What is the global market size of Digital Twin Market?

Global Digital Twin Market was valued at USD 9.50 billion in 2022 and is poised to grow from USD 13.34 billion in 2023 to USD 202.63 billion by 2031, growing at a CAGR of 40.5% during the forecast period (2024-2031).

What is the key driver of Global Digital Twin Market?

A growing number of materials are now 3D printable, thanks to the significant advancements in 3D printing. Some materials will warp during the 3D printing process that demand a prolonged time for trial and error. As a result, the cost rises for printing parts and the time it takes to print them. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model.

What is the key market trend for Global Digital Twin Market?

The market trend that is essential for digital twin adoption is the involvement of AI and ML engines in digital twin platforms. This shows that the industry is trying to getting the most out of such available information as a result of advanced analytics that they can use to derive the useful meaning from the gush of information. AI and ML features imbedded into the digital twin solution may enable autonomous analysis of data, detection of patterns, prediction of future scenarios, and course of action recommendation anytime a need arises. This is not only shortening the decision process but also giving a possibility to proactive decision making which means that operational efficiency will increase, downtime decreases, and processes across industries become better.

Which region accounted for the largest share in Global Digital Twin Market?

During the projected period, North America is expected to grow at a rapid rate. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. Furthermore, significant providers including IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others are present in the United States and Canada. To boost their product offerings and expand their customer base, market players are merging and partnering with technology providers.

Digital Twin Market Size, Share, Growth Analysis, By Enterprises Size(Large Enterprise, Small & Medium Enterprise), By Application(Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring), By Industry(Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2130 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 66 | Figures: 75

Digital Twin Market News

In April 2024 Siemens and Microsoft announced to converge Digital Twin Definition Language with W3C Thing Description Standard. By unifying both languages, customers will be offered consistent modeling experiences, mitigating fragmentation in an evolving IoT landscape. With customers typically deploying a mix of vendors in their infrastructure leading to lock-in and high integration efforts, this convergence will allow for simpler system integration and interoperability.
In March 2024 NVIDIA Announces Earth Climate Digital Twin. The Weather Company, Central Weather Administration of Taiwan Among First to Adopt New Earth-2 Cloud APIs, Using AI to Speed Creation of High-Resolution Simulations and Visualization of Global Climate, Weather at Groundbreaking 2-Kilometer Scale
In July 2023 NTT DATA Launches its Revamped Digital Twin Technology, ShotView at The 151st Open, Enhancing Fan Experience. This will provide fans with an unparalleled data experience

Digital Twin Market Report Snapshots

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FAQs

Digital Twin Market was valued at around USD 9.28 Billion in 2022 and is expected to rise from USD 12.68 Billion in 2023 to reach a value of USD 154.69 Billion by 2031, at a CAGR of 36.7% during the forecast period (2024-2031).

Companies are investing in product R&D and process automation as a result of intense competition among major competitors to introduce improved and innovative products. Furthermore, numerous car firms are implementing digital twin technology to boost consumer interaction by utilising interactive automobile dashboards on websites that allow buyers to modify automobiles at their leisure. This enables businesses to better understand consumer behaviour and make modifications to existing models. 'General Electric (US) ', 'Microsoft Corporation (US) ', 'Hitachi Ltd. (Japan) ', 'Dassault Systèmes SE (France) ', 'Autodesk Inc. (US) ', 'SAP SE (Germany) ', 'Siemens AG (Germany) ', 'ANSYS Inc. (US) ', 'PTC Inc. (US) ', 'IBM Corporation (US) ', 'ABB Group (Switzerland) ', 'Amazon Web Service (US) ', 'AVEVA Group plc (UK) ', 'Bentley Systems Inc. (US) ', 'Hexagon AB (Sweden) ', 'Robert Bosch GmbH (Germany) ', 'Rockwell Automation (US) ', 'Accenture plc (Ireland) ', 'Schneider Electric (France) ', 'Oracle Corporation (US)'

A growing number of materials are now 3D printable, thanks to significant advancements in 3D printing. Some materials will warp during the 3D printing process, demanding a long time of trial and error. As a result, the cost of printing parts and the time it takes to print them both rise. Twins can be used to mimic the production process of 3D printing. The twins can forecast whether and where distortions will occur, allowing for their correction on the 3D model. As a result, a new model is developed that is fully optimised to account for the variations.

Siemens announced the Simatic Real-time Locating Systems (RTLS) + SieTrace software, which provides real-time location information that customers may utilize to control their manufacturing processes and adjust their operating procedures accordingly during the COVID-19 crisis. In the case that an employee contracts COVID-19, the solution will allow organisations to govern how employees interact with one another, the production line, and the plant setup promptly and efficiently.

North American region is anticipated to dominate the global digital twin market forecast during the forecast period. End-users across industries in the United States, such as healthcare, home & commercial, and others, are investing in parts twin and product twin, which is expected to drive market expansion. In addition, a number of prominent players like IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc. and more are located in United States and Canada. In order to be able to offer their customers more and gain new clients, market players are merging and entering partnerships with technology companies.

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What is the global market size of Digital Twin Market?

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