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Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI2196
- Published Date: Oct 2022
- Report Format: PDF
Industry Drivers
Digital Twin Market size surpassed USD 8 billion in 2022 and is expected to grow at around 25% CAGR between 2023 and 2032. Increasing development of IoT and Industry 4.0 will impel the product demand.
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The manufacturing sector is evolving owing to the increasing application of industrial IoT and digital twin technology to create complex architecture and learn from historical data using AI and ML. Digital twins help simulate unforeseen fluctuations in supply to meet manufacturing demands and streamline the overall process. It also lowers costs, controls assets, and minimizes downtime related to equipment failure, enabling firms to boost their operational efficiency.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 8 billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 25% |
| 2032 Value Projection: | 90 billion (USD) |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 218 |
| Segments covered: | Application, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Lack of skilled labor may hinder the market development
Emerging technologies present new possibilities and create opportunities for novel skills and technical expertise. Currently, industry players are recruiting individuals qualified to work with this advanced technology. In near future, the shortage of competent workers is set to cause employment bottlenecks and lower production efficiency. However, this issue is speculated to be resolved with rapid digitization across several industries and growing awareness about the technology.
Growing industrial modernization to augment machine & equipment health monitoring segment growth
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The machine & equipment health monitoring segment is anticipated to register 25% growth rate through 2032, due to growing organizational focus on digital twin deployment to modernize the asset monitoring and maintenance process. With growing adoption of advanced process management solutions, organizations across the globe are set to welcome several positive changes, which in turn is slated to drive the industry revenue.
Soaring penetration of IoT devices to fuel the European industry growth
Regionally, the Europe digital twin market is poised to hold over 25% revenue share by 2032, driven by widespread integration of IoT devices, coupled with the presence of established manufacturers that are continuously launching cutting-edge initiatives to share the potential usages of the technology. Furthermore, to scale up Industry 4.0 deployment, the government aims to encourage investments in technological innovation, which is likely to increase the regional market share.
Rising need for predictive maintenance to propel product adoption in aerospace & defense applications
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The aerospace & defense application segment will expand at a CAGR of more than 30% from 2023 to 2032. The rising use of digital twin technology to identify equipment faults, provide predictive maintenance of defense equipment, monitor, and manage drones to support their maintenance, and help them automatically adapt to changing environmental conditions for safe flight plans in the aerospace industry.
Technological advancement through strategic partnerships to define the market outlook
The competitive landscape of the digital twin market includes prominent enterprises viz., AVEVA Inc., ABB Group, Ansys Inc., Bosch Rexroth AG, Autodesk Inc., Accenture Plc, Capgemini SE, Microsoft Corporation, IBM Corporation, Infosys Ltd., Rockwell Automation, Oracle Corporation, Schneider Electric Inc., Siemens AG, TIBCO Software Inc., Wipro Ltd., and others.
To fortify their market standing, these businesses frequently engage in strategic initiatives, including collaborations and expansion of their product portfolios. In May 2022, SAS, an American analytics software developer, and Cosmo Tech, a key firm in the digital twin space, collaborated to build an AI-operated hybrid digital twin solution. This digital twin system was purposed to help with inventory management, production planning, and demand planning & forecasting to establish robust end-to-end supply chains. The collaboration primarily centered on retail, consumer products, and manufacturing supply chains.
The market research report on digital twin includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:
Market, By Application
- Product Design and Development
- Machine and Equipment Health Monitoring
- Process Support and Service
Market, By End-Use
- Manufacturing
- Healthcare
- Retail & Consumer Goods
- Automotive
- Aerospace & Defense
- Energy & Utility
- Infrastructure Buildings
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- South Korea
- Japan
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Middle East
- South Africa
- GCC