Emergence of AI, AR, VR, and Other Advanced Technologies to Fuel Global Digital Twin Market Growth in Coming Years
According to our latest market study, “Global Digital Twin Market Forecast to 2030, Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Enterprise Size, and End User,” the digital twin market size was valued at US$ 10.30 billion in 2022 and is expected to reach US$ 140.93 billion by 2030; it is estimated to record a CAGR of 38.7% from 2022 to 2030. The report includes growth prospects in light of current market trends and driving factors influencing the market growth.
The process of building an extremely accurate replica of a system, product, process, or gadget to be used in development, testing, and validation is known as digital twin. For businesses in sectors such as manufacturing, transportation, and energy, where large machinery and other physical equipment are frequently at the core of operations, the capacity to monitor both physical and virtual worlds is a crucial aspect. Integrating these physical assets with IT applications and infrastructure is becoming increasingly necessary in order to boost productivity, enhance customer support, and generate crucial business insights that offer businesses a competitive edge. Hence, businesses might benefit from digital twins, augmented reality, and virtual reality in order to automate and modernize their operations for Industry 4.0. Integrating technologies such as artificial intelligence, machine learning, virtual reality, and augmented reality with digital twins enhances the decision-making capabilities of users and businesses. Virtual reality and augmented reality enable a more immersive experience, allowing users to interact with and analyze the virtual models. Artificial intelligence and machine learning provide meaningful insights into the data generated from these simulations. This enables better decision-making while designing, developing, and optimizing complex industrial systems. Thus, the emergence of advanced technologies such as AI, AR, and VR is expected to fuel the growth of the digital twin market from 2022 to 2030.
Digital Twin Market Analysis– by Geography (2022—2030)
Digital Twin Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Asset Twins, System Twins, Process Twin, and Parts/Component Twin), Enterprise Size (Large Enterprises and SMEs), and End User (Manufacturing, Automotive, Aerospace & Defense, Healthcare, Retail, and Others)
Digital Twin Market Trend Analysis, Growth, Size by 2030
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Source: The Insight Partners Analysis
General Electric; Microsoft; Siemens; Dassault Systèmes; PTC; Robert Bosch; IBM Corporation; Oracle; ANSYS, Inc are among the key players profiled in the digital twin market report. Several other players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The digital twin market report provides detailed market insights, which help the key players strategize their growth.
In terms of revenue, North America dominated the digital twin market share. The market in North America was valued at US$ 3.65 billion in 2022 and is projected to reach US$ 46.05 billion by 2030; it is anticipated to record a CAGR of 37.3% during the forecast period. North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. North America has witnessed huge adoption of technologies such as artificial intelligence, AI, ML, and blockchain in the past three years across all the major industry verticals. With the increasing penetration of digitization in various industries, the digital twin has become a vital component of business.
In North America, the US is expected to hold the largest digital twin market share and record the highest CAGR during 2022–2030. The high rate of digitization in various industries in the US drives the market. Factors such as a rise in the adoption of digital tools and high technological spending by government agencies are expected to fuel the digital twin market growth in the US during the forecast period. Moreover, the US has a large number of market players who have been focusing on developing innovative solutions. A few of the key players operating in the US are IBM Corporation; Oracle; Microsoft; ANSYS, Inc; and PTC, among others.
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