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| Global Digital Twin Market |
The Digital Twin Market is estimated to be valued at US$ 12.26 Bn or $12.26 Billion in 2023 and is expected to exhibit a
CAGR of 4.2% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Digital twin refers to a digital replica of physical assets, processes and
systems which helps analyze and optimize business performance. It enables
monitoring of physical assets to gain key insights and take preventive or
corrective actions. Digital twins find widespread application across industries
including manufacturing, healthcare, automotive, aerospace etc. for design
& simulation, training, monitoring, and IoT integration.
Market Dynamics:
Growing demand for IoT-based solutions across industries is a major driver for
the digital twin market. IoT enables real-time data capture from physical
assets which helps develop an accurate digital counterpart. This allows
monitoring asset performance over time and predicting failures. Secondly,
increasing need for optimizing business operations is fueling adoption of
digital twins. It offers insights into manufacturing processes, supply chains
and customer experience which helps reduce costs and enhance productivity.
Virtual modeling and simulation using digital twins allow testing new designs
without committing real-world resources, lowering business risks.
Segment Analysis
The Global
Digital Twin Market can be segmented by type, application and industry
vertical. Based on type, the market is dominated by product digital twin sub
segment owing to increasing need of virtual replicas of physical products for
testing and simulation purposes before production. This helps organizations
reduce costs and errors.
PEST Analysis
Political: Governments across the globe are supporting digital transformation
initiatives through favorable regulations which is positively impacting the
digital twin market.
Economic: Digitization is driving the global economy. Organizations are
increasingly investing in advanced digital technologies like digital twin to
gain competitive advantage and improve operational efficiency.
Social: Increased internet and smartphone penetration worldwide has enhanced
digital adaption. Customers expect personalized and smart experiences delivered
through digital platforms.
Technological: Emerging technologies like artificial intelligence, IoT, 5G and
cloud computing are enabling organizations to generate, collect and analyze
massive volumes of data required for building comprehensive digital twins.
Key Takeaways
The global digital twin market is expected to witness high growth, exhibiting
CAGR of 42% over the forecast period, due to increasing adoption of emerging
digital technologies especially IoT sensors and cloud platforms by industrial
and manufacturing sector.
The North America region is expected to dominate the market throughout the
forecast period owing to presence of major technology players and availability
of advanced digital infrastructure that allows faster deployment of digital
twin solutions across industries.
Key players operating in the digital twin market are SAP SE, Siemens AG, ANSYS,
Inc., Hitachi Ltd, and Microsoft Corporation. Microsoft Corporation holds the
largest market share attributed to its significant investments in digital twin
solutions for diversified industry verticals like manufacturing, healthcare and
automotive. SAP SE offers an extensive portfolio of industry-specific digital
twin products and services globally while Siemens' Xcelerator is a
comprehensive portfolio of software and services for developing and deploying
digital twins.
Read More: https://www.trendingwebwire.com/digital-twin-market-is-estimated-to-witness-high-growth/