Digital Twin Market Size is Expected to Reach USD 5545.2 Million by 2028 at a Growth Rate of 15.9% – Valuation Reports
BANGALORE, India, January 21, 2022 /PRNewswire/ — Digital twin market is segmented by data by Type – Twin Parts, Twin Product, Twin Process, Twin System, by Application – Aerospace & Defense, Automotive & Transportation, Machinery Manufacturing, Energy & Utilities, Other. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Appreciate the reports under the Software Category.
The global digital twin market size is expected to reach $5,545.2 million by 2028, 1951.2 million in 2021, at a CAGR of 15.9% over the period 2022-2028.
Major factors driving the growth of the Digital Twins market are
The growing use of digital twin technology across many verticals, such as aerospace and defense, automotive and transportation machinery manufacturing, energy and utilities, is the main driver for the growth of the digital twin market.
The digital twin market is likely to grow as the focus on Industry 4.0 grows. Digital Twin enables a more virtual system-based design process, allowing any equipment or system to play a much more active role. The technology helps operators understand the unique features, performance and potential flaws of the virtual simulation model by providing an accurate digital reproduction of the machine.
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TRENDS INFLUENCING THE GROWTH OF THE DIGITAL TWIN MARKET
Benefits such as better R&D and greater efficiency offered by the digital twin are expected to drive the growth of the digital twin market. The use of digital twins allows for more efficient product research and design, with an abundance of data created on likely performance outcomes. This data can lead to insights that can help organizations make necessary product adjustments before going into production. Digital twins can help mirror and monitor production systems even after a new product has gone into production, with the goal of achieving and maintaining peak efficiency throughout the manufacturing process.
Digital Twins can be used in the automotive industry to create a virtual replica of an associated vehicle. It records vehicle operating data and helps break down overall vehicle performance and related features. This growing application in the automotive industry is expected to drive the growth of the digital twins market. Tesla Motors, for example, has invested heavily in digital twin technology to provide better service and reliability to car owners. Every automobile sold by Tesla has a digital twin created. Tesla then modifies the software based on sensor data from individual vehicles and distributes upgrades to its products. This data-driven software development process allows for more efficient allocation of resources as well as a significantly improved user experience for car owners.
Additionally, users can investigate ideas for extending product lifecycles, improving manufacturing and processes, as well as product creation and prototype testing, using a twin digital. A digital twin can be used to virtually replicate a problem so that a solution can be designed and tested in software rather than in the real world. This feature is expected to boost the adoption of digital twins as part of the Industry 4.0 revolution, propelling the digital twins market forward.
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DIGITAL TWIN MARKET SHARE ANALYSIS
Based on the region, North America should be the most lucrative. Due to strong economic growth and strong presence of vendors providing digital twins, these changes have positively impacted the expansion of the digital twins market in North America.
Based on type, the system’s digital twin should be the most lucrative. The growing use of digital twins for systems in many applications can be attributed to this increase.
Based on the app, auto and transportation are expected to be the most lucrative. The increasing use of digital twins for design, simulation, MRO (maintenance, repair and overhaul), production and after-sales service can be attributed to this growth. Automotive and transportation is one of the areas that will see significant growth in the post-COVID-19 era, as industry players attempt to implement digital solutions for their end-to-end operations to to reduce the losses caused by the pandemic.
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Market by region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market by company
- General Electric
- Dassault Systems
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Accenture (Mackenvision)
- AVEVA Group
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– The Global Electric Digital Twin Market the size should reach 13510 million USD by 2028, $3853.2 million in 2021, at a CAGR of 19.4% over the period 2022-2028.
– The Global digital twin technology market the size should reach USD 26920 million by 2027, $4568.9 million in 2020, at a CAGR of 32.4% over the period 2021-2027.
– The Global Digital MRO market the size should reach $1521 million by 2027, $845.3 million in 2020, at a CAGR of 8.3% over the period 2021-2027.
– Global Electrical Digital Twin Software Market Size, Status and Forecast 2021-2027
– Global Digital Twin Cloud Services Market Size, Status and Forecast 2021-2027
– Global Digital Twin in Oil & Gas Market Size, Status and Forecast 2021-2027
– Global Digital Twins and Teleoperations Market Size, Status and Forecast 2021-2027
– Digital twin in medical applications: analysis of patent deployment
– Global Digital Twins in IoT Market Size, Status and Forecast 2021-2027
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