Market Research
Global Digital Twin Market Projected To Skyrocket To $140.93 Billion By 2031, Forecast Reveals
By GlobeNewswire
Share
Dublin, July 12, 2024 (GLOBE NEWSWIRE) -- The "Digital Twin Market Size and Forecast 2021 - 2031, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Enterprise Size, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The digital twin market size was valued at US$ 10.30 billion in 2023 and is expected to reach US$ 140.93 billion by 2031; it is estimated to record a CAGR of 38.7% from 2023 to 2031.
North America dominated the market in 2023, followed by Europe and APAC, respectively. North America is one of the fastest-growing regions in terms of technological innovations and adoption of advanced technologies. The region has witnessed huge adoption of technologies such as machine learning (ML), artificial intelligence (AI), and blockchain in the past three years across all the major industry verticals.
With the rising penetration of digitization in various industries, the digital twin has become a vital component of business. In addition, the region is home to a majority of key market players such as IBM Corporation; Oracle; Microsoft; ANSYS, Inc; and PTC, leading to the North America digital twin market growth.
Moreover, North America is focused on introducing digital twin technology for the semiconductor industry. The government authorities are investing in fostering the semiconductor industry. In May 2024, the Biden-Harris Administration issued a Notice of Funding Opportunity (NOFO) seeking proposals from eligible applicants for activities to establish and operate a CHIPS Manufacturing USA institute focused on digital twins for the semiconductor industry. Digital twins are virtual models that mimic the structure, context, and behavior of a physical counterpart.
The CHIPS for America Program anticipates ?US$ 285 million for a first-of-its-kind institute focused on the development, validation, and use of digital twins for semiconductor manufacturing, advanced packaging, assembly, and test processes. The CHIPS Manufacturing USA Institute is the first Manufacturing USA institute launched by the Department of Commerce under the Biden Administration
Based on enterprise size, the digital twin market is segmented into large enterprises and SMEs.. The large enterprises segment held the largest digital twin market share. The large enterprises segment comprises businesses having more than 500 employees. An upsurge in investments by large enterprises in digital twin technology and the burgeoning adoption of IoT devices with an inclination toward remote working augment the use of digital twins in large enterprises. For large enterprises from sectors such as construction, manufacturing, automotive, healthcare, and utilities, the implementation of digital twins is a crucial strategy to enhance operational efficiency, optimize maintenance and operations, and drive innovation.
General Electric Co, Microsoft Corp, Siemens AG, Dassault Systemes SE, PTC Inc, Robert Bosch GmbH, International Business Machines Corp, Oracle Corp, Ansys Inc, and Autodesk Inc are among the key digital twin market players that are profiled in this market study.
The overall digital twin market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the digital twin market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights.
This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the digital twin market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $10.3 Billion |
| Forecasted Market Value (USD) by 2031 | $140.93 Billion |
| Compound Annual Growth Rate | 38.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Digital Twin Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Software Providers
4.3.2 Service Providers and System Integrators
4.3.3 End-Users
4.3.4 List of Vendors in the Value Chain
5. Digital Twin Market - Key Market Dynamics
5.1 Digital Twin Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Adoption of IoT Devices
5.2.2 Large-Scale Digital Transformation and Industry 4.O Adoption Across Enterprises
5.2.3 Surging Emphasis on Predictive Maintenance
5.3 Market Restraints
5.3.1 High Development Cost
5.4 Market Opportunities
5.4.1 Rising Number of Smart City Projects
5.5 Trends
5.5.1 Integration of AI, AR, VR, and Other Advanced Technologies
5.6 Impact of Drivers and Restraints
6. Digital Twin Market - Global Market Analysis
6.1 Digital Twin Market Revenue (US$ Million), 2021-2031
6.2 Digital Twin Market Forecast Analysis
7. Digital Twin Market Analysis - by Type
7.1 Asset Twins
7.2 System Twins
7.3 Process Twin
7.4 Parts/Component Twin
8. Digital Twin Market Analysis - by Enterprise Size
8.1 Large Enterprises
8.2 SMEs
9. Digital Twin Market Analysis - by End User
9.1 Manufacturing
9.2 Automotive
9.3 Aerospace and Defense
9.4 Healthcare
9.5 Retail
9.6 Others
10. Digital Twin Market - Geographical Analysis
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 Product Development
13. Company Profiles
- General Electric Co
- Microsoft Corp
- Siemens
- Dassault Systemes
- PTC Inc
- Robert Bosch GmbH
- IBM
- Oracle Corp
- Ansys Inc
- Autodesk Inc
For more information about this report visit https://www.researchandmarkets.com/r/n97zp1
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT:
ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
First published on Fri, Jul 12, 2024
Enjoyed what you've read so far? Great news - there's more to explore!
Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.
Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.
Dive into TechDogs' treasure trove today and Know Your World of technology!
Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs' site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability.
Tags:
- Promoted By TechDogs -
Related Content on Market Research
Related News on Market Research
Join The Discussion