Digital Twin Market To Reach USD 517.4 Billion By 2032 Report By DataHorizzon Research
Digital transformation solutions and evolving technology are boosting the digital twin market
Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Digital Twin Market size was valued at USD 11.6 Billion in 2022 and is expected to reach USD 517.4 Billion by 2032 with a CAGR of 46.3%.
Digital twins are virtual versions of physical assets. They simulate scenarios and provide real-time analysis to help businesses optimize processes.
Digital twin technology helps companies reduce costs, material waste, and their carbon footprint during product development, driving sustainability and building a competitive advantage. Capgemini surveys show that 57% of organizations acknowledge the technology’s positive impact on their sustainability efforts, while 73% of those surveyed cite reducing time to market as the key driver for adoption. Digital Twin also improves traceability, manufacturing quality, and resource recovery, making it an efficient tool for product lifecycle management.
Smart cities are driving the growth of the Digital Twins market. Digital Twins offer real-time insights into a city’s workings by using data from various sources such as sensors, drones, and mobile devices, providing valuable information to improve citizens’ lifestyles and drive economic development. Cities worldwide recognize the importance of using real-time digital data to optimize decision-making, assess current services, and improve city planning, leading to the market’s growth.
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The global digital twin market has been segmented into type, model level, deployment, enterprise size, application, end-user, and region. System twins and informative twins are two segments of the digital twin market. System twins provide visibility into how assets interact to create a functional system and offer performance suggestions. Informative twins focus on defining the state of a physical system using real-time data streams and can be implemented in various sectors, such as automotive, for real-time monitoring.
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Digital Twin Market Report Highlights:
- The global digital twin market growth is anticipated at a CAGR of 46.3% by 2032.
- The digital twin market is set to grow due to the increased adoption of IoT and data analytics and the requirement for cost-efficient functions, optimized processes, and reduced time to market.
- North America dominates the digital twin market due to major players like IBM, GE, AWS, and Microsoft and the high adoption of digital technologies.
- Some prominent players in the digital twin market report include ABB, ANSYS, Inc., Autodesk Inc., and AVEVA Group plc, Amazon Web Services, Inc., Dassault Systèmes, GE DIGITAL, General Electric, Hexagon AB, IBM Corporation, Microsoft Corporation, PTC Inc., Rockwell Automation, SAP SE and Siemens AG among others.
Industry Trends and Insights:
- Rockwell Automation has acquired Verve Industrial Protection, a cybersecurity software and services company that focuses on industrial environments.
- GE Vernova’s Gas Power business has successfully launched a district heating plant in Naepo City powered by GE’s H-Class gas-incorporated cycle equipment.
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Digital Twin Market Segmentation:
- By Type: Product Twin, Asset Twin, Process Twin, and System Twin
- By Model Level: Descriptive twin (L1), Informative twin (L2), Predictive twin(L3), Comprehensive twin (L4) and Autonomous twin (L5)
- By Deployment: Cloud and On-premise
- By Enterprise Size: Large Enterprises and SMEs
- By Application: Product Design & Development, Predictive Maintenance, Business Optimization and Others
- By End-use: Manufacturing, Agriculture, Automotive & Transport, Energy & Utilities, Healthcare & Life Sciences, Residential & Commercial, Retail & Consumer Goods, Aerospace, Telecommunication and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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