Digital Twin Market Skyrockets to $140.93 Billion by 2031 Dominated by Tech Giants – General Electric Co, Microsoft Corp and Siemens AG | The Insight Partners
The global digital twin market is set for explosive growth, with projections indicating a surge to $140.93 billion by 2031. This remarkable expansion, driven by rising number of smart city projects and surging emphasis on predictive maintenance.
NEW YORK, Nov. 27, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global digital twin market is observing significant growth owing to increasing adoption of IoT devices and large-scale digital transformation and industry 4.0 adoption across enterprises.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the digital twin market comprises a vast array of services, organizations size, application and geography which are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Digital Twin Market Growth: According to an exhaustive report by The Insight Partners, the Digital Twin Market is experiencing significant growth, driven by integration of AI, AR, VR, and other advanced technologies. The market, valued at $10.30 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 38.7% during 2023–2031.
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Surging Emphasis on Predictive Maintenance: Predictive maintenance is perceived as the most advanced means to manage maintenance within manufacturing plants. This maintenance approach is enabled by the implementation of technologies such as AI, ML, the Internet of Things (IoT), and Big Data to monitor equipment and check for part failure. Predictive maintenance helps save maintenance costs by selectively detecting the parts that need attention. Industries increasingly rely on predictive maintenance, as minimizing downtime is a critical aspect of any business. Digital twins operate by continuously gathering data on asset conditions, enabling predictive maintenance solutions to identify patterns and potential failures before they occur. With digital twin technology, maintenance teams can also remotely monitor assets’ performance and diagnose issues without physically inspecting them. Thus, a growing focus on predictive maintenance bolsters the digital twin market growth.
Increasing Adoption of IoT Devices: The use of digital twins is increasing with the surging adoption of IoT. Digital twins require a continuous flow of data to accurately replicate their physical counterparts. IoT devices can fulfill this requirement with built-in sensors. These sensors facilitate real-time data collection from the environment, human interactions, or objects’ functions. Digital twins rely on IoT sensor data to gather information from the real-world object to project it to create the digital-world object. The insights derived from these data allow organizations to react quickly to improve operational efficiency, customer satisfaction, and production quality, among others. As IoT devices transmit data, digital twins update the data in real time, which ensures that the virtual model is in sync with the physical entity. By leveraging IoT, a digital twin can represent a complex piece of equipment such as a wind turbine and processes such as customer activities in a retail shop. Thus, the increasing adoption of IoT devices drives the digital twin market.
Large-Scale Digital Transformation and Industry 4.O Adoption Across Enterprises: Organizations struggle to be competitive in a rapidly changing and dynamic market. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition by improving their performance and processes. It has resulted in notable modifications to the way businesses create, produce, and market their goods, as well as engage with suppliers and customers. The advent of computer-aided manufacturing (CAM) and computer-aided design (CAD) technologies in the past made it possible for engineers to design and model items digitally. The fourth industrial revolution, or Industry 4.0, further presented OEMs with both new opportunities and challenges in recent years. In order to increase automation and efficiency, Industry 4.0 entails integrating digital technologies with current processes. As the adoption of digitization and Industry 4.0 advances, the manufacturing process becomes increasingly digital, propelling the integration of digital twin technologies for testing and simulating new parameters and design variants.
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Geographical Insights: North America dominated the digital twin market in 2023. Europe is the second-largest contributor to the global digital twin market, followed by Asia Pacific.
Digital Twin Market Segmentation, Applications, Geographical Insights:
- Based on type, the digital twin market is segmented into asset twin, system twin, process twin, and parts/component twin. The asset twin segment dominated the market in 2023.
- In terms of enterprise size, the digital twin market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2023.
- Based on end user, the digital twin market is segmented into manufacturing sector, automotive sector, aerospace & defense sector, healthcare sector, retail sector, and others. The manufacturing sector segment dominated the market in 2023.
- The digital twin market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Digital Twin Market is characterized by the presence of several major players, including:
- General Electric Co
- Microsoft Corp
- Siemens AG
- Dassault Systemes SE
- PTC Inc
- Robert Bosch GmbH
- International Business Machines Corp
- Oracle Corp
- Ansys Inc
- Autodesk Inc
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Digital Twin Market Recent Developments and Innovations:
- “In a collaborative move with the W3C Consortium, Siemens and Microsoft announced their commitment to converge the digital twin definition language (DTDL) with the Thing Description standard from international standards organization W3C. By unifying both languages, customers are offered consistent modeling experiences, mitigating fragmentation in an evolving IoT landscape. With customers typically deploying a mix of vendors in their infrastructure, leading to lock-in and high integration efforts, this convergence will allow for simpler system integration and interoperability.”
- “L&T Technology Services Limited, a leading global pure-play engineering services company, and Ansys, a global leader and pioneer of Multiphysics engineering simulation software, had signed an MOU to establish the LTTS-Ansys Center of Excellence (CoE) for Digital Twin. The center supports LTTS in demonstrating industry use cases, developing future-facing solutions, and enabling its customers to optimize design, manufacturing, and supply chain processes. Ansys’ Twin Builder solution allows LTTS to further expand its market share in digital twin areas.”
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Conclusion:
Digital twins are virtual representations of real objects or environments. It is built using real-time data obtained from the sensors connected to the object and to replicate it throughout its lifecycle. Thus, a digital twin digitally replicates features, functionality, and behavior of assets, among other parameters, in the virtual environment. A wide range of real-world objects, from individual pieces of machinery in a factory to huge installations such as wind turbines and entire cities, can be replicated as digital twins. Organizations use the digital twin technology to monitor an asset’s performance, detect operational issues, and determine maintenance needs; they can also utilize the asset data to predict its lifetime. Asset twins, system twins, process twins, and parts/component twins are among the different types of digital twins that are popular in various industries. Digital twins utilize advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), augmented reality (AR), virtual reality (VR), and simulation to create a digital model of an object.
The digital twin technology is revolutionizing various industries, and it has the potential to shape the future of the manufacturing industry. The increasing use of cloud solutions and services, digital transformation measures taken by governments and industrial sectors, and an emphasis on sustainability are a few of the key factors driving the digital twin market growth. Digital twins received further attention during the COVID-19 pandemic, as their use helped businesses operate efficiently without contributing to the spread of the disease. The technology aided in contactless temperature scanning of patients, intelligent traffic management, and investigative studies conducted to understand the lasting impact of COVID-19 on patients’ health. The implementation of digital twins helped end users improve their performance, lower operating costs, and provide convenience on a number of levels. Further, the integration of AI, AR, and VR technologies is expected to bring new digital twin market trends in the coming years.
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With projected growth to $140.93 Billion by 2031, the Digital Twin Market represents a significant opportunity for solution providers, system technology integrators, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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