Northbrook, IL 60062 -- (SBWire) -- 08/14/2023 --The global digital twin market size is projected to grow from USD 10.1 billion in 2023 to USD 110.1 billion by 2028 at a CAGR of 61.3% during the forecast period. The growth of the digital twin market is driven by the growing demand for digital twin in the healthcare industry and the increasing focus on predictive maintenance.

The utilization of digital twins for predictive maintenance is widespread across various industries. Predictive maintenance based on digital twins involves collecting real-time sensor data that provides information about the condition and performance of a product, process, or system. This data is then analyzed and compared to historical records of failure modes and their criticality.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522

Predictive Maintenance Segment to hold the largest share of the digital twin market during 2023–2028

The predictive maintenance application is expected to account for the largest size of the digital twin market during the forecast period. Predictive maintenance offers substantial benefits in terms of cost savings, operational efficiency, and equipment uptime. By leveraging real-time sensor data and historical performance records, digital twins enable the analysis of equipment health and working conditions, facilitating the prediction of potential failures or malfunctions. This proactive approach optimizes organizations to schedule maintenance activities, reducing unplanned downtime and minimizing repair costs. Furthermore, advancements in artificial intelligence (AI) and machine learning (ML) algorithms enhance the accuracy and effectiveness of predictive maintenance with digital twins. These technologies enable the detection of patterns and anomalies in data, identifying early warning signs of equipment degradation or failure. As AI and ML capabilities continue to improve, the predictive maintenance capabilities of digital twins are expected to become even more precise and reliable.

Automotive & transport industry to dominate the market during the forecast period

The automotive & transportation industry is expected to account for the largest share of the digital twin market during the forecast period. It is expected to grow at a significant CAGR from 2023 to 2028. The automotivr & transport industry operates with a highly complex and interconnected supply chain involving numerous components, suppliers, and manufacturing processes. Digital twins offer a comprehensive and real-time view of the entire supply chain, enabling better monitoring, analysis, and optimization of operations. This capability enhances efficiency, reduces downtime, and improves overall supply chain management. Furthermore, digital twins provide significant benefits throughout the product lifecycle in the automotive and transportation sector. From design and prototyping to manufacturing, maintenance, and end-of-life, digital twins offer valuable insights into product performance, maintenance requirements, and potential improvements. This holistic approach allows manufacturers to enhance product quality, optimize processes, and deliver better customer experiences.

The Digital Twin market in North America is expected to maintain the highest share during 2023–2028

North America is expected to hold the largest share of the digital twin market throughout the forecast period. The region has demonstrated a proactive approach to digital transformation across industries, driving the adoption of advanced technologies such as digital twins. This forward-thinking mindset gives North America a competitive edge in the market. Furthermore, North America boasts a technologically mature ecosystem with robust digital infrastructure, advanced data analytics capabilities, and a skilled workforce. These factors provide a solid foundation for successfully implementing and utilizing digital twin solutions, enabling businesses to derive maximum value from the technology. In addition, the region's strong focus on the manufacturing and industrial sectors further contributes to its dominance in the digital twin market. Manufacturers in North America recognize the significant benefits that digital twins bring in terms of process optimization, operational efficiency, and cost reduction. This heightened awareness and demand for digital twin solutions drive market growth and reinforce North America's position as a market leader.

Key Market Players

The digital twin companies have implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market. The major players are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), and Robert Bosch (Germany). The study includes an in-depth competitive analysis of these key players in the digital twin market with their company profiles, recent developments, and key market strategies.