Global Digital Twin Market Size & Share to Surpass USD 53.5 Billion by 2028 at a CAGR 42.1% - Vantage Market Research

Pune, INDIA


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.

Get Access to a Free Copy of Our Latest Sample Report @ https://www.vantagemarketresearch.com/digital-twin-market-1810/request-sample

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.

Purchase This Premium Report (Price 4500 USD for a single-user license) at @ https://www.vantagemarketresearch.com/buy-now/digital-twin-market-1810/0

Benefits of Purchasing Digital Twin Market Reports:                             

  • Customer Satisfaction: Our sales team of experts will available for you 24/7.
  • Analyst Support: Speak to our analyst about your questions before or after purchasing the report.
  • Assured Quality: Focuses on perfection and quality of reports.
  • Incomparable Skills: Our Analysts in-depth insights are beyond comparison.       

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

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/digital-twin-market-1810

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:

ParameterDetails
Market Size Provided for Years2016-2028
Base Year2021
Historic Years2016-2020
Forecast Years2022-2028
Segments Covered
  • 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
Region & Counties Covered
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South East Asia
    • Rest Of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America
  • Middle East & Africa
    • GCC countries
    • South Africa
    • Rest Of Middle East & Africa
Companies Covered
  • 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)
Report CoverageMarket 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

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

Browse More Related Report:

  • Tactical Data Link Market Size, Share & Trends Analysis Report by Platform (Ground, Airborne, Naval, Unmanned Systems, Weapons), by Application (Command & Control, Intelligence, Surveillance & Reconnaissance, Electronic Warfare, Radio Communications), by Component (Product, Software Solution), by Frequency (High Frequency, Ultra High Frequency), by Data Link Type (Link 11, Link 16, Link 22, Other Data Link Types), by Point of Sale (OEM, Aftermarket), by Military Standard (MIL STD 6011, MIL STD 6016, MIL STD 6017, MIL STD 6020, MIL STD 3011), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
  • Media Monitoring Tools Market Size, Share & Trends Analysis Report by Component (Software/ Platform, Services), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Industry (IT & Telecom, Hospitality, BFSI, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
  • Process Mining Software Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment (On-Premise, Cloud), by Application (Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, Supplier Management), by Industry Vertical (Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
  • Mobile Advertising Market Size, Share & Trends Analysis Report by Format (Search, Native Social, Display, Video, SMS), by Category (Arts & Entertainment, Hobbies & Interests, Other Categories), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
  • B2B Payments Market Size, Share & Trends Analysis Report by Payment Type (Domestic Payments, Cross-Border Payments), by Enterprise Size (Large Enterprises, Medium-Sized Enterprises, Small-Sized Enterprises), by Payment Mode (Traditional, Digital), by Industry Vertical (Manufacturing, IT & Telecom, Metals & Mining, Energy & Utilities), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).
  • Fintech Market Size, Share & Trends Analysis Report by Deployment Mode (On-premise, Cloud), by Application (Payment & Fund Transfer, Loans, Insurance & Personal Finance, Wealth Management), by Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Robotic Process Automation), by End User (Banking, Insurance, Securities, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research reports. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.

Follow Us on LinkedIn: https://www.linkedin.com/company/vantage-market-research/

Follow Us on Twitter: https://twitter.com/vantagemarketr

Follow Us on Facebook: https://www.facebook.com/vantagemarketresearch

Contact us

Eric Kunz

6218 Georgia Avenue NW Ste 1 - 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: sales@vantagemarketresearch.com

Website: https://www.vantagemarketresearch.com/

Latest Vantage Market Research Press Releases @https://www.vantagemarketresearch.com/insight/press-releases

Latest Vantage Market Research Blog @ https://www.vantagemarketresearch.com/insight/blogs

Blog: