DUBLIN, April 12, 2023 /PRNewswire/ — The “Global Digital Twin Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Application, End-User and Region” report has been added to  ResearchAndMarkets.com’s offering.
Global Digital Twin Market was valued at ~US$ 3 billion in 2017. It is estimated to be ~US$ 8 billion in 2022 and is forecasted to reach a market size of ~US$ 40 billion, growing at a CAGR of ~30% owing to the rising demand from the manufacturing industry.
Increasing the use of digital twins in manufacturing sectors to cut costs and enhance supply chain efficiency is the major driving factor for the digital twin market.
The advantage of using digital twin is that it helps to reduce the extra cost and time needed at the manufacturing time. Digital Twin helps engineers improve a product’s performance by analyzing and altering the physical design of the prototype, due to which almost all industries are using this technology for the enhancement of their business.
The cost of implementing Digital Twin technology in an organization is pretty high. High cost of implementation act as a barrier to the growth of the global digital twin market. Digital twins & related technologies.
The market was negatively impacted by the COVID-19 pandemic during the first half of 2020, owing to the strict regulations in several countries that temporarily halted all types of companies. Production halts and supply chain disruptions during the COVID-19 pandemic led to the suspension of several other activities along the value chain of industries, such as aerospace, manufacturing, and automotive.
However, the market experienced a sudden boom as all the companies were adopting digital twin as a part of its processes. Digital twins could help build predictive models and determine the probability of success of physical prototypes before they are rolled out. The pandemic has accelerated the adoption of digital twin technology across various applications in several verticals beyond manufacturing, including real estate, healthcare, telecom, and retail, driving the growth prospects of the market.
Competitive Landscape
The Global Digital Twin Market is highly competitive with ~200 players, including globally diversified players, regional players, and many country-niche players. Most of the regional players are the developers of digital twin used in various end-user industries.
Country-niche players constitute ~35% of the total number of competitors, while regional players dominate representing ~45% of total competitors. Some of the major players in the market include Accenture, Autodesk Inc., General Electric, IBM Corporation, Microsoft, Bentley Systems, Incorporated, Robert Bosch GmbH, SAP SE, Schneider Electric, and Siemens, among others.
Recent Developments Related to Major Players and Organizations
In September 2022, two U.K.-based technology companies, Sharp End Partnership, Ltd and Threedium LTD, combined their top technology solutions to let marketers provide linked experiences with Metaverse. The interactions include the ability to quickly tap or scan embedded QR and NFC to unlock digital twins of physical objects Through this, brands could soon activate storytelling 3D/AR applications and tokenize their products
In March 2022, Valiot, a USA-based AI and software company, enhanced its manufacturing software through digital twin technology Artificial intelligence capabilities applied to the value chain empowered manufacturers to predict and react to unexpected changes in every part of the value chain, including demand, supply, production, and distribution
In March 2021, The Lamina Tower, an ultra-luxury residential condominium tower in the Middle East, partnered with Cityzenith LLC to create a multi-purpose digital twin using the SmartWorldOS Digital Twin desktop application to create a 3D view of the property and surroundings, along with other requirements.
Conclusion
The Global Digital Twin Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of processes and shut down all the major industries. System twin is the most common type of digital twin among other types such as part twin, product twin, and process twin.
Majorly, the digital twin technology is used for product design and development that can further be utilized in various end-use industries such as aerospace & defense, automotive & transportation, manufacturing, healthcare, retail, and others. Though the market is competitive with over ~200 participants, regional players control the dominant share in the market and country-niche players also hold a significant share.
Key Topics Covered in the Report
- Snapshot of Global Digital Twin Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Digital Twin Market
- Historic Growth of Overall Global Digital Twin Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Digital Twin Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Digital Twin Market
- Future Market Forecast and Growth Rates of the Total Global Digital Twin Market and Segments
- Analysis of Global Digital Twin Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
- Accenture
- Autodesk Inc
- General Electric
- IBM Corporation
- Microsoft
- Bentley Systems, Incorporated
- Robert Bosch GmbH
- SAP SE
- Schneider Electric
- Siemens
- Digital Construction Works
- Allvision IO
- DigitalTwin Technology GmbH
- MEIK LABS SpA
- MetaTwin GmbH
Scope of the Report
Type
- Parts Twin
- Product Twin
- Process Twin
- System Twin
Application
- Product Design
- Product Development
- Inventory Management
- Predictive Maintenance
- Performance Monitoring
- Business Optimization
- Others
End-User
- Aerospace & Defense
- Automotive & Transportation
- Manufacturing
- Healthcare
- Retail
- Energy & Utilities
- Home & Commercial
- IT& Telecom
Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
For more information about this report visit https://www.researchandmarkets.com/r/brgdpz
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