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Digital Twin Market Trends

Report ID: GMI2196
Published Date: Mar 2024
Report Format: PDF

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Digital Twin Market Trends

With the rise of Industry 4.0 and the strong emphasis on automation, data exchange, and smart technologies in manufacturing, the demand for digital twins is escalating to facilitate digitization and optimization of manufacturing processes for increased efficiency and productivity. The surging integration of AI and machine learning helps to enhance the capabilities of digital twins through predictive analytics, anomaly detection, and optimization algorithms.

The rising prominence of cloud-based digital twin platforms to offer flexibility, scalability, and ease of collaboration will also define the market growth. For instance, in July 2023, Honeywell unveiled its cloud-based digital twin to facilitate efficient and secure up-to-date testing.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital twin reached USD 9.9 billion in 2023 and is set to witness 33% CAGR between 2024 and 2032, owing to the increasing investments led by organizations on robust cybersecurity measures and compliance frameworks to protect sensitive data and ensure regulatory compliance.

The product design & development segment accounted for a market share of around 50% in 2023 and is expected to cross USD 57 billion by 2032, as it allows engineers to simulate and test various scenarios in a virtual environment before physical prototypes are built.

North America market share was around 35% in 2023, due to the robust growth of manufacturing, automotive, aerospace, and healthcare sectors, along with wider adoption of Industry 4.0 principles.

ABB Group, Autodesk Inc., Capgemini, Dassault Systems, General Electric, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rockwell Automation, and Siemens AG.