The digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027, at a CAGR of 60.6% during the forecast period. The rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain is the major drivers for the digital twin market. The rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operations create future scope for increasing the adoption of digital twin technology. The high investments associated with implementation of digital twin technology is a major factor restraining the growth of the digital twin market. In addition, complexities associated with data collection and mathematical models is a major challenge for the market players.
The digital market is growing at a faster pace, it is a competitive one due to the strong presence of a few well-established brands/market players in the global digital twin market. Players operating in this market are developing and offering digital twin for various industries with specific customizations. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include product launches, deals (mergers, acquisitions, partnerships, cooperation, alliances, collaborations, agreements, contracts, and investments), and others (expansions) were the major growth strategies adopted by the players in the digital twin market. These strategies enabled the players to efficiently cater to the growing demand for digital twin from the end users and expand their global footprint by offering their products in all the major regions.
To know about the assumptions considered for the study download the pdf brochure
For instance, in May 2022, At LogiMAT 2022 (Germany) event, Siemens (Germany) demonstrated how a digital twin may assist satisfy emerging intralogistics demands with the Dynamic Gapper application. Operators of logistics facilities will also be benefited from this digital twin solution as well, because commissioning times can be cut by up to 40% with digital twin support. In May 2022, Willow (Australia) and Microsoft (US) have a multi-faceted strategic partnership that includes product design, product development, and co-marketing. Both firms previously worked together on the creation of Azure Digital Twins, participated in the private preview in 2018, and were named as a launch partner for public availability in 2020. Microsoft launched a global case study in late 2020 highlighting WillowTwin on Brookfield Properties (US) flagship − One Manhattan West building. Further, in February 2022, ANSYS (US) and Amazon Web Services (US) 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.
Microsoft offers significantly diversified software products and is involved in the development, licensing, and providing support for the same. The company provides cloud-based services to consumers as well as other businesses. Microsoft offers Azure Digital Twins allows developers to create next-generation IoT applications that model entire environments in real time. Azure Digital Twins can assist predict the future of any connected environment by tracking its history. Microsoft focuses on bringing these digital twins to life with a live execution environment that tracks twin evolution. In addition, powerful query APIs also provide meaningful insights into the behavior of simulated settings, and it connects with Azure data analytics that helps in creation of a powerful digital twin to optimize the businesses of the clients. Microsoft is developing new digital tools, which will enable its cloud-connected machines to predict the exact point at which an equipment needs maintenance, averting possible breakdowns. Many industrial manufacturers are leveraging the capability of HoloLens to develop a virtual service business, which allows senior technicians to guide other technicians remotely across the globe. This gives the company a competitive advantage in the digital twin market. The company also spent about 12% to 13% of its revenue every year in the last three years for the development of innovative solutions. It has more than 10,000 patents in its digital solution for Azure portfolio.
Siemens is a global technology provider that specializes in manufacturing, infrastructure, transportation, and healthcare. Siemens operates through the following reportable business segments: Digital Industries, Smart Infrastructure, Siemens Healthineers, Mobility, Portfolio Companies, Siemens Financial Services, and Reconciliation to Consolidated Financial Statements. Siemens works on making digital twins more accessible to consumers and reducing the time it takes to develop and adapt them. To this end, the company devised the Digital Twin Operations (DT Ops) strategy. With DT Ops, the digital twin is approached in a modular manner. It contains best practices and tools for managing the lifecycles of digital twins by combining modelling and simulation of digital twins (DT) with IT operations (Ops). The company continues to invest in R&D for Product Digital Twins (using digital twins for efficient design of new products), Production Digital Twins (using digital twins in manufacturing & production planning), and Performance Digital Twins (using digital twins capture, analyze, and act on operational data). Siemens has extensive experience in development of key components of digital twin such as IoT, artificial intelligence (AI), machine learning (ML), as well as other high-end digital software and related technologies that work in tandem with digital twins. Siemens has also invested in the creation of digital twin for additive manufacturing factories.
Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE