WASHINGTON, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Digital Twin Market finds that the rise in the implementation of Internet of Things(IoT)&Cloud-based storage solutions are expediting the market growth. In addition, increasing adoption of innovative technologies and rising investments by major market players are anticipated to augment the development of the Global Digital Twin Market during the forecast period.
The Global Digital Twin Market revenue is expected to reach a value USD 53.5 Billion in 2028.
The Global Market revenue was valued at USD 6.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 42.1% during the forecast period; states Vantage Market Research, in a report, titled “Digital Twin Market Size, Share & Trends Analysis Report by Enterprise (Large Enterprises, Small & Medium Enterprises), by Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring), by Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Digital Twin Market was valued USD 6.5 Billion in 2021 and is all set to surpass USD 53.5 Billion by 2028, exhibiting a CAGR of 42.1% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Digital Twin industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Rising Usage of Digital Twin Market for Predictive Maintenance to Drive the Market Growth
In various industries, predictive maintenance has become the need of the hour, as breakdowns and outages/downtime result in heavy losses for any organization. This unforeseen interruption can be avoided by taking suitable measures and efficient planning of maintenance. The inculcation of Digital Twin Market can transform this breakdown situation and save maintenance and production expenses in a specific time. During product development, sensors are attached to the product that creates data, which forecast faulty conditions by simulations; as a result, allowing the professionals to analyze maintenance workflow, including testing with all sorts of possible fault conditions. Therefore, more organizations are implementing Digital Twin Market solutions to shift to digital-driven asset management.
Growth in the Adoption of IoT and Cloud-Based Storage Solutions to Stimulate Market Growth
In recent years, the usage of IoT for business transformations has rapidly augmented. This is rising further with the surge in businesses in several industry verticals aiming to digitize their processes and operations. With this, the virtual and physical world convergence is imminent, and Digital Twin Market plays an essential function in this process. Furthermore, business enterprises are witnessing the benefits of connected business operations and the time efficiency of adopting such technologies. The more the technologies are integrated, the more the twin becomes complete, creating a digital thread that standardizes the entire process and presents optimum results. As a result, the need for Digital Twin Market technology in business organizations is gradually rising to advance existing business processes and experiment with many approaches in a simulated environment that would not affect the product. It is estimated that over the coming years, almost 40 percent of the IoT platform retailers would integrate simulation platforms and capabilities to make Digital Twin Market.
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Segment Analysis:
- Enterprise
- Large Enterprises
- Small & Medium Enterprises
- Application
- Product Design & Development
- Predictive Maintenance
- Business Optimization
- Performance Monitoring
- Inventory Management
- Other Applications
- Industry
- Automotive & Transportation
- Energy & Utilities
- Infrastructure
- Healthcare
- Aerospace
- Oil & Gas
- Telecommunications
- Agriculture
- Retail
- Other Industries
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Digital Twin Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Digital Twin Market
North America is dominated by the Global Digital Twin Market and is likely to continue the same trend during the forecast period. The end-user industries in the United States, such as healthcare, home, and commercial, among others, are capitalizing on adopting parts, twin, and product twin. This, in turn, is likely to propel the regional market expansion. In addition, the early availability and adoption of innovative technologies will contribute to the Digital Twin Market growth in the coming years. Also, key participants are constantly investing in Digital Twin Market technology along with Research and Development (R&D) and the technology to optimize their production, reducing downtime and operational expenditure.
List of Prominent Players in Digital Twin Market:
- General Electric (US)
- Microsoft (US)
- Siemens (Germany)
- Amazon Web Services (US)
- ANSYS (US)
- Dassault Systèmes (France)
- PTC (US)
- Robert Bosch (Germany)
- Oracle (US)
- DNV (Norway)
- Autodesk (US)
- SAP (Germany)
- Emerson (US)
- ABB (Switzerland)
- Honeywell (US)
- IBM (US)
- Johnson Controls (Ireland)
- Schneider Electric (France)
- Software AG (Germany)
- NavVis (Germany)
- Bentley Systems (US)
- Altair (US)
- SWIM AI (US)
- River Logic (US)
- ANDRITZ (Austria)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Digital Twin Market Size, Share & Trends Analysis Report by Enterprise (Large Enterprises, Small & Medium Enterprises), by Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring), by Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
February 2022: ANSYS and Amazon Web Services announced a strategic partnership to change cloud-based engineering simulations. This will enable ANSYS products to be deployed on AWS, making simulation workloads easy to use while also offering scalability and flexibility with easier access to software & storage solutions from any web browser.
March 2022: Microsoft states a strategic partnership with Newcrest. The mining business of Newcrest would adopt Azure as its preferred cloud provider worldwide and work on Digital Twin Market and the sustainability data model. Both organizations are working together on projects, using Digital Twin Market to advance operational performance and build up a high-impact sustainability data model.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Digital Twin Market for the base year and forecast period?
This market titled “Digital Twin Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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