturing, automotive, and transportation.
  • In the forecast period, the automotive and transportation segment led the market with a revenue share of more than 19.00 percent of total sales. This can be linked to the increased use of electric vehicles (EVs), lean manufacturing, and simulation technology. The use of digital twin technology in the automotive industry allows engineers to record operational and behavioral data from the vehicle, allowing for future improvements in automobile design and cost optimization. Future automotive developments such as autonomous and connected vehicles, shared mobility, and electrification are also predicted to expand the adoption of this technology.
  • North America has the greatest market share of about 40.9 percent for digital twins. In recent years, the development of various software and the implementation of automation solutions in the manufacturing industries has improved production lines and downstream processes. Due to the high economic growth and the wide presence of suppliers supplying digital twins, these trends have positively impacted the growth of the digital twin market in North America. Furthermore, growing R&D in the IoT and IIoT fields, as well as increased need for efficient and cost-effective technologies for product manufacturing, are supporting regional market expansion.
  • The report contains qualitative and quantitative research on the global Digital Twin Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Technology

  • IoT & IIoT
  • Blockchain
  • Artificial Intelligence & Machine Learning
  • Augmented Reality, Virtual Reality, and Mixed Reality
  • Big Data Analytics
  • 5G

By Type

  • Product Digital Twin
  • Process Digital Twin
  • System Digital Twin

By Industry

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas
  • Agriculture
  • Telecommunication
  • Retail
  • Others

By Region

•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Digital Twin Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Digital Twin Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Digital Twin Market Forecast Report 2022- 2030 - Order Now!

About Us

Business Intelligence Insights is the global provider of market intelligence, consultancy services, and syndicated & customized reports. We are focused on assisting business leaders and suppliers in making decisions by providing timely and insightful market research and consulting services. We offer global, and regional expertise in technology, industry, opportunities, trends, industry analysis, market data, and strategic guidance. Our analysis and insight help business professionals, executives, and investors make fact-based technology decisions and achieve their key business objectives. Our reports are featured distinct research approaches, rigorous methodologies, and comprehensive sector coverage.

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