Yahoo Finance Digital Twin market worth to be around USD 131.09 billion by 2030
The Digital Twin’ market value in 2020 summed up to USD 6.30 billion, accompanied by a promising CAGR of 40.11%, and is likely to reach nearly USD 131.09 billion by 2030 according to Strategic Market Research.
New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- A digital-twin is regarded as a real-time representation of the virtual world that serves as a digital counterpart for its practical applications such as testing, system stimulation, maintenance and monitoring.The rise in demand for the digital twins in various sectors like real estate, telecom, healthcare, retail, etc., for improving the operations of the supply chain and reduction of costs are proliferating the market growth throughout the prevised frame of time.
To get a first-hand overview of the report, Request a Sample at
https://www.strategicmarketresearch.com/request-sample/digital-twin-market
Report Coverage | Details | |
Forecast Period | 2021-2030 | |
Forecast Period 2021 to 2028 CAGR | 40.1% |
|
2030 Value Projection | 131.09Billion | |
Base Year | 2020 |
|
Market Size in 2020 | USD 6.30Billion | |
Historical Data for | 2015-2019 | |
No. of Pages | 135 |
|
Companies | ABB, Dassault Systems, Siemens, General Electric, Hexagon AB, IBM Corp., SAP, Microsoft Corp., AVEVA Group plc, | |
Leading Segment Based on Industry | Transportation and Automotive | |
Leading Region | North America | |
Segments covered | Enterprise, Application, Industry, Region | |
Summarization of the Digital Twin Market:
Large Enterprise segment held the largest portion of the market share of around 40.11% among the enterprise category.
Product-Design and Development dominated the Application segment with a share of 31.22% approximately.
Automotive and Transportation dominated the industrial segment with a total share of 25.93%.
North America significantly dominated the regional segment with almost 36.37% of the market share.
Pivotal factors that are improvising the growth of the Digital-Twin Market:
Integration of the Digital Twin with AI & IoT technologies
Multinational organizations are continuously implementing AI and IoT technologies for analyzing and collecting data from various IoT devices. This data can be applied later in the digital-twin model to mimic the device’s behavior and functions. This, in turn, helps the product designers and engineers to evaluate the performance of the product & figure out any further issues, and fix them accordingly. Hence, it results in an improvised product performance, thereby augmenting the worldwide market growth. A research study was conducted by SMR, where it was discovered that each second, around 127 brand new IoT devices get connected to the web globally, and by the end of 2022, around 35.78 billion IoT devices are likely to get installed worldwide.
Rise in usage of the digital-twins for the enhancement of supply chains and cost reduction in the manufacturing sectors worldwide
Over the past few years, the manufacturing sectors are sheer focusing on the digital-twins for the purpose of monitoring various business risks, identification of new trends, and optimization of the different types of tests in order to evaluate the efficiency of their respective supply chains. A study conducted by SMR revealed that the number of manufacturing industries using digital-twins worldwide surged by almost 40% within a span of 2 years, from 2020 to 2022. The manufacturing sectors also use digital-twin technologies to figure out any sort of potential threats or problems related to their transportation and logistics sectors.
Bifurcation of the Digital-Twin Market: (Segmentation Analysis)
Based on this, the Global Digital Twin Market is divided into Application, Enterprise, Industry, & Geography.
By Enterprise:
SMEs/Small & Medium Enterprise
Large Enterprise
By Application:
Business Optimization
Inventory Management
Product Design & Development
Predictive Maintenance
Performance Monitoring
Others
By Industry:
Oil and Gas
Retail
Aerospace
Infrastructure
Healthcare
Automotive & Transportation
Energies & Utilities
Telecommunication
Agriculture
Others
By Geography
The territory of North America
USA (United States of America)
Mexico
Canada
The remaining landmass of the North American territory
Asia Pacific
Australia
New Zealand
China
Vietnam
India
South Korea
Japan
Rest of the territory of Asia-Pacific
Europe
Germany/Deutschland
France
Russian Federation
Italy
United Kingdom
Poland
Sweden
Spain
Remaining portion of the European continent
Latin America, Middle East, & Africa
Saudi Arabia
UAE
Kuwait
Qatar
South Africa
Egypt
Algeria
Brazil
Nigeria
Argentina
Remaining of MELAA/LAMEA
Make a Direct Purchase of the latest Digital Twin Market Report published in the month of July 2022. Click the below link to initiate the purchase:
https://www.strategicmarketresearch.com/buy-now/digital-twin-market
Among the Enterprise segment, the “Large Enterprise” sector held the maximum share of the market at around 40.33%. Among the large enterprises worldwide, the digital twins are widely used for replicating the operational system’s various dynamic functions, workflows, HR or human resources, financial assets, etc., thereby proliferating the growth rate of this sector.
For the Applications segment, the “Product Design & Development” sector significantly held the maximum portion of the market share of nearly 31.22%. Designing and developing products in Aerospace Industries requires a huge amount of funding. Even a simple prototype design is also expensive. Hence, the aerospace industries use digital-twins to replicate the functions of the new airplane parts and continue the production process in a much more cost-effective manner. A survey performed by SMR revealed that BOEING has adopted a digital-twin asset approach and has achieved around 40% improvement in the production quality of systems and parts for military and commercial airplanes.
Among the Industry segment, the “Automotive & Transportation” sector dominated the market comprehensively with a share of nearly 25.93%. This is owing to the rise in usage of EVs, its simulation technologies, lean manufacturing, etc. Engineers worldwide use digital-twins for collecting a variety of behavioral and operational data of the automobiles based on which they take major decisions in its cost optimization, designing, etc.
Based on Regional Analysis, “North America” held the maximum market share of almost 36.37%. The government of the United States and some large US tech companies are investing a hefty amount in the development of the digital-twins in order to strengthen their military air force bases. A research survey of SMR stated that the growth rate of the Aerospace & Military sector of the USA will surge by almost 31% in the span of 10 years from (2020-2030). Apart from that, the research study also revealed that the US tech giant Microsoft has planned to collaborate with the Social Alpha group to invest in the production of digital-twin for the purpose of improving the R&D sector of the country and reduction of operational prices.
Crucial Market players associated with the Digital Twin Market:
ABB
NVIDIA
Microsoft Corp
AVEVA Group
Dassault Systems
General Electric
Siemens
IBM Corp
Hexagon AB
SAP
Before initiating a purchase, make a Pre-order enquiry and get a detailed overview of the content of the report.
https://www.strategicmarketresearch.com/pre-order-enquiry/digital-twin-market
Recent Developments
On August 16th, 2022, a California-based computing platform company, VERSES Technologies, announced that it has successfully taken membership of the DTC (Digital Twin Consortium). As a Consortium Member, VERSES is likely to collaborate with some of the tech giants like Google, Microsoft, Esri, HSBC, etc., for investing a huge sum of money in promoting the variety of benefits of the digital-twins and its related technologies.
On June 29th, 2022, NVIDIA and Siemens extended their collaboration with the aim of making the Digital Twins easily accessible among people worldwide. The companies announced that they are planning to combine the digital and real-world efficiently to achieve a higher rate of flexibility and introduce the digital twin products in the market faster than expected.
On June 8th, 2022, DTC or Digital-Twin Consortium collaborated with the Smart-Cities Council with the aim of driving the interoperability, rate of adoption, development, and raising awareness of the digital-twin technologies. The Council has announced that it will continue to educate the cities about resiliency and sustainability. Both parties have planned to get themselves involved in this initiative in order to make the cities aware of the remarkable capabilities of the digital-twins.
On March 22nd, 2022, the American tech-giant Microsoft partnered with Newcrest for funding the various sustainability modeling and digital-twin projects worldwide. Microsoft announced that these projects would be exclusively based on the usage of the digital-twins for improvisation of the operational performance efficiency equipped with highly advanced sustainability data models.
To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/digital-twin-market
Related Reports
Cyber Security Market
The elaborated report about the Cyber Security Market framed by SMR inculcates a variety of opportunities, and driving factors for short & mid-term market future, along with the factors plummeting the market growth. The size of the Cyber Security Market in 2021 accounted for USD 216.1 billion and is poised to surpass a value of USD 478.68 billion in 2030, along with a CAGR of 9.51%. The abrupt rise in cases of sophisticated cyberattacks, hacking, etc., has resulted in a huge economic loss for organizations worldwide, thereby raising its global demand, which, in turn, is fuelling the market growth. Key players involved in this market are IBM Corp, Wipro, Infosys Limited, HCL Technologies Ltd, Broadcom Inc., Accenture, Cognizant, Capgemini, F5 Networks Inc, etc.
Digital Logistics Market
The report on the Digital Logistics Market compiled by SMR elucidates its variety of augmenting factors, future scope, restraints, etc. The 2021 valuation of the Digital Logistics Market was USD 18.1 billion and is projected to reach approximately USD 77.52 in 2030, along with a promising CAGR of 17.54%. Exuberant growth of the e-commerce businesses worldwide due to the increase of online purchasing, an exponential surge in the number of internet users, online retail management, etc., are proliferating the market growth. Companies operating in this market are Oracle, IBM, SAP, Intel, Eurotech, HCL, ORBCOMM, Cloud Logistics, Infosys, etc.
Social Commerce Market
The Social Commerce Market report disseminated by SMR consists of its future opportunities, fuelling factors, restraints, etc. The Market of Social Commerce was worth USD 0.62 trillion in 2021 and will likely reach upto USD 7.03 trillion in 2030 with a CAGR of nearly 30.81%. The advent of business opportunities for SMEs, changes in consumer preferences, and the rise in social media users are propelling market growth. The organization involved in this market are Roposo, Etsy, Inc., Facebook, TikTok, Pinterest, Trell Shop, Fashnear Technologies, etc.
Heat Exchanger Market
The Heat Exchanger Market report covers its different driving factors, opportunities, restraints, etc. The Heat Exchanger Market value was worth USD 16.32 billion in 2021 and will touch a landmark of USD 25.91 billion in 2030 with a 5.3% CAGR. Improvisation of Efficiency by the method of capturing Waste Heat, a surge in government funding for heat exchangers, and expansion of petrochemical and chemical industries, are accelerating the market growth rate. The companies involved in this particular market are Alfa Laval AB, General Electric Company, Danfoss, Kelvion Holding, AS Hisaka Works Ltd, Mersen, Johnson Controls, etc.
Interactive Display Market
The Interactive Display Market report created by SMR has thoroughly explained its variety of driving factors, restraints, opportunities, etc. The Interactive Display Market worth in 2021 was USD 35 billion and is anticipated to reach USD 79.12 billion in 2030 with a 9.51% CAGR value. Digital transformations in the education sector and a rise in usage of interactive screens in the hospitals and corporate sectors are fuelling the growth rate of the market. The list of organizations associated with it are BenQ Corporation, Cisco Systems Inc, Panasonic, Epson America Inc, Samsung, Google, Planar Systems, Microsoft Corp, etc.
Electric Motor Market
The Electric Motor Market report published by SMR delineates its restraints, opportunities, driving factors, etc. The Electric Motor Market value reached USD 128.21 billion in 2021 and will surpass USD 209.68 billion in 2030, accompanied by a 6.22% CAGR. The increase in demand for electric motors in the automobile sector, HVAC sector, ocean trade routes, etc., are propelling the market growth. The vital companies associated with this market are ABB Group, Allied Motion Technologies, Inc., Ametek, Inc., Dumore Corp., Franklin Electric, Hitachi, Ltd., Hyosung Corp., Hyundai Electric, Johnson Electric, Kirloskar Electric Ltd, etc.
Battery Management System Market
The Battery Management System Market report fabricated by SMR includes its various growth opportunities, restraining factors, drivers, etc. The Battery Management System Market in 2021 was valued at USD 6.41 billion & predicted to touch a benchmark of USD 35.79 billion in 2030, with an exponential 21.2% CAGR. Factors improvising the market growth are the increase in sources of renewable energy worldwide, rise in demand for Evs, Increase in usage of rechargeable batteries, etc. Pivotal players involved in this market are Leclanche, Toshiba Corporation, Robert Bosch, Panasonic Corp, Midtronics Inc., ST Microelectronics, etc.
Head-up Display Market
The Head-up Display Market report compiled by SMR deciphers its various plummeting factors, significant opportunities, drivers, etc. The Head-up Display Market in 2021 summed up at around USD 3.80 billion and will rise to a value of USD 22.77 billion in 2030 with a 24.86% growth rate. Factors fuelling the market growth continuously are the rise in government funding in the automotive sectors, increase in disposable incomes, increasing public awareness regarding its usage, etc. The organizations operating in this market include BAE Systems, Continental, Thales Group, Nippon Seiki Co. Ltd., Panasonic Corp, Texas Instruments Inc, Rockwell Collins, DENSO Corporation, etc.
About Us:
Strategic Market Research facilitates the organizations globally in taking pivotal business decisions by furnishing the Syndicated and Customized Research Reports, which are highly precise in terms of market numbers. We believe that every firm, whether it is a startup which is in the Introduction stage of the Product Life cycle or an established one which is at the growth stage, requires market research services in order to streamline its key business blueprint. It may be related to Product Launch, Go to Market strategies, Competitive Analysis or new geographical penetration and expansion.
Contact Us:
Strategic Market Research LLP.
Sunil Kumar
India: +91-8260836500
Email: info@strategicmarketresearch.com
Web: https://www.strategicmarketresearch.com
Blog: https://www.strategicmarketresearch.com/blog
Press Release: https://www.strategicmarketresearch.com/press-releases
Connect Us:
LinkedIn: https://www.linkedin.com/company/strategic-market-research/
Twitter: https://twitter.com/smrstrategic
Facebook: https://www.facebook.com/StrategicMarketResearch
Instagram: https://www.instagram.com/strategicmarketresearchsmr/
