The 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.
The presence of major digital twin providers in the region such as General Electric (US), Bentley Systems (US), IBM (US), Emerson (US), Microsoft (US), ANSYS (US), Amazon Web Services (US), Altair (US), and Oracle (US) also raises the demand and awareness regarding digital twin solutions.
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Digital Twin Market Segment Overview
By Enterprises
The digital twin market for SMEs is expected to dominated by the North America region from 2022 to 2027
The
North America region is projected to be the largest digital twin market
for large enterprises during the forecast period. It is further
expected to grow at the highest CAGR from 2022 to 2027.
North America is one the early adopters of digital twin technology and most of the digital twin providers are located in the North American region, including Microsoft (US), IBM (US), Amazon (ASW) (US), and General Electric (US). National Aeronautics and Space Administration (NASA) was the early adopter of digital twin in North America. The region is concentrated with aerospace companies such as Bell Flight (US), Bye Aerospace (US), Lockheed Martin (US), and Boeing (US) who constantly invest in digital twin technology and carry out huge R&D with the technology to optimize their production and reduce the downtime and operational cost.
By Automotive Industry
Automotive & transport industry to dominate the digital twin market during the forecast period
The
automotive & transportation industry is expected to account for the
largest share of digital twin market during forecast period. It is
further expected to grow at significant CAGR from 2022 to 2027.
The growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. A digital twin is capable of analyzing performance data collected over time and under different conditions during the manufacturing phase of vehicle designing. For example, a digital twin enables visualization of a race car engine to identify the necessity of maintenance of the components that can burn out or get damaged. Even in the after-sales stage, a digital twin is used for collecting feedback. Digital twins help ensure the safety of vehicles by monitoring the systems or parts that need replacement and alerting the relevant teams regarding the necessary change.
By Aerospace Industry
The
aerospace segment is expected to dominate the digital twin market for
product design & development application during the forecast period
The aerospace segment is expected to account for the largest size of the digital twin market for product design & development application during the forecast period.
It is further expected to grow at significant CAGR during 2022 and 2027. Digital twin is one of the emerging technologies used in product design and development along with artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing. The capital required for real part design and development in the aerospace industry is enormous. Even the design of prototypes is costly. Digital twins are used by aerospace companies in R&D to improve the engineering of new parts by allowing them to model their performance in a wide range of scenario. Aerospace businesses utilize digital twin to develop one or more critical systems, such as the airframe, propulsion and energy storage systems, avionics, and thermal protection system.
By Regional
Digital Twin market in North America is expected to maintain the highest share during 2022–2027
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 twin and
related technologies.
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