Digital Twin Market Size, Share, Statistics and Industry Growth Analysis Report
Chicago, May 10, 2024 (GLOBE NEWSWIRE) — The global digital twin market size in terms of revenue was estimated to be worth USD 10.1 billion in 2023 and is poised to reach USD 110.1 billion by 2028, growing at a CAGR of 61.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
The growth of the digital twin market is driven by the growing demand for digital twin in the healthcare industry and the increasing focus on predictive maintenance.
A digital twin is a virtual replica or digital copy of a physical object, process, or system. It serves as a digital counterpart that accurately captures the essential characteristics and behaviors of the real-world entity. Digital twins utilize advanced technologies such as sensors, data analysis, and simulations to collect real-time data from their physical counterparts. This data is then used to create and maintain an up-to-date digital representation that closely resembles the behavior of the actual object or system.
To know about the assumptions considered for the study
Digital Twin companies include:
- Microsoft (US),
- Siemens (Germany),
- Amazon (US),
- Dassault Systèmes (France),
- ANSYS (US),
- General Electric (US),
- IBM (US),
- PTC (US),
- SAP (Germany),
- Oracle (US), and
- Robert Bosch (Germany).
Digital Twin Market Dynamics:
Driver: Growing focus on predictive maintenance
The utilization of digital twins for predictive maintenance is widespread across various industries. Predictive maintenance based on digital twins involves collecting real-time sensor data that provides information about the condition and performance of a product, process, or system. This data is then analyzed and compared to historical records of failure modes and their criticality. The insights gained from this analysis are used to predict maintenance needs..
Restraint: High investments associated with the implementation of digital twin technology
The global market for digital twin solutions faces a growth restraint due to the substantial investment requirements in their deployment. The establishment and installation of digital twins, along with associated technologies such as smart automation, T-connected control, product lifecycle management (PLM), computer-aided design (CAD) and 3D CAD, manufacturing process management (MPM), manufacturing operations management (MOM), model-based system engineering (MBSE), enterprise resource planning (ERP), and augmented reality (AR)/virtual reality (VR)/extended reality (XR), demand significant capital.
Opportunity: Rising trend of 3D modeling and scanning across industries
IIoT combines machinery, advanced analytics, and human involvement in specific processes or products, creating a network of interconnected industrial devices through communication technologies. This network enables the development of systems that monitor, collect, exchange, analyze, and deliver valuable insights, enhancing decision-making capabilities. With its ability to cover the entire lifecycle of physical systems, processes, or products, IIoT provides businesses with a powerful analytical tool to thoroughly evaluate key performance indicators and identify areas for enhancements or upgrades.
Challenge: Lack of skilled workforce and awareness regarding cost benefits offered by digital twins
Companies need concrete implementation plans and significant investments for integrating digital twins into product management. Due to the novelty of the technology and the substantial changes it entails, end users are still determining the economic benefits, investment requirements, and future cost savings.
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