Many end-use industries utilize the digital twin, including manufacturing, agriculture, energy and utilities, healthcare, and the automobile sector. Several solutions for particular company sectors have recently been launched by many organizations that build digital twin platforms. For instance, an automaker, Volkswagen AG, uses 3D models to support prototype assembly processes worldwide. Volkswagen AG personnel work at the Pre-Series Center in Wolfsburg.
In 2021, the market for digital twins was worth USD 6.30 billion, and by 2030 it will reach USD 131.09 billion, growing at a 40.1% CAGR during the forecast period.
The market for digital twins will increase significantly over the next few years due to Industry 4.0’s expanding adoption on a global scale. The fourth industrial revolution is referred to as industry 4.0. It is a developing trend across a number of industries, particularly the manufacturing one, where it emphasizes automation, data capture, and exchange.
A growing array of technologies has accelerated the development of digital twinning technologies and increased workflow using digital twin technology. Examples of these technologies include cloud computing, the internet of things, computing, and others with improved efficiency, to gather information and analyze data obtained in real-time. Digital twin with enhanced performance and physical type alteration. Due to new advances, the market for digital twins is being driven by high prototypes with digital twins.
With more internet connections, advanced technologies like the Internet of Things, computing, clouding, and others emerged in the digital twin. The market growth is hampered due to lower customer demand and the high cost of the digital twin.
An entire manufacturing facility, an assembly line, particular components, or a team of workers can all be represented by digital twin technology. After careful investigation, it was shown that approximately 75% of companies using or attempting to use IoT already use Digital Twin or plan to do so over the next 12 months to generate solutions. Digital Twin technology can be applied in various ways to develop solutions based on various information sources and data.
Small and medium enterprises will expand at a significant growth rate during the forecast period. The critical factor driving SMEs’ rapid expansion is their ability to more easily afford to set up a Digital Twin rather than purchase extremely complex machinery and equipment with built-in sensors and Industry 4.0 technology. The fact that SMEs enjoy a vastly greater return on investment rate than larger businesses plays a crucial role in their rapid adoption of digital twins. As a result, the SMEs category will grow at a rapid CAGR.
On the basis of end-use, the automotive and transportation segment led the entire market with 20% of the revenue share in 2022. This is due to the use of lean manufacturing techniques, electric automobiles, and increasing simulation technology. The use of digital twin technology in the automotive industry aids engineers in obtaining behavioral and operational data about the vehicle, improving automobile design and lowering costs. The usage of digital twin technology will rise as a result of future automotive trends, including shared mobility, connected and autonomous automobiles, and connected and autonomous vehicles.
The product design & development segment will expand rapidly during the forecast period. In addition, the aviation industry will grow at a rapid CAGR between 2020 and 2030. The use of digital twin technology in product design, development applications, and robotic process automation is one of the emerging technologies, along with cloud computing, machine learning, artificial intelligence, and the internet of things.
North America ruled the entire regional market, generating revenue of USD 0.8 billion in 2021. The use of parts twin and product twin by end users in the U.S. across various industries, including healthcare, home & commercial, will fuel market expansion. In addition, important suppliers, including IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others, are located in the United States and Canada.
Asia Pacific will expand exponentially with a significant CAGR during the forecast period. It is due to the developed automotive and manufacturing sectors in countries like India, China, South Korea, and Japan. Additionally, the market is also driven by the expansion of smart cities.
- AVEVA Group plc
- Hexagon AB
- Microsoft Corporation
- Dassault Systemes
- General Electric
- Oracle Corporation
In 2021, the market for digital twins was worth USD 6.30 billion, and by 2030 it will reach USD 131.09 billion, growing at a 40.1% CAGR during the forecast period. The digital twin technology, along with advanced developed technologies with improved connectivity such as the Internet of Things, Artificial Intelligence, and cloud computing, helps to drive the digital twin market with an increased market growth rate.
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