Chicago, July 18 2022 (GLOBE NEWSWIRE) — According to the report “Digital Twin Market by Company, Application (Predictive Maintenance, Business Optimization), Industry (Aerospace, Automotive and Transportation, Healthcare, Infrastructure, Energy and Utilities) and Geography – Global Forecast to 2027”published by MarketsandMarkets™, the Digital Twin Market is expected to grow from USD 6.9 Billion in 2022 to USD 73.5 Billion by 2027 and is expected to grow at a CAGR of 60.6% from 2022 to 2027.
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The growing emphasis on digital twins in manufacturing industries to reduce costs and improve supply chain operations is driving the digital twins market. Additionally, the growing demand for digital twin from the healthcare industry; and the growing focus on predictive maintenance) additionally plays a key role in the growth of the digital twins market.
The predictive maintenance segment will hold the largest digital twin market size during the forecast period
The predictive maintenance application is expected to account for the largest digital twin market size throughout the forecast period. It is further expected to grow at the second highest CAGR during the forecast period. The fact that every organization needs its key equipment to operate at maximum efficiency and utilization in order to realize its return on investment is the root cause for the emergence of predictive maintenance applications for the digital twin. With this technology, companies focus on developing a predictive maintenance model that optimizes the maintenance cycle and strikes a balance between corrective and preventive maintenance.
The small and medium-sized enterprises (SME) segment is expected to grow at a faster CAGR during the forecast period
The digital twins market for SME segment is expected to grow at a faster CAGR during the forecast period. The main reason for the faster growth of SMEs is the fact that instead of buying highly complex equipment and machinery with embedded sensors and Industry 4.0 technologies, SMEs can better afford to set up a digital twin. Many startups offer digital twin products/solutions that are budget oriented to some extent and therefore perfectly suited for SMBs. Another major reason for the rapid adoption of digital twin among SMBs is that SMBs get a better return on investment on digital twins compared to large enterprises. Hence, the SME segment is expected to grow at a higher CAGR during the forecast period.
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129 – Tables
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North America is expected to dominate the digital twin market over the forecast period
The North America region is expected to dominate the digital twins market throughout the forecast period. It is further expected to grow at the highest CAGR from 2022 to 2027. Improving business prospects in the United States and government measures to reform tax codes, announcements of large packages for manufacturing and d… infrastructure, and the presence of leading digital twin technology providers are driving the adoption of digital twin in the region. Factors such as the growing focus on product design and development; business optimization; reinforce strict government regulations on occupational and personal safety (taking into account the human-centered approach for the digital twin); and the growing awareness of the need to control and assure the quality of production in the aerospace, energy and utilities, automotive and transportation, and food sectors and beverages are driving demand for digital twin real-time performance monitoring and predictive maintenance applications in North America.
The major players in the digital twins market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France) , PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US ), SWIM AI (USA), River Logic (USA) and ANDRITZ (Austria). The SMEs/startups covered by the study are Sight Machine (USA), Sensat (UK), Cosmo Tech (France), Artemis Technologies (Ireland), FEops (Belgium), Pratiti Technologies (India), QiO Technologies (UK), VEERUM (Canada), Datumix (USA), synavision (Germany), Petra Sata Science (Australia), MEIK LABS (USA), DigitalTwin Technology (Germany), TWAICE Technologies (Germany), Allvision Io (US) and HASH (UK).
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