Digital Twin Market to Surpass $184,517.4 Million Revenue by 2030: P&S Intelligence
NEW YORK, Sept. 13, 2021 /PRNewswire/ -- The global digital twin market size, which was $3,210.1 million in 2020, will likely reach $184,517.4 million by 2030, witnessing a 50% CAGR between 2020 and 2030, according to P&S Intelligence.
The major reasons behind the growing demand for this technology are:
During the COVID-19 pandemic, the digital twin market was negatively impacted, as the shutdown manufacturing plants and offices led to smaller profits for companies. As a result, they reduced their spending on such expensive technologies, focusing on mitigating their losses and staying afloat instead.
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In the coming years, the fastest growth within the technology segment of the igital twin market will be seen in the IoT category. The adoption of IoT and focus on sensor-powered product development are increasing around the world, which is why digital twins are being used to simulate IoT-based machines.
The large enterprises category is set to dominate the digital twin market throughout this decade, on the basis of enterprise. Such companies have a vast array of assets, and they are engaged in a huge number of processes and projects, for which they are using digital twins to predict success, failure, and maintenance requirements. Moreover, digital twins help such companies come up with better offerings for customers, increase profitability, and augment productivity.
Browse detailed report on Global Digital Twin Market Analysis and Growth Forecast to 2030
Historically, the digital twin market has been dominated by the performance monitoring category, under segmentation by application. Digital twins are being equipped with big data analytics, IoT, artificial intelligence (AI), and other advanced technology to track the performance of physical assets in real time.
The highest digital twin market CAGR under the industry segment, of 51.8%, is predicted to be seen by the automotive category in the near future. Automakers are rapidly embracing Industry 4.0 standards and advanced technologies, which is raising the importance of data collection and analysis in the manufacturing process. Thus, digital twins will be used to improve the vehicle design, manufacturing process, sales, and customer service.
North America is the largest digital twin market presently because of its advanced IT infrastructure, improvements in technology, and adoption of Industry 4.0 practices. Moreover, the presence of numerous companies offering such solutions benefits the market in the region.
The most-significant companies in the global digital twin market are International Business Machines (IBM) Corporation, PTC Inc., Microsoft Corporation, SAS Institute Inc., Siemens AG, Oracle Corporation, Dassault Systemes, Ansys Inc., Robert Bosch GmbH, Swim.AI Inc., ABB Ltd., TIBCO Software Inc., and Bentley Systems Incorporated.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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