Redding, California, April 24, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Digital Twin Market by Component (Software, Services), Type (Component Twin/Part Twin, Asset Twin, Process Twin, System Twin/Unit Twin), Application, End-use Industry, and Geography - Global Forecast to 2030’, the digital twin market is projected to reach $183 billion by 2030, at a CAGR of 41.6% during the forecast period 2023–2030.
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The growth of this market is attributed to the increasing emphasis on predictive maintenance, rising demand for simulation and design capabilities among various industries, and the growing focus on reducing costs by improving efficiency and reducing downtime.
The lack of reliable data to create digital twins, risks associated with data security, lack of skilled employees, and the absence of common data analysis and security standards across industries are major challenges that may hinder the growth of this market.
Increasing Demand for Simulation and Design Capabilities to Drive Digital Twin Market Growth
Digital twin technology involves creating virtual replicas of physical systems or processes. The technology has gained significant traction in various industries. Crucial applications of digital twin technology include product simulation and design. Digital twins enable organizations to create and test multiple scenarios related to product performance, failure modes, and product experience, among others, to reduce costs and optimize products and processes before implementation in the real world.
The increasing demand for digital twins for improved simulation and design capabilities in industries such as aerospace and defense, automotive, healthcare, and energy supports the growth of this market. In manufacturing industries, digital twins with simulation and design capabilities can help reduce production time and costs, optimize supply chain management, improve product quality, enable predictive maintenance, and reduce product failure. In aerospace and defense industries, digital twins can aid in designing and testing aircraft engines and other subsystems and improve airframe safety.
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Digital twins are increasingly used in automotive industries to predict and plan for breakdowns by putting the virtual vehicle/component twin into real-world environmental conditions. The technology enables proactive recalls and enhances the vehicle purchasing experience by creating a more interactive and immersive UX for customers. In healthcare industries, digital twins can help design medical devices and simulations for patient-specific treatments.
In conclusion, the simulation and design capabilities of digital twin technology are crucial for various industries. They provide organizations with valuable insights that can help improve product performance, reduce costs, optimize processes, and enhance safety. As digital twin technology continues to evolve, simulation and design capabilities will likely become even more critical to the success of businesses and industries, driving the market’s growth during the forecast period.
Based on component, in 2023, the services segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to the growing need for services to help companies implement and utilize digital twin technology effectively and maximize its benefits. These services include data management and analysis, maintenance and support, and consulting and advisory services.
Based on type, in 2023, the asset twin segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to factors such as the increasing adoption of IoT (Internet of Things) devices, the growing demand for predictive maintenance solutions, and the need for improved asset performance and operational efficiency. Asset twins offer benefits such as reducing downtime, optimizing asset performance, and enhancing safety and security. In the manufacturing industry, asset twins can be used to monitor and optimize the performance of production equipment. In the energy sector, asset twins can be used to manage and monitor power generation systems, while in the transportation sector, asset twins can be used to improve the performance and safety of vehicles.
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Based on application, in 2023, the product design segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to the need to simulate and test products in a virtual environment before they are physically manufactured. Various software tools and platforms are available for product design, including Siemens' NX, ANSYS, DSS CATIA, DSS Solidworks among others. These tools allow designers and engineers to create 3D models of products and simulate their behavior in a virtual environment, which can help reduce the time and costs involved in physical prototyping and testing.
Based on deployment, in 2023, the Platform as a Service (PaaS) segment is expected to account for the larger share of the digital twin market. The large share of this segment is attributed to the need for computing power and data management capabilities. PaaS solutions are a cost-effective and efficient way to build, deploy, and manage digital twin applications. PaaS providers offer a range of services that support the development and deployment of digital twin applications, including computing infrastructure, data storage, analytics tools, and software development kits (SDKs), allowing companies to focus on developing their digital twin models and applications without having to worry about the underlying infrastructure.
Based on end-use industry, in 2023, the automotive segment is expected to account for the largest share of the digital twin market. The segment’s large share is attributed to the increasing adoption of digital twins in the automotive sector due to benefits such as improved vehicle design, manufacturing, and performance. Automotive digital twins are used to simulate and optimize vehicle performance, reduce design errors, and improve overall product quality. With the increasing complexity of vehicles and the rise of Industry 4.0 technologies, the use of digital twins in the automotive industry is expected to grow further in the coming years.
Based on geography, in 2023, North America is expected to account for the largest share of the digital twin market. The region's large share is attributed to the increasing adoption of Industry 4.0 technologies, the need for predictive maintenance solutions, and the growing use of IoT devices and sensors. The automotive, aerospace and defense, and healthcare industries are some of the major adopters of digital twin technology in North America. The region is also home to many leading digital twin software and service providers that are driving the growth of this market through product innovation and strategic partnerships with other companies.
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Scope of the Report
Digital Twin Market, by Component
- Software
- Services
- Professional Services
- Managed Services
Digital Twin Market, by Type
- Component Twin/Part Twin
- Asset Twin
- Process Twin
- System Twin/Unit Twin
Digital Twin Market, by Application
- Product Design
- Process Optimization
- Quality Management
- Supply Chain Management
- Predictive Maintenance
- Enterprise Collaboration
- Customer Experience
- Other Applications
Digital Twin Market, by Deployment
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Digital Twin Market, by End-use Industry
- Automotive
- Logistics & Transportation
- Energy & Utilities
- Aerospace & Defense
- Building & Construction
- Healthcare
- Oil & Gas
- Fintech
- Consumer Electronics
- Other industries
Digital Twin Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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