VANCOUVER, Canada - April 24, 2023 —
The global digital twin market size was USD 11.19 Billion in 2022 and is expected to register a steady revenue CAGR of 37.4% during the forecast period, according to latest analysis by Emergen Research. Due to the growing adoption of digital twins across numerous industries, including manufacturing, healthcare, automotive, and aerospace, the market for digital twins is growing quickly. A digital twin is a virtual representation of a physical system, process, or product that enables real-time performance monitoring and simulating for businesses. The use of this technology by businesses to streamline operations, cut downtime, and improve product quality has caused a sharp increase in demand for digital twin solutions.
The Industrial Internet of Things' (IIoT) expanding acceptance is one of the key factors driving the digital twin market. In order to construct a network of interconnected devices, physical devices are combined with software and sensors to form the IIoT. By enabling businesses to track and analyse the operation of their equipment, anticipate maintenance needs, and boost overall efficiency, digital twins play a crucial role in the IIoT.
The growing adoption of artificial intelligence (AI) and machine learning (ML) technologies is another major factor driving the global market for digital twins. With the aid of these technologies, digital twins can learn and adapt to changes in real-time, enabling businesses to spot potential issues before they arise and adjust their operations accordingly.
However, the Digital Twin Market also confronts a number of difficulties, such as high implementation costs, data protection issues, and a lack of qualified workers. The adoption of digital twin solutions has been constrained by these limitations, especially among small and medium-sized businesses (SMEs).
Additionally, one of the important industries utilising digital twins to enhance manufacturing is the automotive sector. Automotive manufacturers can foresee maintenance needs, monitor machine performance, and streamline operations with the use of digital twin technology, which reduces downtime and boosts productivity. Additionally, in recent years, the application of digital twins in the healthcare sector has grown in prominence. Medical device performance simulation and monitoring, surgical planning assistance, and patient care optimisation have all benefited from the use of technology.
The growing emphasis on sustainability and environmental protection is one of the key driving reasons for the digital twin market. Businesses across a range of industries are looking for methods to lower their carbon footprint and enhance their sustainability practises in response to the growing concern over climate change. By enabling businesses to track and optimise their energy usage, eliminate waste, and enhance their overall environmental performance, digital twins can play a crucial part in this.
Digital Twin Market Segmentation:
According to Emergen Research's segmentation, the global Digital Twin Market is classified based on end-use, organization size, and component type. In terms of end-use, the market is segmented into manufacturing, automotive and transportation, aerospace, healthcare, agriculture, energy and utilities, telecommunication, retail and commercial goods, and others. The manufacturing sector is expected to dominate the market during the forecast period due to the increasing use of digital twins in optimizing production processes and reducing downtime. The healthcare sector is also expected to witness significant growth due to the increasing use of digital twins in medical device simulation and patient care optimization.
Based on organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to dominate the market due to their greater financial capabilities and resources to invest in digital twin technology. However, the SMEs segment is also expected to witness significant growth in the coming years due to the increasing availability of cost-effective digital twin solutions.
In terms of component type, the market is segmented into software and services and solutions. The software segment is expected to dominate the market during the forecast period due to the increasing demand for digital twin software for simulation and optimization purposes. The services and solutions segment is also expected to witness significant growth due to the increasing demand for consulting, training, and maintenance services related to digital twin technology.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Browse Full Report Description + Research Methodology + Table of Content + Infographics here
Some Key Highlights From the Report
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- Bosch and Multiverse Computing, a Spanish quantum software system, worked together on 27 June 2022 to add quantum algorithms into procedures for digital twin simulation. This new collaboration will look into how more efficient scaling of these simulations can be possible using computers and methods that are inspired by quantum mechanics. Bosch is looking into quantum computing and simulation as part of its larger Industry 4.0 programmes meant to improve data gathering, analytics, and simulation across its 240 plants. Over 250,000 devices and 120,000 manufacturing machines have been incorporated into new digital twin workflows as a result of these projects.
Check out Markets Insider's full article here. Full report by Emergen Research here.