Digital Twin Market Trends to Hit $73.5 billion by 2027

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MarketsandMarkets Presents

Digital Twin Market Trends to Hit 73.5 billion
by 2027 Digital Twin Market by Enterprise,
Application (Predictive Maintenance, Business
optimization), Industry (Aerospace, Automotive
Transportation, Healthcare, Infrastructure,
Energy Utilities) and Geography - Global
Forecast to 2027 https//www.marketsandmarkets.co
m/Market-Reports/digital-twin-market-225269522.htm
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Digital Twin Market is expected to grow from USD
6.9 billion in 2022 to USD 73.5 billion by 2027
it is expected to grow at a CAGR of 60.6 from
2022 to 2027. Rising emphasis on digital twins
in manufacturing industries to reduce cost and
improve supply chain operations is driving the
market for digital twin. Moreover, increasing
demand for digital twin from healthcare industry
and growing focus on predictive maintenance)
further plays a key role in driving the growth of
the digital twin market. Browse 129 market data
Tables and 68 Figures spread through 289 Pages
and in-depth TOC on "Digital Twin Market by
Enterprise, Application (Predictive Maintenance,
Business optimization), Industry (Aerospace,
Automotive Transportation, Healthcare,
Infrastructure, Energy Utilities) and Geography
- Global Forecast to 2027"
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North America expected to dominate the digital
twin market during the forecast period The North
America region is expected to dominate the
digital twin market throughout the forecast
period. It is further expected to grow at the
highest CAGR during 2022 to 2027. Improving
business outlook in the US and the governments
steps to reform tax codes, significant package
announcements for manufacturing and
infrastructure companies, and the presence of
major digital twin technology providers are
boosting the adoption of digital twin in the
region. Factors such as growing focus on product
design development business optimization
increasing stringent government regulations for
the workplace and personal safety (considering
human-centric approach for digital twin) and
rising awareness of the need to control and
assure output quality in aerospace, energy
utilities, automotive transportation, and food
beverages industries are driving the demand for
real-time performance monitoring and predictive
maintenance applications of digital twin in North
America. Ask PDF Brochure https//www.marketsand
markets.com/pdfdownloadNew.asp?id225269522 Key
players in the digital twin 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 (US), River
Logic (US), and ANDRITZ (Austria). SMEs/startups
covered in the study are Sight Machine (US),
Sensat (UK), Cosmo Tech (France), Artemis
Technologies (Ireland), FEops (Belgium), Pratiti
Technologies (India).
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Small Medium Enterprise (SMEs) segment
expected to grow at faster CAGR during the
forecast period The digital twin market for SMEs
segment is expected to grow at faster CAGR during
the forecast period. The main reason for the
faster growth of SMEs is that fact that instead
of purchasing highly complex equipment and
machineries with incorporated sensors and
Industry 4.0 technologies, SMEs can better afford
to set up a digital twin. Many startups are
offering digital twin products/solutions that are
budget oriented to some extent and, therefore, a
perfect fit for SMEs. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id225269522 Predictive Maintenance
segment to hold the largest size of digital twin
market during the forecast period The predictive
maintenance application is expected to account
for the largest size of the digital twin market
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 their key equipment to operate
at peak efficiency and utilization to realize
their return on capital expenditures is the
fundamental cause for the emergence of predictive
maintenance applications for digital twin. With
this technology, companies are focusing on
developing a predictive maintenance model that
optimizes the maintenance cycle and strikes a
balance between corrective and preventative
maintenance.
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• Impact of COVID-19
• The outbreak and spread of COVID-19 caused a
  major setback to export-oriented economies owing
  to the shutdown of manufacturing plants in 2020.
  It hampered the growth of the digital twin market
  due to temporary shutdown in many industries,
  including automotive transportation, aerospace,
  and infrastructure. COVID-19 also led to delays
  in procurements and supplies in 2021. However,
  the rise in the adoption of digital twin in the
  healthcare and food beverages industries
  lessened the negative effects of the pandemic on
  the growth of the market in late 2020 and early
  2021. Before the outbreak of COVID-19, the demand
  for smart city infrastructure was growing in
  developing countries across the world.
• Recent Developments
• In April 2022, GE Research (US) and GE Renewable
  Energy (France), subsidiaries of GE, collaborated
  and developed a cutting-edge artificial
  intelligence (AI)/machine learning (ML)
  technology that has the potential to save the
  worldwide wind industry billions of dollars in
  logistical expenses over the next decade. GEs
  AI/ML tool uses a digital twin of the wind
  turbine logistics process to accurately predict
  and streamline logistics costs.
• In March 2022, Microsoft announced a strategic
  partnership with Newcrest. The mining business of
  Newcrest would adopt Azure as its preferred cloud
  provider globally, as well as work on digital
  twins and a sustainability data model. Both
  organizations are working together on projects,
  including the use of digital twins to improve
  operational performance and developing a
  high-impact sustainability data model.
• In February 2022, ANSYS and Amazon Web Services
  announced a strategic collaboration to transform
  cloud-based engineering simulations. The
  partnership will allow ANSYS products to be
  deployed on AWS, making simulation workloads more
  user-friendly while also providing scalability
  and flexibility with easy access to software and
  storage solutions from any web browser.

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