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on October 2, 2023
What is a Digital Twin?
A digital twin is a virtual representation of a physical object or system. It is created using data collected from sensors and other sources, and is used to simulate and monitor the performance of the physical asset. Digital twins can be used to improve the design, operation, and maintenance of assets, as well as to predict and prevent failures.
Market Overview
The global digital twin market is expected to grow from USD 6.5 billion in 2021 to USD 64.76 billion by 2030, at a CAGR of 33.30%. The growth of the market is being driven by a number of factors, including the increasing adoption of digital technologies in industries such as manufacturing, healthcare, and transportation; the growing demand for predictive maintenance and condition monitoring; and the rising need to improve operational efficiency.
Key Companies
Some of the key players in the digital twin market include:
- Siemens AG
- General Electric
- Microsoft
- PTC Inc.
- Dassault Systèmes
- ANSYS, Inc.
- IBM Corporation
- SAP SE
- Hitachi Ltd.
- Oracle Corporation
- Autodesk, Inc.
- Accenture
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Market Segmentation
The digital twin market can be segmented by:
- Solution: System, platform, application, and service.
- Deployment: On-premise, cloud, and hybrid.
- Enterprise Size: Small and medium-sized enterprises (SMEs) and large enterprises.
- Application: Product design, manufacturing, predictive maintenance, asset management, and customer support.
- End-use Industry: Manufacturing, healthcare, transportation, energy and utilities, and others.
Regional Insights
North America is expected to remain the largest market for digital twins during the forecast period, followed by Europe and Asia-Pacific. The growth of the market in North America is being attributed to the early adoption of digital technologies and the presence of a large number of key players. The European market is expected to grow at a significant CAGR during the forecast period, due to the increasing investment in digital transformation initiatives by governments and businesses. The Asia-Pacific market is expected to be the fastest-growing market for digital twins during the forecast period, due to the rapid growth of the manufacturing and healthcare sectors in the region.
Industry Latest News
- Siemens AG and NVIDIA partner to develop digital twins for industrial applications.
- General Electric launches a new digital twin platform for the healthcare industry.
- Microsoft and PTC announce a partnership to develop digital twins for manufacturing and product design.
- Dassault Systèmes acquires Simulia, a provider of simulation software used to create digital twins.
- ANSYS acquires SCADE, a provider of model-based design and simulation software used to create digital twins.
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Posted in: Technology
Topics:
digital twin market