Digital Twin Market Trends to Hit $73.5 billion by 2027

1. MarketsandMarkets Presents Digital Twin Market Trends to Hit $73.5 billion by 2027 Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027 https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

2. 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. Rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operations is driving the market for digital twin. Moreover, increasing demand for digital twin from healthcare industry; and growing focus on predictive maintenance) further plays a key role in driving the growth of the digital twin market. Browse 129 market data Tables and 68 Figures spread through 289 Pages and in-depth TOC on "Digital Twin Market by Enterprise, Application (Predictive Maintenance, Business optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities) and Geography - Global Forecast to 2027"

3. North America expected to dominate the digital twin market during the forecast period The North America region is expected to dominate the digital twin market throughout the forecast period. It is further expected to grow at the highest CAGR during 2022 to 2027. Improving business outlook in the US and the government’s steps to reform tax codes, significant package announcements for manufacturing and infrastructure companies, and the presence of major digital twin technology providers are boosting the adoption of digital twin in the region. Factors such as growing focus on product design & development; business optimization; increasing stringent government regulations for the workplace and personal safety (considering human-centric approach for digital twin); and rising awareness of the need to control and assure output quality in aerospace, energy & utilities, automotive & transportation, and food & beverages industries are driving the demand for real-time performance monitoring and predictive maintenance applications of digital twin in North America. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522 Key players in the digital twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US), SWIM AI (US), River Logic (US), and ANDRITZ (Austria). SMEs/startups covered in the study are Sight Machine (US), Sensat (UK), Cosmo Tech (France), Artemis Technologies (Ireland), FEops (Belgium), Pratiti Technologies (India).

4. Small & Medium Enterprise (SMEs) segment expected to grow at faster CAGR during the forecast period The digital twin market for SMEs segment is expected to grow at faster CAGR during the forecast period. The main reason for the faster growth of SMEs is that fact that instead of purchasing highly complex equipment and machineries with incorporated sensors and Industry 4.0 technologies, SMEs can better afford to set up a digital twin. Many startups are offering digital twin products/solutions that are budget oriented to some extent and, therefore, a perfect fit for SMEs. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=225269522 Predictive Maintenance segment to hold the largest size of digital twin market during the forecast period The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. It is further expected to grow at the second-highest CAGR during the forecast period. The fact that every organization needs their key equipment to operate at peak efficiency and utilization to realize their return on capital expenditures is the fundamental cause for the emergence of predictive maintenance applications for digital twin. With this technology, companies are focusing on developing a predictive maintenance model that optimizes the maintenance cycle and strikes a balance between corrective and preventative maintenance.

5. Impact of COVID-19 • The outbreak and spread of COVID-19 caused a major setback to export-oriented economies owing to the shutdown of manufacturing plants in 2020. It hampered the growth of the digital twin market due to temporary shutdown in many industries, including automotive & transportation, aerospace, and infrastructure. COVID-19 also led to delays in procurements and supplies in 2021. However, the rise in the adoption of digital twin in the healthcare and food & beverages industries lessened the negative effects of the pandemic on the growth of the market in late 2020 and early 2021. Before the outbreak of COVID-19, the demand for smart city infrastructure was growing in developing countries across the world. • Recent Developments • In April 2022, GE Research (US) and GE Renewable Energy (France), subsidiaries of GE, collaborated and developed a cutting-edge artificial intelligence (AI)/machine learning (ML) technology that has the potential to save the worldwide wind industry billions of dollars in logistical expenses over the next decade. GE’s AI/ML tool uses a digital twin of the wind turbine logistics process to accurately predict and streamline logistics costs. • 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 February 2022, ANSYS and Amazon Web Services 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.

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