Rockville, Jan. 18, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global digital twin market is estimated to garner US$ 95 billion by 2033, growing rapidly at a 34.3% CAGR from 2023 to 2033.
A digital twin is a virtual representation of a real entity or system that follows it through its entire life cycle. It employs real-time data and data from other sources to allow learning, reasoning, and dynamic recalibration for better decision-making. It is a type of computer software that generates simulations based on real-world data in order to estimate how a process or product will perform.
Predictive maintenance has become a necessity in many industries, as malfunctions and outages/downtime result in high costs for any firm. This unanticipated interruption can be prevented by taking appropriate precautions and planning maintenance efficiently. Incorporating digital twin technology can improve this breakdown condition and reduce maintenance and manufacturing costs in a short period of time.
During product development, sensors are attached to the product, which generates data that allows simulations to foresee faulty scenarios, allowing professionals to analyze maintenance workflow, including testing with all types of conceivable fault conditions. As a result, more businesses are embracing digital twin solutions to transition to digital-driven asset management.
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The advent of digitalization in manufacturing is driving the global digital twin market. Manufacturing companies all around the world are investing in digitalization initiatives in order to improve operational effectiveness, productivity, and precision. Through changing consumer expectations and market situations, digitalization solutions, including digital twins, improve manufacturer responsiveness and agility.
- According to an InfinityQS report, over 53% of firms are investing heavily in digital transformation technologies to enhance their operational capabilities.
As a result, increased adoption of digitalization technologies or practices in the manufacturing industry is likely to drive demand for digital twin solutions over the forecast period.
Technological development is a significant trend that is gaining traction in the global digital twin market. Major providers of digital twins are focusing on developing innovative technology solutions to increase their market position.
- In February 2022, Once Concern, a provider of resilience-as-a-service solutions based in the United States, introduced Domino, a high-resolution digital twin solution that detects unusual changes in complicated networks and ecosystems such as transportation networks, power grids, and communities.
Key Takeaways from Market Study
- The global digital twin market is worth US$ 5 billion in 2023.
- The market is anticipated to evolve rapidly at a CAGR of 34.3% from 2023 to 2033 (forecast period).
- The market for digital twins is set to reach US$ 95 billion by 2033.
- The automotive and transportation segment is projected to advance at a CAGR of 20% during the forecast period.
- North America captured 40% of the global digital twin market in 2022.
“Digital twin technology, in conjunction with artificial intelligence and machine learning capabilities, is supporting organizations across a wide range of industries in decreasing operational costs, increasing efficiency, improving performance, and transforming the way predictive maintenance is performed,” says a Fact.MR analyst.
Key Segments of Digital Twin Industry Research
- By Type :
- System
- Product
- Process
- By End Use :
- Residential & Commercial
- Manufacturing
- Automotive & Transport
- Energy & Utilities
- Agriculture
- Healthcare & Life Sciences
- Other End Uses
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Regional Analysis
In 2022, North America accounted for the largest market share, followed by Asia Pacific and Europe. The region has some of the most sophisticated infrastructures to support emerging technologies, such as digital twins, which is the primary cause for the technology's widespread acceptance. Moreover, the early availability and adoption of new technologies have contributed to the North American market's rise in recent years.
Competitive Landscape
The global market for digital twins is highly competitive. Key players in the digital twin market are implementing a variety of strategies, including strategic agreements & contracts, mergers & acquisitions, and developing, testing, and introducing more effective digital twin solutions. Moreover, several startups are entering the market with innovative offerings.
- Digital Construction Works, a startup based in the United States, provides DCW, a digital twin integration platform for construction firms. The platform converts every job site into a digital twin by utilizing several third-party databases. This, in turn, streamlines construction progress tracking, simplifies downtime management, and accelerates project completion.
- Amazon Web Services and ANSYS established a strategic partnership in February 2022 to revolutionize cloud-based engineering simulations. The collaboration will enable ANSYS products to be installed on AWS, making simulation workloads easier while also delivering flexibility and scalability through easy access to storage solutions and software via any web browser. ANSYS can incorporate AWS' complete framework, which covers items such as storage, computation, digital twin, IoT, machine learning, and analytics.
Key Companies Profiled
- ABB Ltd
- Accenture plc
- ANSYS, Inc
- AT&T Inc
- AVEVA Group plc
- Bentley Systems, Incorporated
- General Electric (GE Digital)
- IBM Corporation
- Microsoft Corporation
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global digital twin market, presenting historical demand data (2018–2022) and forecast statistics for the period 2023–2033.
The study divulges essential insights on the market on the basis of type (system, product, process) and end use (residential & commercial, manufacturing, automotive & transport, energy & utilities, agriculture, healthcare & life sciences, other end uses), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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