Wyoming, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Beyond Market Insights has a newly publicized report on “Digital Twin Market by Enterprise (Large Enterprises and Small & Medium Enterprises), by Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management, Other), by Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunications, Agriculture, Retail, Other Industries), Geography Analysis and Competitive Scenery: Premium Insights Industry Size, Share, Development, Analysis, and Forecast From 2022 to 2030”.
Market Dynamics:
Predictive maintenance has become the need of the hour in different industries, as breakdowns and outages/downtime can result in heavy losses for any organization. Such an unforeseen interruption can be prevented by taking the appropriate action and using effective maintenance planning. Digital twin adoption can alter this failure situation and reduce maintenance and manufacturing expenses within a set time frame. For example, when a product is being developed, sensors are attached to it to produce data that can be used in simulations to predict defective circumstances. This allows professionals to analyze maintenance processes, including testing under all potential fault conditions. As a result, businesses are implementing digital twin solutions to transition to digitally driven asset management.
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The usage of IoT for business changes has grown significantly over time. This trend is expanding with more companies striving to digitize their processes and operations across several industry sectors. As a result, the virtual and physical worlds are rapidly approaching their point of confluence, and digital twins are essential to this development.
Businesses are now noticing the advantages of networked company operations and the time savings that come with implementing these technologies. The twin becomes full the more the technologies are interwoven, creating a digital thread that standardizes the entire process and produces the best results. As a result, there is a growing need for digital twin technology among corporate organizations in order to enhance current business processes and test various ideas in a controlled environment without affecting the final product. Nearly 40% of IoT platform suppliers are predicted to incorporate platforms and tools for creating digital twins in the upcoming years.
Scope of the Report
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On production lines, manufacturing organizations heavily rely on automation and robotics systems. Manufacturing companies are progressively adopting IoT technologies like a digital twin to improve production performance. Manufacturers are aware that even modest gains in productivity, quality, or equipment dependability can add up to millions of dollars. This is causing manufacturers to take significant efforts toward operational optimization by utilizing technologies like digital twins, which may also be financially advantageous.
The Digital Twin market in North America is expected to hold the highest share during 2022–2030
North America is anticipated to hold the leading share of the digital twin market throughout the forecast years. However, Asia-Pacific is one of the fastest-growing markets for software technologies. It addresses a variety of industries that are anticipated to grow throughout the years. In many technological fields, this region likewise continues to proliferate. Organizations are increasingly adopting digital twin technologies in this region as a result of technological advancements in many industries and business processes. The primary drivers of market expansion are the need to use digital solutions in product development processes to reduce downtime and the increased willingness of users to invest in digital solutions to thrive in cutthroat marketplaces.
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Key Market Players and Competitive Landscape
Some of the major key players operating in the market are 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), and ANDRITZ (Austria), and others.
This report categorizes the Digital Twin Market as follows,
Digital twin Market, by Enterprise:
- Large Enterprises
- Small & Medium Enterprises
Digital twin Market, by Application:
- Product Design & Development
- Predictive Maintenance
- Business Optimization
- Performance Monitoring
- Inventory Management
- Other Applications
Digital twin Market, by Industry:
- Automotive & Transportation
- Energy & Utilities
- Infrastructure
- Healthcare
- Aerospace
- Oil & Gas
- Telecommunications
- Agriculture
- Retail
- Other Industries
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Frequently Asked Questions (FAQ):
- What is the current size of the global digital twin market?
Ans: The global digital twin market size was accounted at USD 6.3 billion in 2021.
- What is the digital twin market growth?
Ans: The global digital twin market is expected to grow at a compound annual growth rate of 41.5 % from 2022 to 2030 to reach USD 143.2 billion by 2030
- Which region will lead the global digital twin market?
Ans: North America region will lead the global digital twin market during the forecast period 2022 to 2030.
- Who are the prominent players operating in the digital twin market?
Ans: Key market players in the digital twin market include 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) and others
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