Rapid developments in smart cities and increasing adoption of digital twins for more efficient resource management are key factors driving global digital twin market growth
Vancouver, Oct. 26, 2023 (GLOBE NEWSWIRE) — The global digital twin market size is expected to reach USD 310.44 Billion at a steady CAGR of 39.3% in 2032, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to growing use of digital twin technology in manufacturing to optimize process planning. Digital twin helps in ingestion and processing of data collected through Internet of Things (IoT) sensor data in a manufacturing facility to analyze vital KPIs (Key Performance Indicators), including production rates, machine downtime, and scrap counts.
Digital twin helps to identify the root cause behind any inefficiencies in a production process and throughput losses, and optimizes yield and decreases wastage. In addition, integrated historical process, equipment, and environment data allows for forecasting downtimes to enhance proper scheduling of production.
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Rising implementation of digital twin in retail sector to improve customer experience is driving growth of the digital twin market. Digital twin augments customer experience by creating a virtual twin of a customer and modeling fashion products on it to enable a clearer idea about the product without even touching. The COVID-19 pandemic has been instrumental in fueling demand for digital twin technology owing to benefits to enhance customer appeal while enabling contactless shopping to curb the spread of the virus. Also, digital twin assist in optimizing instore planning, energy management, and security implementation.
Scope of Research
|Market size in 2022||USD 11.43 Billion|
|Revenue forecast in 2032||USD 310.44 Billion|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||type, technology, application, and region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Sweden, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, South Africa, Israel|
|Key companies profiled||Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc., General Electric Company, SAP SE, Siemens AG, Hexagon AB, and Aveva Group PLC.|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Competitive Landscape
The global digital twin market is moderately fragmented, with a large number of small- and medium-sized companies accounting for a majority share in global market revenue. Major companies have well-established facilities and enter in acquisitions and mergers, and strategic agreements, and engage in various research and development activities and initiatives to develop and deploy new and more efficient technologies and products in the digital twin market. Some prominent players operating in the digital twin market are:
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- PTC Inc.
- Ansys Inc.
- General Electric Company
- SAP SE
- Siemens AG
- Hexagon AB
- Aveva Group PLC.
- In December 2020, Akselos entered into an enterprise framework agreement for three years with Shell for the use of structural digital twin technology of Akselos. The agreement is intended to support worldwide teams of Shell with the design, process, and asset life extension throughout oil & gas portfolios.
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Some Key Highlights From the Report
- In August 2020, FARO Technologies made an announcement about the purchase of Advanced Technical Solutions, a company providing solutions for 3D digital twin technology.
- The system digital twin merge individual product twins and provide an opportunity to gain an understanding about how collaborative performance of individual assets. In an automotive, a system digital twin brings together all necessary units for producing a car component. Thus, a system twin enhances individual asset collaboration improve production performance with reduced downtime.
- Digital twin using IoT data is of immense significance in the healthcare sector as it allows improved preventative maintenance, patient monitoring, and delivering of personalized health care.
- Digital twin market revenue in Asia Pacific is expected to register the fastest growth rate over the forecast period, attributed to increasing Internet penetration, growing popularity of IoT, and growth of the automotive sector.
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Emergen Research has segmented global digital twin market on the basis of end-use, organization size, component type, and region:
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Internet of Things (IoT)-Driven
- Artificial Intelligence (AI) and Machine Learning (ML)-Enhanced
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- Solution Outlook (Revenue, USD Billion; 2019–2032)
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Design and Development
- Predictive and Prescriptive
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Automotive & Transportation
- Energy & Utilities
- Retail & Commercial Goods
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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