Due to the increasing demand throughout the course of the projected period, a CAGR of 22.6% is anticipated for the worldwide digital twin technology market. By 2032, it’s estimated to be worth US$ 72,654 Mn, up from US$ 9,491.3 Mn in 2022.
The Digital twin technology is basically a combination of data and intelligence. It help enterprises to represent structure and behaviour of system. Digital twin technology is widely adopted by most of the enterprises to optimize physical world which enable them to significantly improve the business process and operational efficiency.
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Digital twin contain sensors that collects data to represent real time data of the physical asset. Digital twin technology offers an interface that makes organizations familiar to past and present operation, and helps them to make predictions of the future.
The digital twin technology has several industrial applications in areas such as wind turbines and aircraft engines. The complex intelligent maintenance system and prognostics platforms can influence the use of digital twin to improve productivity and resolving operational issues. Additionally, digital twin technology can also be used for the application such as monitoring, smart cities and diagnostics.
Drivers and Challenges
The rise of industrial internet of things is one of the major factor driving the growth of the digital twin technology market. The industrial internet of things is the next surge of digitalization of technology that develops a bridge between physical and digital world. Digital twin technology model tracks the progress status of the physical product development cycle and allows user to monitor the performance of the system. Managing all the design files for digital twin among distributers and suppliers is one of the major restraints faced by the digital twin technology market.
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Some of the recent developments in the digital twin technology market are
- In January 2022, Google Cloud launched a supply chain digital twin, which is expected to provide manufacturers and distributors with unprecedented visibility of operations occurring in their supply chains.
- 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 June 2021, FARO Technologies Inc. announced the acquisition of HoloBuilder. HoloBuilder’s SaaS platform will add fast and easy reality-capture photo documentation and added remote access capability to FARO’s highly accurate 3D point cloud-based laser scanning to create the industry’s first end-to-end Digital Twin solution.
- In March 2021, The Lamina Tower, an ultra-luxury residential condominium tower in the Middle East, partnered with Cityzenith LLC to create a multi-purpose digital twin using SmartWorldOS Digital Twin desktop application to create a 3D view of the property and surroundings, along with other requirements.
Key Players
- Forbes India
- Schnitger Corporation
- IBM Corporation
- Hexagon AB
- AVEVA Group plc
- Bosch Software Innovations GmbH
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Key Segments Profiled in the Digital Twin Technology Market Survey
By Application:
- Manufacturing Process Planning
- Product Design
By End User:
- Automotive
- Chemical
- Agriculture
- Oil & Gas
- Research & Development
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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