NEW
YORK, June 20, 2024 /PRNewswire/ -- The global
digital twin market size is estimated to grow by USD 114.10 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
64.1% during the forecast period. Industry
4.0 and industrial iot is driving market growth, with a
trend towards increasing traction in healthcare sector.
However, high cost of deployment and complex architecture of
digital twin poses a challenge. Key market players include
ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric
Co., Hexagon AB, Honeywell International Inc., International
Business Machines Corp., Johnson Controls International Plc.,
Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc.,
Robert Bosch GmbH, SAP SE, ScaleOut Software Inc., Siemens AG,
Software AG, SWIM Inc., Veerum Inc., and Wipro Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Deployment (On-premises
and Cloud), End-user (Manufacturing, Energy and utilities,
Aerospace and defense, Automotive, and Infrastructure and others),
and Geography (North America, Europe, APAC, Middle East and Africa,
and South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
ANSYS Inc., Dassault
Systemes SE, DNV Group AS, General Electric Co., Hexagon AB,
Honeywell International Inc., International Business Machines
Corp., Johnson Controls International Plc., Kongsberg Gruppen ASA,
Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE,
ScaleOut Software Inc., Siemens AG, Software AG, SWIM Inc., Veerum
Inc., and Wipro Ltd.
|
Key Market Trends Fueling Growth
ai_trending_factor_new
Smartphones and tablets, equipped with sensors and advanced
technologies like GPS, microphones, and cameras, are
revolutionizing social and economic sectors. Big data analytics,
AI, VR, and AR are key technologies driving innovation in
automotive, aerospace, defense, residential & commercial,
retail, and healthcare. Companies like Microsoft and General
Electric leverage IoT, cloud computing, and machine learning for
predictive maintenance and global competition. Digital Twin Market:
IoT replicas for industrial production sites, assembly operations,
and system/process segments in large enterprises and
SMEs.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
•
ai_dominating_segment_factor_new
• The digital
twin market is gaining traction in industries, particularly in
managing and optimizing IoT investments in production sites.
Industrial sectors face challenges in implementing and securing IoT
systems, necessitating employee training. Skills shortage hinders
full exploitation of IoT capabilities. Key players like Microsoft
and General Electric offer solutions in large enterprises and SMEs,
using technologies such as big data analytics, AI, ML, VR, and AR,
for predictive maintenance and global competition.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This digital twin market report extensively covers market
segmentation by
- Deployment
- 1.1 On-premises
- 1.2 Cloud
- End-user
- 2.1 Manufacturing
- 2.2 Energy and utilities
- 2.3 Aerospace and defense
- 2.4 Automotive
- 2.5 Infrastructure and others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 On-premises- The Digital Twin Market
encompasses industrial production sites and assembly operations
across various sectors, including system and process segments. The
market is divided into on-premise and cloud segments, with the
on-premise segment dominating in 2020 due to heightened security
concerns among large enterprises in aerospace, automotive, defense,
and manufacturing. These enterprises prioritize intellectual
property and data security, utilizing on-premise software for
complete control. The market also caters to SMEs and the
telecommunication segment. Predictive maintenance is a significant
application area, with technological advances including Virtual
Reality (VR), Augmented Reality (AR), cloud computing, Artificial
Intelligence (AI), and Machine Learning. Key players include
Microsoft Corporation, General Electric, and Impossible. Innovation
and global competition continue to drive market growth, with
potential applications in residential & commercial, retail
& consumer goods, and other industries.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
ai_research_analysis
Market Research Overview
The Digital Twin Market is experiencing significant growth as
more industries adopt this technology for real-time monitoring and
analysis of physical assets. Augmented reality and virtual reality
play crucial roles in creating digital twins, enabling predictive
maintenance and optimization of complex systems. Cloud computing
and compression techniques facilitate the storage and processing of
vast amounts of data. The real-time data exchange between the
physical and digital worlds allows for improved efficiency, reduced
downtime, and enhanced safety. Artificial intelligence and machine
learning algorithms enable predictive analytics and proactive
decision-making. The segmentation of the market includes industries
such as automotive, aerospace, healthcare, energy, and
manufacturing. The market is expected to continue growing due to
the increasing demand for smart and connected devices and the need
for remote monitoring and control.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Manufacturing
- Energy And Utilities
- Aerospace And Defense
- Automotive
- Infrastructure And Others
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio