WESTFORD, Mass., July 25,
2024 /PRNewswire/ -- According to SkyQuest, the
global Digital Twin Market was valued at around USD 9.28 Billion in 2022 and is expected to rise
from USD 12.68 Billion in 2023 to
reach a value of USD 154.69 Billion
by 2031, at a CAGR of 36.7% during the forecast period
(2024-2031).
A digital twin is a digital/virtual representation of a physical
object or process in a digital environment. Digital twin models are
being used for the simulation of products and processes to optimize
their development in the future. Surging penetration of artificial
intelligence, Internet of Things (IoT), and machine learning
technologies will also foster new demand for digital twins going
forward. High investments in the development of digital twin
technology will also play a key role in market development. The
global digital twin market is segmented into solution, end-use, and
region.
Download a detailed overview:
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Digital Twin Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 12.68
Billion
|
Estimated Value by
2031
|
$ 154.69
Billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 36.7 %
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Enterprise Size,
Application and Industry
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
The involvement of AI
and ML engines in digital twin platforms
|
Key Market
Drivers
|
Increasing 3D
Simulation and 3D Printing Software Adoption to Drive Market
Growth.
|
Segments covered in Digital Twin Market are as
follows:
- Enterprises Size
-
- Large Enterprise, Small & Medium Enterprise
- Application
-
- Product Design & Development, Predictive Maintenance,
Business Optimization, Performance Monitoring, Inventory Management
and Other
- Industry
-
- Automotive & Transportation, Energy & Utilities,
Infrastructure, Healthcare, Aerospace, Oil & Gas,
Telecommunication, Agriculture, Retail and Other
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Digital Twins of Processes and Systems are Both Highly
Sough-after
Digital twins of systems are forecasted to be highly popular as
they allow the creation of virtual replicas of hardware and
software components of a system. These digital twins of entire
systems allow companies to create virtual models of highly complex
systems to run simulations and perform various tests. This allows
companies to check for individual elements of the system as well as
the system in its homogeneity to ensure no failure or errors are
faced during actual development and deployment. High demand for
non-destructible testing and the rising popularity of 3D modeling
and simulation are also slated to bolster the demand for system
digital twins.
Increasing emphasis on resource optimization and profit
maximization are forecasted to bolster the demand for digital twins
of processes in the future. The use of digital twin processes to
optimize workflow and maximize the industrial automation scope is
estimated to help the process sub-segment boost digital twin market
development at a notable pace over the coming years. High demand
for sophisticated process analytics and rising demand for
predictive maintenance will also help uplift the demand for process
digital twins.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/digital-twin-market
From Aerospace to Healthcare, Digital Twins Will be
Everywhere
The aerospace and defense sector is predicted to witness robust
utilization of the digital twin technology across the forecast
period and beyond. Aerospace components are highly expensive to
manufacture and test, which is why digital twins are preferred as
they reduce the overall research and development costs of multiple
aerospace and defense parts. Moreover, the growing integration of
machine learning, artificial intelligence, and cloud computing with
digital twin technology will also offer new opportunities for
digital twin companies in this industry vertical.
Manufacturing and automotive are two key industries where the
use of digital twins is forecasted to surge at a rapid pace in the
future. Advancements in engineering technologies and the rising
digitization of these industries will also foster new moneymaking
scope for digital twin providers. The growing digitization of the
healthcare space and rising demand for better simulation models are
also expected to bolster the adoption of digital twin technology in
this end-use sub-segment.
In conclusion, the global digital twin market has a lot of
opportunities from different industry verticals as digitization
picks up pace on a global level. Digital twins of processes will be
highly popular as predictive maintenance and process optimization
becomes highly crucial in all industry verticals. Aerospace end-use
stands as the most lucrative segment for digital twin companies
whereas opportunities in the healthcare and manufacturing end-uses
are limitless. Advancements in 3D technology and simulation
technologies will also play a vital role in augmenting the global
digital twin market development potential in the long run.
Related Report:
Industry 4.0 Market
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Digital Transformation Market
Industrial Automation Market
Industrial Robots Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology