mir is one of the world’s leading market research firms, is pleased to announce its latest Digital Twin Market report 2023-2029, covering very features of the market and providing up-to-date data on current trends.
The Digital Twin Market Report is a valuable source of insightful data for business strategists and new opportunities. The Report Offers business overview and improvement study, historical and future cost, revenue, including SWOT evaluation, Porter’s five forces analysis, supply and demand data. The Research analysts provides an entire description of the value chain and its distributor study. The Digital Twin Market Research provides comprehensive data to enhance the understanding, scope, and application of this report.
The digital twin market size was valued at $18.5 billion in 2023 and is expected to grow at a CAGR of 48.39% over the forecast period.
Digital Twin Market competition by top manufacturers as follow:
General Electric, PTC, Siemens, Dassault Systèmes, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation, Accenture (Mackevision), SAP, AVEVA Group
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Market Segments by Types
Market Segments by Applications
Aerospace and Defense
Automotive and Transportation
Energy and Utilities
The incorporation of twin solutions across the healthcare & life science sector is considered one of the emerging trends. These solutions are increasingly deployed across the pharmaceutical sector to estimate the conclusion of procedures, resulting in fewer physical and real-world tests or process completions. These factors assist healthcare users in developing and authenticating drug applicants. According to the Swedish Digital Twin Consortium, product twin solutions are in the emerging phase and could be used to personalize healthcare treatment. The aim is to develop secure network models and then match those twins computationally.
With the rise in awareness of digital solutions, key players are engaged in developing digital life science research and development models. For instance, Hewlett Packard Enterprise used its supercomputer to create digital models of the brain for research purposes in collaboration with Ecole Polytechnique Federale de Lausannes (EPFL). Thus, growing developments and increasing demand for advanced technology in the industry will increase the digital twin market share.
Recent Developments in Digital Twin Industry
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 savings 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.
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. ANSYS can integrate AWS’ comprehensive framework, which includes products such as computation, storage, internet of things (IoT), digital twin, analytics, and machine learning.
Geographically, the global Digital Twin market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)).
The Report Covers
Browse Full Report and TOC:-
We follow a robust valuation methodology that provides information triangulation based on top-down, bottom-up tactics, and authentication of the projected market numbers through main research. The info used to estimate the Digital Twin market size and forecast for numerous segments at the global, county, and nation level is derived from the most reliable published sources and through interviews with the correct stakeholders.
Following are major TOC of Digital Twin Market:
Chapter 1 Global Digital Twin Market Overview
Chapter 2 Globally Economic Effect on Business presently
Chapter 3 The research offers Market Competition by Manufacturers Worldwide
Chapter 4 All-inclusive Production, Revenue (Value) with all County
Chapter 5 the Worldwide Supply (Production), Consumption, Export, Import by every Region
Chapter 6 the Global Production, Revenue (Value), Price, new Trend by Type
Chapter 7 Global Market valuation by Application
Chapter 8 the Corporate Cost estimate
Chapter 9 current Skillful Chain, Sourcing Strategy and Downstream Clients
Chapter 10 the Marketing Strategy assessment, Distributors/Traders
Chapter 11 Global Market Outcome Features assessment
Chapter 12 General Market Forecast 2029
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