Meticulous Research®—leading global market research company, published a research report titled, ‘Digital Twin Market by Component (Software, Services), Type (Component Twin/Part Twin, Asset Twin, Process Twin, System Twin/Unit Twin), Application, End-use Industry, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the digital twin market is projected to reach $183 billion by 2030, at a CAGR of 41.6% during the forecast period 2023–2030.The growth of the digital twin market is driven by the increasing emphasis on predictive maintenance, rising demand for simulation and design capabilities among various industries, and the need to reduce costs by improving efficiency and eliminating downtimes.
The increasing implementation of 5G and growing digitization and automation of manufacturing facilities are expected to offer significant growth opportunities for players in the digital twin market. However, the lack of reliable data to create digital twins, risks associated with data security, lack of skilled employees, and absence of common data analysis and security standards across industries may hinder the growth of this market. Furthermore, the increasing integration of digital twins with other technologies, such as AI and IoT, is the latest trend in the digital twin market.
Meticulous Research® has segmented this market based on component, type, application, deployment, end-use industry, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the digital twin market is segmented into software and services. In 2023, the services segment is expected to account for the larger share of the digital twin market. The large share of this segment is attributed to the growing need for services to help companies implement and utilize digital twin technology effectively and maximize its benefits. These services include data management and analysis, maintenance and support, and consulting and advisory services. However, the software segment is projected to register the higher CAGR during the forecast period.
Based on type, the digital twin market is segmented into component twin/part twin, asset twin, process twin, and system twin/unit twin. In 2023, the asset twin segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to factors such as the increasing adoption of IoT (Internet of Things) devices, the growing demand for predictive maintenance solutions, and the need for improved asset performance and operational efficiency. Asset twins offer benefits such as reducing downtime, optimizing asset performance, and enhancing safety and security.
Based on application, the digital twin market is segmented into product design, process optimization, quality management, supply chain management, predictive maintenance, enterprise collaboration, customer experience, and other applications. In 2023, the product design segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to the need to simulate and test products in a virtual environment before they are physically manufactured. Digital twin technology allows designers and engineers to see how a product will perform under different conditions and make necessary changes to improve its functionality and reliability. Various software tools and platforms for product design are offered by companies such as Siemens, ANSYS, and Dassault Systèmes, among others. These tools allow designers and engineers to create 3D models of products and simulate their behavior in a virtual environment, which can help reduce the time and costs involved in physical prototyping and testing.
Based on deployment, the digital twin market is segmented into Platform as a Service (PaaS) and Software as a Service (SaaS). In 2023, the PaaS segment is expected to account for the larger share of the digital twin market. The large share of this segment is attributed to the need for adequate computing power and data management capabilities. PaaS solutions are a cost-effective and efficient way to build, deploy, and manage digital twin applications. PaaS providers offer a range of services that support the development and deployment of digital twin applications, including computing infrastructure, data storage, analytics tools, and software development kits (SDKs), allowing companies to focus on developing their digital twin models and applications without having to worry about the underlying infrastructure.
Based on end-use industry, the digital twin market is segmented into automotive, logistics & transportation, energy & utilities, aerospace & defense, building & construction, healthcare, oil & gas, fintech, and consumer electronics. In 2023, the automotive segment is expected to account for the largest share of the digital twin market. The large share of this segment is attributed to the increasing adoption of digital twins in automotive manufacturing due to benefits such as improved vehicle design, manufacturing, and performance. Automotive digital twins are used to simulate and optimize vehicle performance, reduce design errors, and improve overall product quality. The use of digital twins also helps automotive manufacturers reduce costs by identifying potential issues early in the product development process, reducing the need for physical prototypes and testing. With the increasing complexity of vehicles and the rise of Industry 4.0 technologies, the use of digital twins in the automotive industry is expected to grow further in the coming years.
Based on geography, the digital twin market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the digital twin market. The region's large share is attributed to the increasing adoption of Industry 4.0 technologies, the need for predictive maintenance solutions, and the growing use of IoT devices and sensors. The automotive, aerospace and defense, and healthcare industries are some of the major adopters of digital twin technology in North America. The region is also home to many leading digital twin software and service providers that are driving the market's growth through product innovation and strategic partnerships with other companies.
The key players operating in the digital twin market are General Electric Company (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Siemens AG (Germany), Ansys, Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Robert Bosch GmbH (Germany), Swim. AI (U.S.), Rescale, Inc (U.S.), Dassault Systems (France), ABB Ltd. (U.K.), Honeywell International Corporation (U.S.), and Schneider Electric SE (France).
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