Global Digital Twin Market Size To Exceed $140.76 Billion By 2032 | CAGR 27.29%

Category: Electronics, ICT & Media

RELEASE DATE Apr 2023
REPORT ID SI1707

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Global Digital Twin Market Size To Exceed $140.76 Billion by 2032

According to a research report published by Spherical Insights & Consulting, the Global Digital Twin Market Size is to Grow from USD 12.6 Billion in 2022 to USD 140.76 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 27.29% during the projected period. The rising adoption of 3D modelling and simulation to replicate the real-time object for various applications in several industries such as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others will boost the demand for the digital twin market during the forecast period.

 

 

Global Digital Twin Market

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Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on  "Global Digital Twin Market Size, Share, and COVID-19 Impact Analysis, By Type (System Digital Twin, Product Digital Twin, Process Digital Twin, Other Types), By Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/digital-twin-market

 

In the Industry 4.0 paradigm, digital twins include the implementation of artificial intelligence (AI), big data, machine learning (ML), and the growing popularity of the Internet of Things (IoT) and are primarily used in the industrial Internet of Things (IIoT), engineering, and manufacturing-related settings. The global pandemic has increased the adoption of digital twin technology in industries other than manufacturing, such as health care, construction, information technology, and retail, boosting market growth over the forecast period. As a result, many different countries around the world are likely to incorporate digital twin technology into their economic operations. Several businesses are focusing on implementing digital twin innovations to optimize their vendor networks and operational procedures in order to recover from the financial challenges caused by the global pandemic. The introduction of such technologies also assists businesses in increasing activity and system productivity, which contributes to overall production efficiency.

 

The system digital twins segment is dominating the market with the largest revenue share over the forecast period.

On the basis of type, the global digital twin market is segmented into system digital twins, product digital twins, process digital twins, and other types. Among these, the system digital twins segment is dominating the market with the largest revenue share of 27% over the forecast period. The rise of this sector is largely attributed to the widespread adoption of system digital twins by a variety of fields, including automobile manufacturing, the manufacturing process, oil & gas, energy & amenities, and others, in order to recognize brand-new opportunities for revenue generation through cost optimization and improved service quality performance.

 

The automotive & transportation segment accounted the largest revenue share of more than 55% over the forecast period.

On the basis of industry, the global digital twin market is segmented into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. Among these, automotive & transportation are dominating the market with the largest revenue share of 55% over the forecast period. This expansion is primarily due to the increasing use of digital twin technologies in the automotive and transportation sectors for developing digital representations of connected automobiles.

 

 

North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with more than 45% market share over the forecast period. North America is a well-established technological innovation hub that is a leading user of digital twins and related technological advances. The presence of key digital twin solution service providers in the region, such as GE, Bentley Systems, IBM, Emerson, the software giant Microsoft, ANSYS, Amazon Web Services, Cisco Systems, Altair, and Oracle, increases demand and understanding of digital twin solutions.

 

Global Digital Twin Market

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Major vendors in the Global Digital Twin Market include  ANSYS Inc., General Electric Company, Cal-Tek SRL, IBM Corporation, Cityzenith Inc., Microsoft, Dassault Systèmes, Siemens, PTC, ABB Group, Accenture plc, Autodesk Inc, Bosch Rexroth AG, Rockwell Automation Inc., Schneider Electric, Oracle Corporation and among others.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • On February 2022, Ansys announced a strategic partnership with Amazon Web Services, Inc. (AWS), naming the CSP as the preferred and recommended partner for Ansys Gateway powered by AWS. The collaboration will allow Ansys products to be deployed on AWS, making simulation workloads more user-friendly while also providing scalability and flexibility with easy access to software and storage solutions from anywhere using a web browser. Ansys customers will reduce time to market, cut costs, and innovate faster by leveraging connected ecosystem applications in a cloud environment.

 

  • In September 2022, Siemens Smart Infrastructure expanded its ecosystem of partners for its grid software business by partnering with OverIT, the global leader in field service management. This collaboration strengthens the Siemens Grid Software portfolio ecosystem by integrating information from all critical parts of the converging OT/IT landscape, enabling exponential growth in distributed renewable energy. The modular Grid Software Suite is supplemented by advanced field service management to create a holistic digital twin of the grid.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Digital Twin Market based on the below-mentioned segments:

 

Digital Twin Market, Type Analysis

  • System Digital Twin
  • Product Digital Twin
  • Process Digital Twin
  • Other Types

 

Digital Twin Market, Industry Analysis

  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare
  • Energy & Utilities
  • Oil & Gas
  • Agriculture
  • Telecommunication
  • Other Applications

 

Digital Twin Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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