Global Digital Twin Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The digital twin market size has grown exponentially in recent years. It will grow from $14.78 billion in 2023 to $20.36 billion in 2024 at a compound annual growth rate (CAGR) of 37.8%. The growth in the historic period can be attributed to surge in the adoption of industrial iot, adoption of 3d printing and increased use of digital twins in the manufacturing sector. The digital twin market size is expected to see exponential growth in the next few years. It will grow to $62.64 billion in 2028 at a compound annual growth rate (CAGR) of 32.4%. The growth in the forecast period can be attributed to growing demand for increasing demand for digital twin in healthcare, rise in establishment of smart building infrastructure and covid-19 impact. Major trends in the forecast period include using digital twin for metaverse, innovation in technology, developing digital twin solutions to optimize supply chains and operational processes, adopting digital twins in the pharmaceutical industry for drug discovery.
The global adoption of digitalization in manufacturing is fueling the growth of the digital twin market. Manufacturers worldwide are investing in digitalization strategies, including digital twin solutions, to enhance operational efficiency, productivity, and accuracy. These digitalization efforts contribute to increased responsiveness and agility in meeting changing customer demands and market conditions. For instance, the study by InfinityQS indicates that over 52% of manufacturers actively invest in digital transformation technologies. The growing adoption of digitalization practices in the manufacturing sector is expected to drive the demand for digital twin solutions during the forecast period, with market sizes aligning with the surge in digitalization in 2023, 2024, and 2028.
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What Are The Key Trends That Influence Digital Twin Market Share Analysis?
Technological innovation is a significant trend in the digital twin market. Leading companies in this sector are focused on developing new technological solutions to enhance their market position. For instance, in February 2022, Once Concern, a US-based resilience-as-a-service provider, launched Domino, a high-resolution digital twin solution designed to detect anomalies in complex networks such as power grids and transportation systems. Additionally, DIGIPREDICT introduced digital twin technology in January 2021 to improve COVID-19 diagnostic methods, aiming to identify, monitor, and manage high-risk patients while providing personalized care.
Which Market Players Are Driving Growth In The Digital Twin Market?
Major companies operating in the market are SAP SE, IBM Corporation, ANSYS Inc, Microsoft Corporation, General Electric, Siemens AG, Bentley Systems, Dassault Systèmes, ABB Ltd., Oracle Corporation, 51World, FARO, Freedo Technology, Genesys International, Datumix, Esri India, Robert Bosch, Pauley, Sp. z o.o., NCC, PTC, TIBCO Software Inc, SAS Institute Inc, Wilson Sons, Kraken Robotics Inc, ReStudio, Blue Orange Digital, Pagarba Solutions, Aryng, Accern, Azumo, Accenture Analytics, Tableu Software, Axilion, Beeah Group, TCTx, ShaikhTech, Neom Tech & Digital Company, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, BearingPoint, Bosch, Aveva Group, Amazon Web Services.
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How Is The Global Digital Twin Market Segmented?
The digital twin market covered in this report is segmented –
1) By Type: Product Digital Twin, Process Digital Twin, System Digital Twin
2) By Technology: IoT, IIoT, Blockchain, Artificial Intelligence And Machine Learning, Extended Reality And Other Technology, Big Data Analytics, 5G
3) By Application: Manufacturing, Energy and Power, Aerospace, Automotive, Transportation, Other Applications
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The Digital Twin Global Market Report 2024 provides an overview of the digital twinmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital twin market forecast analyzes digital twin market size, digital twin market share, leading competitor and their market positions.
The Table Of Content For The Digital Twin Market Include
1. Digital Twin Market Executive Summary
2. Digital Twin Market Segments
3. Digital Twin Market Size And Template Market Growth Rate
4. Key Digital Twin Market Trends
5. Major Digital Twin Market Drivers
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25. Key Mergers And Acquisitions In The Digital Twin Market
26. Top Digital Twin Companies
27. Digital Twin Market Opportunities And Strategies
28. Digital Twin Market, Conclusions And Recommendations
29. Appendix
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