by The global Digital Twin Market is estimated to be valued at US$ 12.26 Bn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A digital twin is a virtual representation of a physical object or system across its lifecycle, using real-time data to enable understanding, learning and reasoning. Digital twins allow simulation of systems to optimize performance and identify and address inefficiencies in real-time.
Market key trends:
One of the major trends fueling the growth of Global Digital Twin Market is the increasing adoption of Artificial Intelligence. AI is able to process huge amounts of data generated by digital twins and derive meaningful insights. It helps in predictive maintenance and optimizing operations. AI monitors equipment performance, detects anomalies and predicts failures. This enables reducing downtime and maintenance costs. AI along with digital twin technology is revolutionizing various industries like manufacturing, healthcare, transportation etc by improving processes through simulation and visualization.
Segment Analysis
The global digital twin market is segmented based on application, industry and geography. By application, the system digital twin segment dominated the global market in 2022 and is expected to continue its dominance over the forecast period owing to its extensive adoption for designing and engineering systems across various industries. By industry, the manufacturing industry accounted for the largest market share in 2022 due to increased demand for digital twin solutions from automotive, aerospace & defense, and discrete industries for prototyping, predictive maintenance, and optimization of plant assets.
Key Takeaways
The global digital twin market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing adoption of emerging technologies like IoT, AI, virtual reality and cloud computing by industries to optimize operations and connect physical assets with their virtual replicas.
Regional analysis
North America accounted for the largest market share in 2022 owing to presence of major digital twin solution providers and early adoption of technologies across industries in the US and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period driven by increasing manufacturing activities, digital transformation initiatives by governments and growing investments by industries in emerging technologies in countries like China, India and Japan.
Key players
Key players operating in the digital twin market are SAP SE, Siemens AG, ANSYS, Inc., Hitachi Ltd, Microsoft Corporation. SAP SE held the largest market share in 2022 owing to its extensive digital twin solution portfolio catering to various industries including manufacturing, automotive and utilities. Siemens AG offers a comprehensive range of digital twin solutions branded as ‘Siemens Digital Industries Software’ catering to product design & development, plant automation and digital services needs of industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
