CHICAGO, July 13, 2023 /PRNewswire/ — The global digital twin market size is projected to grow from USD 10.1 billion in 2023 to USD 110.1 billion by 2028 at a CAGR of 61.3% during the forecast period according to a new report by MarketsandMarkets™. The key factors fueling the growth of this market include the rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operations and the increasing demand for digital twins from the healthcare industry.
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Digital Twin Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $10.1 billion |
| Estimated Value by 2028 | $110.1 billion |
| Growth Rate | Poised to grow at a CAGR of 61.3% |
| Market Size Available for | 2019–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Industry, Enterprise and Geography |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Key Market Challenge | Lack of skilled workforce and awareness regarding cost benefits offered by digital twins |
| Key Market Opportunities | Rising trend of 3D modeling and scanning across industries |
| Key Market Drivers | Growing focus on predictive maintenance |
Predictive Maintenance segment to hold the largest size of the digital twin market during the forecast period.
The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. Predictive maintenance substantially benefits businesses in terms of cost savings and operational efficiency. By leveraging digital twin technology, companies can monitor their assets and equipment in real-time, enabling them to proactively identify potential issues and schedule maintenance. This proactive approach helps avoid costly breakdowns and reduces downtime, improving operational efficiency and cost optimization. Moreover, advancements in artificial intelligence (AI) and machine learning (ML) technologies have further propelled predictive maintenance capabilities. Businesses can develop sophisticated predictive analytics models by applying AI and ML algorithms to the data collected from digital twin models. These models can learn from historical data, identify patterns, and generate accurate predictions about potential asset failures or deterioration. This empowers businesses to plan their maintenance activities more effectively, reduce emergency repairs, and extend the lifespan of their assets.
Small & Medium Enterprise (SMEs) segment is expected to grow faster during the forecast period.
The digital twin industry for SMEs is expected to grow faster during the forecast period. SMEs are increasingly recognizing the value and benefits of digital twin technology. Digital twins allow SMEs to enhance operational efficiency, improve decision-making, and optimize resource allocation. By leveraging digital twin solutions, SMEs can gain valuable insights into their processes, assets, and products, enabling them to streamline operations, identify areas for improvement, and make data-driven decisions. This capability empowers SMEs to compete effectively in the market, enhance customer satisfaction, and drive business growth.
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North America is expected to dominate the digital twin market during the forecast period.
The North American region will dominate the digital twin market throughout the forecast period. It is expected to grow at the highest CAGR from 2023 to 2028. North America is highly aware of and accepts digital technologies among businesses and consumers. The region has a strong culture of early technology adoption and high demand for advanced solutions. Businesses in North America are quick to recognize the potential benefits of digital twin technology in improving operational efficiency, enhancing customer experiences, and gaining a competitive edge. This awareness and willingness to embrace digital twins contribute to North America’s dominant position in the market. Furthermore, the region is home to numerous leading technology companies, research institutions, and innovative startups at the forefront of developing and implementing digital twin technologies across various industries. The availability of advanced technologies, expertise, and substantial investments in research and development positions North America as a leader in the digital twin market.
The key players operating in the digital twin companies include General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), among others.
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