New York, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Twin Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483998/?utm_source=GNW
The Digital Twin Market size is estimated at USD 19 billion in 2023, and is expected to reach USD 91.92 billion by 2028, growing at a CAGR of 36.94% during the forecast period (2023-2028).
Digital twin solutions are anticipated to transform the manufacturing processes and offer different and innovative approaches to reduce costs, optimize maintenance, monitor assets, reduce downtime, and create new connected products. The digital twin model, although familiar, has been entering manufacturing and other industries fast. Technologies such as IoT and cloud-based platforms have been significant drivers for the increased adoption of these solutions.
Key Highlights
Digital twins incorporate artificial intelligence (AI), big data, machine learning (ML), and the Internet of Things (IoT) in Industry 4.0 and are predominantly used in the industrial internet of things (IIoT), engineering, and manufacturing business space. The widespread usage of IoT has made digital twin technology more cost-effective and accessible for the business world. Manufacturing firms have expected that around 40% of IoT platform vendors are expected to integrate simulation platforms, systems, and capabilities to create digital twins.
Digital twin solutions are anticipated to transform the manufacturing processes and offer newer ways to reduce costs, optimize maintenance, monitor assets, reduce downtime, and create new connected products. The digital twin model, although not new, has been entering manufacturing and other industries fast. Technologies such as IoT and cloud-based platforms have been one major driver for the increased adoption of these solutions.
Digital twin technology is being used to simulate the entire manufacturing process to avoid these inconveniences in 3D printing. The technology can identify whether there will be any distortions and where they may occur so that they can be corrected on the 3D model. This can result in new models that are fully optimized to compensate for the discrepancies and obtain the best possible printing results.
The presence of traditional systems used in underdeveloped countries is expected to be a significant challenge to the market’s growth. Most of these legacy systems were developed in the past and were primarily designed and developed to work without connectivity. They cannot incorporate advanced sensor technology that offers real-time data, limiting the adoption of advanced technologies.
The outbreak of COVID-19 provided new opportunities for the digital twin market. The digital twin technology has been gathering momentum in healthcare diagnosis. Digital twins are upending traditional healthcare by modeling conditions and attributes of a particular patient using machine learning data aggregated from various patients. Digital twins in health care help practitioners understand patient conditions, even novel ones such as COVID-19’s impact on the lungs.
Electrical Digital Twin Market Trends
Growth in IoT and Cloud-based Platforms to Drive the Market
Digital twin solutions are anticipated to transform the manufacturing processes and offer newer ways to reduce costs, optimize maintenance, monitor assets, reduce downtime, and create new connected products. The digital twin model, although not new, has been entering manufacturing and other industries fast. Technologies such as IoT and cloud-based platforms have been one major driver for the increased adoption of these solutions.
All the major cloud providers rolled out significant digital twin capabilities recently. Microsoft revealed its digital twin ontology for construction and building management. Google launched its digital twin service for logistics and manufacturing. AWS launched IoT TwinMaker and FleetWise to simplify the digital twins of factories, industrial equipment, and vehicle fleets. Nvidia also launched a metaverse for engineers as a subscription service across Nvidia’s partner network.
Further, digital twin players are likely to shift from running existing tools on top of IaaS infrastructure toward native PaaS offerings that reduce barriers for enterprises. Prominent manufacturers such as Volkswagen are already collaborating with cloud providers on the new generation of industrial cloud services. These new cloud-native services will help enterprises build their digital twin infrastructure regardless of their chosen cloud platform.
Moreover, IoT and digital twins are expected to change how the digital and physical worlds interact. IoT increasingly provides connection and access to intelligence in the physical world interlinked with digital twins virtually representing their physical counterparts. Also, emerging applications, business models, and falling device costs have driven IoT adoption, increasing the number of connected devices and endpoints globally. The massive IoT technologies NB-IoT and Cat-M1 continue to be rolled out globally.
The end-user cloud adoption scope expanded by the recent COVID-19 outbreak has also fueled investment in the studied market. Additionally, many organizations are modernizing their infrastructure as 80% of new applications will be deployed in the cloud or at the edge, where most cloud applications will either be SaaS or cloud-native containerized applications, thereby potentially contributing to the cloud-based digital twin solutions.
As new cloud applications become more accessible and convenient, industrial automation is transitioning considerably. Various partnerships are anticipated to drive the market’s growth.
North America Holds Major Market Share
Modern manufacturing facilities in the United States rely on new technologies and innovations to produce higher quality products significantly, with lower costs. Owing to the early adoption of trending technologies, like IoT, big data, DevOps, and mobility, manufacturers in the United States plan to integrate digital twin technology to streamline their processes and use its more profound insights.
While manufacturing has begun embracing digital twin technology, construction remains largely a 2D industry that hinges on technological innovation. With 3D visual digital twin technology, off-site experts can access on-site views into the nitty-gritty of projects taking off where Google street view ends.
For instance, in April 2022, the Orlando Economic Partnership (the Partnership) announced plans to fund a futuristic, fully realized digital twin that will exhibit the whole area with input from several stakeholders. The new 3D technology will be the first to let users include dynamic, real-time data that may help them map out various climate changes, infrastructure, real estate, and other possible situations. The public-private group has contracted with Unity, a platform for developing and utilizing real-time 3D (RT3D) content, to create the digital twin project to replicate 800 square miles of Orange, Seminole, and Osceola counties in the state of Florida.
Digital twins are being adopted significantly in Canadian manufacturing, construction, and automotive industries. Organizations in these industries use digital twin technology to evaluate the performance of given physical assets and identify where improvements can be made to reach more favorable outcomes.
For instance, in November 2022, the project, AI-enabled Digital Twins for Automation of Regulatory Processes in the Built Environment, was carried out in collaboration with four Canadian institutions nationwide by AECO Innovation Lab. The project aims to promote innovation and digital transformation in the architectural, engineering, and construction (AEC) industries and related government sectors. The project will look at how new ideas, digital tools, and technology may be applied to improve and revolutionize the procedures for approving development. Moreover, it will examine how Canadian regulatory bodies might use BIM and digital twins to make better, more informed decisions.
Electrical Digital Twin Industry Overview
The digital twin market is fragmented with the presence of major players like ANSYS Inc., Cal-Tek SRL, Cityzenith Inc., General Electric Company, and IBM Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their service offerings and gain sustainable competitive advantage.
October 2022: A collaboration was announced between Nuve-Lab, a laboratory at the University of Oulu, and Mevea to create autonomous and sustainable vehicles. Mevea Ltd, one of Nuve-Lab’s partners, provides physics-based digital twins that may be used in Nuve-Lab. The modeling carried out with Mevea’s Digital Twins, the many parts of the entire setup, and the dynamometer, which loads the gadget under test to check its operation, were among the things that could be explored at the demonstration locations constructed in the lab.
September 2022: Industrial software provider HighByte announced the availability of HighByte Intelligence Hub version 2.5, which enhances access to Microsoft Azure services, including Azure IoT Edge and Azure IoT Central, and adds support for importing DTDL models from Azure Digital Twins. HighByte Intelligence Hub version 2.5 from a commercial software provider enhances business IT administration and promotes cloud connection.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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