Delvens published a new research publication on "Digital Twin Market Insights, to 2030" with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Digital Twin Market was mainly driven by the increasing R&D spending across the world.
The global Digital Twin Market size is 11.12 billion USD in 2022 and is projected to reach a CAGR of 60.9% from 2023-2030.
Get Free Sample Report: https://www.delvens.com/get-free-sample/digital-twin-market
Digital twin technology has allowed businesses in end-use industries to generate digital equivalents of objects and systems across the product lifecycle. The potential use cases of digital twin technology have expanded rapidly over the years, anchored in the increasing trend of integration with internet-of-things (IoT) sensors. Coupled with AI and analytics, the capabilities of digital twins are enabling engineers to carry out simulations before a physical product is developed. As a result, digital twins are being deployed by manufacturing companies to shorten time-to-market. Additionally, digital twin technology is also showing its potential in optimizing maintenance costs and timelines, thus has attracted colossal interest among manufacturing stalwarts, notably in discrete manufacturing.
Delvens Industry Expert's Standpoint
The use of solutions like digital twins is predicted to be fueled by the rapid uptake of 3D printing technology, rising demand for digital twins in the healthcare and pharmaceutical sectors, and the growing tendency for IoT solution adoption across multiple industries. With pre-analysis of the actual product, while it is still in the creation stage, digital twins technology helps to improve physical product design across the full product lifetime. Technology like digital twins can be of huge help to doctors and surgeons in the near future and hence, the market is expected to grow.
Competitive Landscape
· ABB
· AVEVA Group plc
· Dassault Systemes
· General Electric
· Hexagon AB
· IBM Corporation
· SAP
· Microsoft
· Siemens
· ANSYS
· PTC
· IBM
For More Inquiry Contact us: https://www.delvens.com/Inquire-before-buying/digital-twin-market
Key Findings:
· The enterprise segment is further segmented into Large Enterprises and Small & Medium Enterprises. Small & Medium Enterprises are expected to dominate the market during the forecast period. It is further expected to grow at the highest CAGR from 2023 to 2030.
· The industry segment is further segmented into Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunications, Agriculture, Retail, and Other Industries.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is expected to hold the largest share of the digital twin market throughout the forecast period.
Regional Analysis
North America to Dominate the Market
· North America is expected to hold the largest share of the digital twin market throughout the forecast period. North America is a major hub for technological innovations and an early adopter of digital twins and related technologies.
· North America has an established ecosystem for digital twin practices and the presence of large automotive & transportation, aerospace, chemical, energy & utilities, and food & beverage companies in the US. These industries are replacing legacy systems with advanced solutions to improve performance efficiency and reduce overall operational costs, resulting in the growth of the digital twin technology market in this region.
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. GE’s AI/ML tool uses a digital twin of the wind turbine logistics process to accurately predict and streamline logistics costs. Based on the current industry growth forecasts, AI/ML might enable a 10% decrease in logistics costs, representing a global cost saving to the wind sector of up to USD 2.6 billion annually by 2030.
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.
Access Full Report: https://www.delvens.com/report/digital-twin-market
In addition to the market data for Digital Twin Market, Delvens offers client-centric reports and customized according to the company’s specific demand and requirement.
Reasons to Acquire
Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
Gain authentic and granular data access for Digital Twin Market so as to understand the trends and the factors involved in changing market situations
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
More Reports From Delvens:
Digital Imaging Market size was estimated at USD 21.34 billion in 2023 and is projected to reach USD 34.86 billion in 2030 at a CAGR of 7.26% during the forecast period 2023-2030.
Electric Vehicle (EV) High-Speed Position Sensors Market size was estimated at USD 13.3 billion in 2023 and is projected to reach USD 34.9 billion in 2030 at a CAGR of 14.8% during the forecast period 2023-2030.
About Us:
Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide the information on country, regional and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally.
Delvens database assists the clients by providing in-depth information in crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.
Contact us:
UNIT NO. 2126, TOWER B,
21ST FLOOR ALPHATHUM
SECTOR 90 NOIDA 201305, IN
+44-20-3290-6466
+1 214-377-1144
