Digital Twin Market Analysis, Growth, Trends and Competitive Landscape

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2022
Digital Twin Market Opportunities, Companies and
Trends in Coming Years
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The surging adoption of advanced technologies,
including the internet of things (IoT), machine
learning (ML), artificial intelligence (AI), and
5G rising penetration of Industry 4.0 standards
growing focus on intelligent maintenance and
increasing need for cloud services are expected
to drive the growth of the digital twin market at
a CAGR of 50.0 during 20202030. According to
PS Intelligence, the market size is projected to
reach 184,517.4 million by 2030 from 3,210.1
million in 2020. Moreover, the market is
witnessing the increasing use of common platforms
for digital twins. The surging adoption of IoT
for interconnecting environments across several
sectors is one of the main factors boosting the
digital twin market growth. For instance, over 41
billion connected IoT devices are likely to be
adopted by 2025. For the successful execution and
operation of IoT devices, the digital twin
technology is essential, being used to improve
the performance and lifetime of a system.
Additionally, product developers and vendors are
increasingly embracing this technology in order
to reduce operational costs and speed up the
marketing of products.
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Another major factor behind the growing demand
for the digital twin technology among large,
small, and medium enterprises is their rising
focus on intelligent maintenance. Before the
advent of sensors, it was impossible to predict
when a machine will malfunction, and when it did,
the entire production process would get stalled.
Thus, digital twins are now being used to
leverage the data being gathered by the sensors
embedded in the individual components of a
machine to simulate their real-time functioning,
so that predictive maintenance becomes
possible. Based on application, the digital twin
market is classified into product design
development, predictive maintenance, performance
monitoring, inventory management, business
optimization, and others. Out of these, the
predictive maintenance category is expected to
witness the fastest growth during the forecast
period (20212030). This can be ascribed to the
surging use of this technology to gather
real-time information, estimate downtime,
automate operations, and schedule maintenance by
creating a digital duplicate of a system,
product, or process, in order to achieve
operational efficiency. Moreover, on the basis
of industry, the digital twin market is
categorized into manufacturing, oil gas,
automotive, energy utilities, healthcare,
aerospace defense, and others. Among these, the
manufacturing category held the largest share in
the market in 2020. This is attributed to the
escalating penetration of Industry 4.0 standards
and rising adoption of industrial internet of
things (IIoT) platforms across the globe.
Moreover, the technology supports manufacturing
companies in improving productivity and reducing
operational costs by helping in product
designing, process optimization, quality
management, and preventative maintenance.
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Globally, the North American digital twin market
accounted for the largest share in 2020. This was
mainly due to the surging adoption of advanced
technologies, such as IoT, ML, AI, and 5G, across
the manufacturing, energy, automotive, and
aerospace sectors and the development of the IT
infrastructure. Whereas, the Asia-Pacific (APAC)
is projected to record the fastest growth during
the forecast period. This can be attributed to
the rising investments in the IT infrastructure,
growing regional economy, and increasing adoption
of advanced technologies for improving product
quality and reducing production time. Thus, the
surging adoption of advanced technologies and the
increasing penetration of Industry 4.0 standards
across the world are projected to propel the
market growth in the coming years. Request to
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• Market Segmentation by Type
• Product
• System
• Process
• Market Segmentation by Technology
• Internet of Things (IoT)
• Artificial Intelligence (AI) Machine Learning
  (ML)
• Blockchain
• Big Data Analytics
• Others
• Market Segmentation by Enterprise
• Large Enterprises
• Small Medium Enterprises (SMEs)

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• Market Segmentation by Type
• Product
• System
• Process
• Market Segmentation by Technology
• Internet of Things (IoT)
• Artificial Intelligence (AI) Machine Learning
  (ML)
• Blockchain
• Big Data Analytics
• Others
• Market Segmentation by Enterprise
• Large Enterprises
• Small Medium Enterprises (SMEs)

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• Market Segmentation by Application
• Performance Monitoring
• Predictive Maintenance
• Product Design Development
• Business Optimization
• Inventory Management
• Others
• Market Segmentation by Industry
• Manufacturing
• Automotive
• Healthcare
• Energy Utilities
• Aerospace Defense
• Oil Gas
• Others

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• Europe Digital Twin Market
• By type
• By technology
• By enterprise
• By application
• By industry
• By country Germany, U.K., France, Italy, Spain,
  and Rest of Europe
• Asia-Pacific (APAC) Digital Twin Market
• By type
• By technology
• By enterprise
• By application
• By industry
• By country China, Japan, South Korea, India,
  Australia, and Rest of APAC

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• Middle East and Africa (MEA) Digital Twin Market
• By type
• By technology
• By enterprise
• By application
• By industry
• By country U.A.E., Saudi Arabia, Turkey, South
  Africa, and Rest of MEA
• Latin America (LATAM) Digital Twin Market
• By type
• By technology
• By enterprise
• By application
• By industry
• By country Brazil, Mexico, and Rest of LATAM

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• This study covers
• Historical and the present size of the Digital
  Twin Market
• 2. Historical and the present size of the
  market segments and understand their comparative
  future potential
• 3. Potential of on-demand logistics services,
  so the market players make informed decisions on
  the sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• 5. Major players operating in the market and
  their service offerings

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