Digital Twin Market Development, Innovation, Opportunities and Growth to 2030North America to Domina
Posted: Jan 25, 2023
North America to Dominate Global Digital Twin Market
The global digital twin market is expected to exhibit a robust 33.31% CAGR over the forecast period from 2020 to 2030, according to the latest research report from Market Research Future (MRFR). The global digital twin market is expected to reach a valuation of USD 35.4 billion by the end of the forecast period in 2025, according to the report. The major drivers and restraints affecting the global digital twin market are all profiled in detail in the report. The growth prospects of the global digital twin market are thus contextualized in detail in the report. Historical information revealing the market’s growth trajectory over the historical review period is detailed in the report. Major players operating in the global digital twin market are also profiled in detail in the report, giving readers a clear overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global digital twin market is also profiled in detail in the report.
A digital twin is a digital representation of a physical entity. Digital twins are a digital replica of places, people, objects, processes, systems, and devices. Digital twin technology uses machine learning, artificial intelligence, Internet of Things technology, and software analytics with spatial network graphs in order to create digital simulation models that update and change according to their physical counterparts. Information from multiple sources is used to update the digital twin with respect to the real life status of the physical object on which the twin is based. Thus, the digital twin continuously learns and updates itself using sensor data conveying various aspects of its operating condition. Digital twins are being used in various industrial sectors to optimize the operation and maintenance of physical assets, systems, and manufacturing processes. They constitute an emerging technology within the field of the industrial Internet of Things.
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The growing electronics and electrical/machine manufacturing sector is likely to be a major driver for the global digital twin market, as the electronics and electrical/machine manufacturing sector is the leading end user of digital twin technology. The growing demand for consumer electronics such as mobile phones and laptop computers is likely to be a major driver for the global digital twin market over the forecast period. The growing disposable income of consumers in emerging regions such as Asia Pacific is likely to drive the consumer electronics market over the forecast period. This is likely to lead to significant investments in the technology behind the manufacturing of consumer electronics. This is likely to lead to a growing demand from the digital twin market over the forecast period.
Leading players in the global digital twin industry include Oracle Corporation, Siemens AG, Accenture PLC, Cisco Systems Inc., General Electric, IBM Corporation, Microsoft Corporation, Dassault Systemes SE, SAP SE, PTC Inc., and ANSYS Inc.
The global digital twin market is segmented on the basis of end use, type, and region.
By end use, the global digital twin technology is segmented into aerospace and defense, automotive and transportation, electronics and electrical/machine manufacturing, healthcare, retail, energy and utilities, home and commercial and others. The aerospace and defense segment is further sub-segmented into aircraft engine design and production, and space-based monitoring. The automotive and transportation segment is further sub-segmented into fleet management and vehicle designing and simulation. The healthcare segment is further sub-segmented into medical device simulation and patient monitoring. The energy and utilities segment is further sub-segmented into wind and gas turbines, power infrastructure.
By type, the global digital twin market is segmented into parts twin, product twin, process twin, and system twin.
North America holds the largest share in the global digital twin market and is likely to remain the dominant regional segment of the global digital twin market over the forecast period due to the steady technological advancement in the region, leading to widespread incorporation of digital twin technology in the manufacturing sector.
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I currently work as a Team Lead in a market consultancy firm. An Electronics & Tell-comm engineer by education, I have prior experience in technology firms and market research.