New York, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Digital Twin Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Digital Twin Market Size:
The global digital twin market is estimated to grow at a CAGR of 44.2% over the forecast period. The overall revenue is expected to be worth USD 2,84,519.3 million by 2031, while in 2021 the market was worth USD 7,860.5 million. Increase in adoption of digital twin in the manufacturing company is predicted to boost the market growth. A digital twin is a representation of a physical asset, system, or process that can improve applications supporting corporate goals. Digital twins aid in the optimization of manufacturing utility maintenance and lower total downtime. Hence they are extensively used in manufacturing industry. It is estimated that, by 2022, more than two-thirds of businesses that have adopted IoT will have at least one digital twin in use.
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Moreover, the market is anticipated to grow further owing to the acquisition, merges, and collaboration of the companies. Hyundai Motor and Unity, a business that develops real-time 3D projects, have teamed up to build a meta-factory that will speed up the innovation of intelligent manufacturing. In order to determine the best plant operation, Hyundai will be able to virtually test-run a factory. Plant management will be able to resolve issues without having to physically visit the facility.
Global Digital Twin Market: Key Takeaways
- Asia Pacific to garner the largest revenue
- North America to grow on account of high of digital twin
- IoT & IIoT segment to garner the largest revenue
Rising Demand for Digital Twin in Healthcare and Pharmaceuticals Industry to Drive Market Growth
The use of digital twins in the healthcare and pharmaceutical industries is anticipated to cut down on the time and money required for research tests and testing on humans and animals. As a result, it is anticipated that demand will rise during the forecast period. Furthermore, there has been growing technology improvement in digital twin for healthcare industry. Various organization has set forward their innovative ideas which is expected to boost the market growth. For instance, to construct a virtual model of a patient's heart, Philips has developed a heart model software with the use of digital twin technology. As a result, a surgeon undergoing complicated surgery could receive advice from a cardiology specialist who lives far away.
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Moreover, digital twin has played a significant role in providing aid to the healthcare professionals during the phase of Covid-19. They proved to be useful for critical patients who were in need ventilators during the pandemic. Hence owing to this, healthcare leaders intend to raise their investment in digital twin technology by 66% during the following three years. Also growing transition towards digitalization, and rise in adoption of industry 4.0 to save energy the driving the growth of the market.
Global Digital Twin Market: Regional Synopsis
The global digital twin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Ability to Enhance Planning and Maintaining Sustainable Infrastructure to Drive Growth in Asia Pacific Region.
The Asia pacific region is estimated to garner the largest revenue of USD 88485.5 Million by the end of 2031 owing to the ability to enhance planning and maintaining sustainable infrastructure. For instance, Amaravati, the new capital of the state of Andhra Pradesh in India, is being built as the nation's first city to be entirely built using a digital twin. Government authorities will be able to manage the permitting procedure, keep track of the development of the project, and assess design concepts thanks to the system, which will help them better understand how structures will react to the hot and muggy climate.
Growing Struggle to Enhance Urban Mobility Estimated to Favour Growth in North America Region
Furthermore, the market in North America Region is anticipated to hold a revenue of USD 81,088.0 Million over the forecast period. City planners can create digital twins of urban infrastructure using digital twin technologies to better adapt to regional energy and environmental changes. Cities may use digital twins to plan their transit networks, prepare for flooding, and alert pedestrians to polluted regions. Approximately 12 American cities established the Open Mobility Foundation in June 2019 to investigate how digital twin models may improve urban mobility. Many American communities have already embraced digital twins.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Digital Twin Market, Segmentation by Technology
- Augmented Reality & Virtual Reality
- IoT & IIoT
- Artificial Intelligence & Machine Learning
- Big Data Analytics
- Others
The IoT & IIoT segment is estimated to hold the largest revenue of USD 79738.4 Million over the forecast period. The growth can be attributed to the growing usage of IoT sensors to track information of machine since preventive maintenance is a priority. Many industry has come forward in providing various IoT service to their client in order to keep track of target maintenance. For instance, the iXworld platform from the INDEX Group offers real-time data about a machine's performance and health. In North America, the artificial intelligence & machine learning segment is projected to garner the largest revenue of USD 23353.3 Million by the end of 2031, while in the same year, in the Asia Pacific, the IoT & IIoT segment is projected to garner the largest revenue of USD 26023.6 Million.
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Global Digital Twin Market, Segmentation by Deployment
- Cloud
- On Premises
The cloud segment is anticipated to garner the largest revenue by the end of 2031, growing at a CAGR of 44.9% over the forecast period. Growing preference for cloud-based digital twin solution by various organization to recover the damage caused during pandemic is expected to drive the segment growth. Many cloud service providers including Microsoft Azure and Google Cloud focused on creating a variety of cloud-based digital twin solutions for industry players to offer quick access and adaptable solutions to gain back the position in market. For instance, Google Cloud unveiled a supply chain digital twin that is anticipated to provide manufacturers and distributors with unheard-of visibility into their supply chains. In the Asia Pacific, the cloud segment is projected to grow with the highest CAGR of 49.8% during the forecast period, while in North America, the segment is projected to grow with the highest CAGR of 42.6% during the forecast period.
Global Digital Twin Market, Segmentation by Type
- Process Digital Twin
- System Digital Twin
- Product Digital Twin
Global Digital Twin Market, Segmentation by Function
- Predictive Maintenance, Modernization & Repair
- Asset Performance Management
- Business & Operations Optimization
- Supplier Integration
- Others
Global Digital Twin Market, Segmentation by Component
- Software
- Services
Global Digital Twin Market, Segmentation by End User
- Urban Planning Infrastructure
- Automotive
- Logistics & Transportation
- Manufacturing
- Aviation & Defense
- Power Generation
- Oil & Gas Exploration
- Retail
- Healthcare
- Others
Few of the well-known market leaders in the global digital twin market that are profiled by Research Nester are Accenture plc, IBM Corporation, Atos SE, General Electric, Microsoft Corporation, DXC Technology Company, Infosys Limited, SAP SE, SAS Institute Inc., Gemini Digital Technologies, Tata Consultancy Services Limited, ANSYS Inc., Toshiba Digital Solutions Corporation, Matterport, Inc., Oracle Corporation, Honeywell International Inc., Dassault Systemes S.A., and other key players.
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Recent Development in the Global Digital Twin Market
- In April 21, 2022, Microsoft Corporation and Kraft Heinz partnered together to speed up supply chain innovation and daily operations as part of a larger digital transformation.
- In January 19, 2022, in order to deliver industry-leading and cost-effective technology services, DXC Technology announced the creation of a new global DXC ServiceNow Strategic Business Group.
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