Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Twin Market by Application (Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry (Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
With a projected leap from USD 10.1 billion in 2023 to an impressive USD 110.1 billion by 2028, the global digital twin market is poised for remarkable expansion, exhibiting a staggering CAGR of 61.3%.
At the heart of this growth lies the revolutionary concept of a digital twin - a technology that creates virtual replicas or digital counterparts of physical assets, systems, or processes. This intricate virtual representation empowers us to closely monitor and analyze real-world entities within a virtual environment. Bolstered by IoT, AI, and data analytics advancements, the digital twin paradigm offers businesses invaluable insights, predictive capabilities, and heightened operational efficiency.
As industries evolve, the adoption of digital twins proves transformative, enabling companies to optimize performance, minimize downtime, and make informed decisions that propel productivity and innovation across sectors like automotive and transportation, healthcare, aerospace, energy and utilities, oil and gas, telecommunications, agriculture, and beyond.
Within this landscape of innovation, North America emerges as a pivotal growth hub, with the region's digital twin market anticipated to exhibit the highest CAGR during the forecast period. Fueled by a robust technological infrastructure and a mature market for digital twin solutions, North America is a hotbed of technology companies, research institutions, and pioneering startups actively shaping and deploying digital twin technologies across diverse industries.
Leading the charge in this transformative journey are key players such as General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systemes (France), PTC (US), Robert Bosch (Germany), and many more. Their innovations are instrumental in propelling the digital twin revolution forward, shaping a future where virtual counterparts coexist harmoniously with the physical world.
The digital twin market for the healthcare industry is expected to grow at the highest CAGR during the forecast period
The digital twin market for the healthcare industry is expected to grow at the highest CAGR during the forecast period. Digital twins offer immense potential to improve patient outcomes and healthcare delivery in healthcare. By creating virtual replicas of physical assets, processes, or even individuals, healthcare providers can gain valuable insights, optimize workflows, and enhance decision-making.
Digital twins enable real-time monitoring, predictive analytics, and personalized treatments, leading to more effective and efficient healthcare practices. Furthermore, technological advancements play a significant role in driving the growth of the digital twin market in the healthcare industry.
The proliferation of Internet of Things (IoT) devices, cloud computing, artificial intelligence, and big data analytics has made it easier to collect and process vast amounts of healthcare-related data. This data can be leveraged to build and refine digital twin models, enabling healthcare professionals to simulate and test various scenarios, identify potential issues, and develop targeted interventions.
Predictive maintenance segment is expected to dominate the digital twin market throughout the forecast period
The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. Predictive maintenance offers significant advantages in terms of cost savings and operational efficiency. By utilizing digital twin technology, organizations can continuously monitor the performance of their assets in real-time.
This enables them to detect anomalies, identify potential equipment failures, and proactively schedule maintenance activities. Organizations can minimize disruptions, optimize asset utilization, and reduce overall maintenance costs by addressing maintenance needs before they escalate into costly breakdowns or downtime.
In addition, predictive maintenance aligns well with the growing adoption of Internet of Things (IoT) devices and sensors. These connected devices generate vast data regarding asset performance, environmental conditions, and usage patterns. By leveraging digital twins, organizations can integrate and analyze this data to gain insights into asset health, predict failure probabilities, and prescribe preventive measures.
This data-driven approach allows for optimized maintenance schedules, reduced unplanned downtime, and improved asset reliability.
Digital twin market in North America region to register highest CAGR between 2023 and 2028
The availability of advanced technologies, expertise, and investments in research and development positions North America as a frontrunner in the digital twin market. Furthermore, North America has a strong presence in key industries that heavily rely on digital twin technologies, such as manufacturing, healthcare, automotive, aerospace, and defense.
These industries recognize the value of digital twins in optimizing operations, improving product development, enhancing maintenance processes, and driving innovation. The increasing adoption of digital twins in these industries is expected to contribute significantly to regional market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.1 Billion |
| Forecasted Market Value (USD) by 2028 | $110.1 Billion |
| Compound Annual Growth Rate | 61.3% |
| Regions Covered | Global |
Premium Insights
- Rising Adoption of Digital Twin Solutions by Manufacturing Firms to Fuel Market Growth
- Predictive Maintenance Segment to Dominate Market Throughout Forecast Period
- Automotive & Transportation Industry and US to Secure Largest Market Share of North American Market in 2028
- Automotive & Transportation Industry to Capture Largest Market Share in 2023
- China to Register Highest CAGR in Global Digital Twin Market During Forecast Period
Market Dynamics
Drivers
- Growing Use of Digital Twin Technology to Reduce Costs and Improve Supply Chain Operations
- Surging Demand for Digital Twin Technology from Healthcare Industry
- Increasing Adoption of Predictive Maintenance Model Across Industries
- Restraints
- High Capital Requirement to Implement Digital Twin Technology
- Susceptibility of Digital Twin Technology to Cyberattacks
Opportunities
- Surging Demand for Advanced Real-Time Data Analytics
- Increasing Adoption of Industry 4.0 Principles
- Development of Human-Centered Digital Twins
Challenges
- Complexities Associated with Data Collection and Mathematical Models
- Shortage of Skilled Workforce
Value Chain Analysis
- Ecosystem Mapping
- Pricing Analysis
- Digital Twin Pricing, by Application
- Trends/Disruptions Impacting Customer Business
Technology Analysis
- IoT and IIoT
- AI and ML
- Augmented Reality, Virtual Reality, and Mixed Reality
- 5G
- Cloud Computing and Edge Computing
- Blockchain
Case Study Analysis
- Temple University, US, Uses Digital Twin Technology to Enhance Operations Across Campus
- Faurecia Adopts 3Dexperience Digital Twin Platform to Optimize AGV Inbound Logistics
- Doosan Optimizes Energy Output in Wind Farms by Implementing Azure Digital Twins
- IBM Incorporates Digital Twins to Improve Spare Part Inventory
- Use Healthcare Professionals Use Digital Twins to Develop Personalized and Better Care Plans
Company Profiles
Key Players
- General Electric
- Microsoft
- Siemens
- Amazon Web Services, Inc. (AWS)
- Dassault Systemes
- Ansys, Inc.
- IBM Corporation
- PTC
- SAP SE
- Oracle
- Robert Bosch GmbH
Other Key Players
- Emerson Electric Co.
- ABB
- Honeywell International Inc.
- Schneider Electric
- Navvis
- DNV AS
- Autodesk Inc.
- Andritz AG
- Software AG
- Bentley Systems, Incorporated
- River Logic, Inc.
- Altair Engineering Inc.
- Johnson Controls
- Nstream
For more information about this report visit https://www.researchandmarkets.com/r/xg691e
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