Global Digital Twins and Predictive Maintenance Market Set to Surpass US$34.6 Billion in 2024

Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Digital Twins and Predictive Maintenance Market Report 2024-2024" report has been added to's offering.

Expanding Applications of Digital Twin Technology and Predictive Maintenance to Drive Market Growth

The digital twins and predictive maintenance market is poised for significant growth, with expected revenue to exceed US$34.6 billion in 2024 and continue its robust expansion through 2034. This surge is attributed to technological advances, increased IoT adoption, and a focus on reducing downtime and enhancing operational efficiency across various industries.

Rising Demand for Optimal Asset Management Propels Market Forward

Industries are turning to digital twin technology and predictive maintenance solutions to curb unplanned downtime and fine-tune maintenance planning. With access to extensive data from IoT sensors, companies gain deep insights into asset conditions, enabling proactive maintenance approaches and driving the market forward.

Capital Intensity Poses Challenges; Market Remains on Growth Trajectory

Despite the high capital investment required for implementing digital twin technology, especially in large-scale projects, the market exhibits strong growth. The search for efficient, resilient, and equitable infrastructure solutions, coupled with pressure on public budgets, retains the focus on innovative and smart investment in this field.

Comprehensive Analysis Reveals Market Dynamics and Emerging Opportunities

Extensive market analysis provides a clear view of various components, technologies, and industrial verticals within the digital twin and predictive maintenance sphere.

The market report segments the digital twins and predictive maintenance industry by technology, component, digital twin technology type, predictive maintenance technology type, and industry vertical—offering detailed forecasts at both global and regional levels. Particular attention is given to growth predictions for leading national markets across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Outlook: Strategic Leadership and Innovation

Leaders in the industry are identified within the report, offering insights into their current operations and future market potential. With a clear forecast to 2034, the report showcases lucrative areas for investment and informs strategic decisions for those at the forefront of the digital twins and predictive maintenance market.

Companies Featured

  • ABB Ltd
  • Ansys, Inc.
  • Aspen Technology, Inc.
  • Autodesk, Inc.
  • Cisco Systems, Inc.
  • Dassault Systèmes SE
  • General Electric Company
  • Hitachi, Ltd
  • Honeywell International Inc.
  • International Business Machines Corporation
  • Microsoft Corporation
  • Rockwell Automation, Inc.
  • SAP SE
  • Schneider Electric SE
  • Siemens AG
  • Altair Engineering Inc.
  • ANSYS, Inc.
  • AVEVA Group plc
  • Bentley Systems, Incorporated
  • Bosch Rexroth AG
  • Cisco Systems, Inc.
  • Dassault Systèmes SE
  • Emerson Electric Co.
  • General Electric Company (GE)
  • Hitachi, Ltd.
  • Honeywell International Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Mitsubishi Electric Corporation
  • National Instruments Corporation
  • Oracle Corporation
  • OSIsoft, LLC
  • PTC Inc.
  • Rockwell Automation, Inc.
  • SAP SE
  • Schneider Electric SE
  • Siemens AG
  • SKF Group
  • Wipro Limited
  • Yaskawa Electric Corporation

Market Segmentation:

Market Segment by Technology

  • Digital Twin Technology
  • Predictive Maintenance Technology

Market Segment by Component

  • Technologies
  • Solutions
  • Services

Market Segment by DT Technology

  • Virtual Prototype
  • Product Twin
  • Process Twin
  • System Twin

Market Segment by PM Technology

  • Condition Monitoring
  • Data Analytics
  • Machine Learning
  • Artificial Intelligence
  • Prognostics

Market Segment by Industry Vertical

  • Manufacturing
  • Energy and Utilities
  • Automotive
  • Aerospace and Defense
  • Healthcare
  • Other Verticals

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