Digital Twin Market to Reach USD 13.42 billion in 2024, Growing at...

Digital Twin Market to Reach USD 13.42 billion in 2024, Growing at a CAGR of 57.98% | CAGR

Posted 2024-09-12 22:25:06

Market Insights

As per recent research by MarkNtel Advisors, The Global Digital Twin Market size was valued at USD 13.42 billion in 2024 & is estimated to grow at a CAGR of around 57.98% during the forecast period, i.e., 2024–30.

Global Digital Twin Market Driver:

Rising Penetration of IIoT across Industries – The Industrial Internet of Things (IIoT) is an amalgamation of physical objects, platforms, systems, & applications that consist of embedded technology to communicate, transfer, and share intelligence, consumers, and the external environment. The high adoption rate of IIoT is driven mainly by the affordability & improved availability of sensors, processors, platforms, and other integrated technologies that have helped facilitate access to real-time information.

Besides, to optimize the performance of industrial assets, IIoT platforms are integrated into digital twin models used by many end-user industries to understand the operational behavior of assets before they get installed in real-time. Other applications of digital twin technology using IIoT include product integration, smart monitoring, and remote diagnosis that provide enhanced operational efficiency, high productivity, and the utmost performance of the equipment. Thus, the increasing penetration of IIoT across different industries is augmenting the size & volume of the Global Digital Twin Market.

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Market Segmentation and Consumer Behavior:

By Type

Parts Twin
Product Twin
Process Twin
System Twin

By Technology

DTS-Si
Predix
APDV
Other

By Application

Product Design and Development
Machine & Equipment Health Monitoring
Predictive Maintenance
Dynamic Optimization

By Deployment Type

Cloud
On-Premises
Hybrid

By End User

Manufacturing
Agriculture
Automotive & Transportation
Energy & Utilities
Healthcare & Life Sciences
Residential & Commercial
Retail & Consumer Goods
Others

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Digital Twin Market Geographical Analysis:

By Region:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Key Players and Competitive Strategies in the Digital Twin Market

Several prominent players dominate the Digital Twin Market, including:

Siemens AG
General Electric Company
IBM Corporation
SAP SE
Microsoft Corporation
PTC Inc.
Google
Ansys, Inc.
Oracle Corporation
Dassault Systems
Robert Bosch

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Questions Addressed in this Study

1.What factors are driving the Digital Twin Market growth?

2.How is the Digital Twin Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Digital Twin Market?

4.What is the current size of the Digital Twin Market, and how is it projected to change in the future?

5.What is the future outlook for the Digital Twin Market in terms of technological advancements and market expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.