Digital Twin Technology Market Size, Share, Opportunities, And Trends By Type (Parts Twin, Product Twin, Process Twin, System Twin), By Application (Predictive Maintenance, Business Optimization, Product Design & Development, Others), By End-User (Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, IT & Telecom, Others), And By Geography - Forecasts From 2023 To 2028

The digital twin technology market is expected to grow at a CAGR of 39.77% from US$5.192 billion in 2021 to US$54.101 billion in 2028.

Digital innovations like the cloud, big data, IoT, and artificial intelligence are being used more and more in various business sectors. Using a range of digital technologies and various sensors, the physical twin must be virtualized in order to create a digital twin. Despite the fact that digital twin technology is still in its infancy, its advantages are well understood. The systems might soon play a vital part in many contemporary robotics systems with more study and development. Digital twin technology is used by the aerospace sector as well as other sectors in a variety of ways which is increasing the digital twin technology market share

Increasing attention to preventative maintenance

Predictive maintenance is frequently used across several sectors for collecting real-time sensor data regarding the performance and condition of a system, process, or product. The data is examined and contrasted with earlier records of failure modes and the criticality of those failure modes. Predicting maintenance offers various benefits that optimize maintenance in addition to failure prediction. The digital twins market makes it possible to forecast machine performance under various conditions and calculate maintenance-related KPIs.

3D modelling and scanning are becoming more popular across industries.

The Internet of Things connects a network of networked industrial devices by fusing equipment, smart analytics, and human interaction in particular processes or products. This network makes it possible to create systems that track, gather, share, analyze, and distribute insightful data, improving the ability to make decisions. The full lifetime of physical systems, processes, or products can be covered by loT, giving firms a powerful analytical tool to completely assess key performance indicators and pinpoint areas in need of upgrades or improvements. Long-term, it is envisaged that the insights and recommendations gained from digital twins would lead to enormous chances for innovation and development.

Increasing use by the automotive and transport sector

The automotive and transportation industries have a very complex and integrated supply chain that includes multiple components, providers, and manufacturing processes. With their comprehensive and real-time view of the whole supply chain, digital twins make it possible to better monitor, analyse, and optimise business processes. Additionally, digital twins in the automotive and transportation industries offer significant advantages throughout the product lifetime. Digital twins provide useful insights about product performance, maintenance needs, and future enhancements from design and prototype to manufacturing, maintenance, and end-of-life. Manufacturers can improve product quality, streamline operations, and provide better consumer experiences thanks to this all-encompassing strategy.

3D simulation and 3D printing software are becoming more widely used

Three-dimensional printing is quickly evolving, and an increasing range of materials are now 3D printable. It may take a lot of trial and error as some materials may warp while being 3D printed. Twins can be used to mimic the manufacturing process of 3D printing. The twins' ability to foresee potential distortions allows for their correction on the 3D model which increases the digital twin technology market share.

Growth in IoT and cloud-based platform

It is projected that digital twin solutions would revolutionize the manufacturing industry and provide fresh approaches to cutting costs, maximizing maintenance, keeping an eye on assets, minimizing downtime, and developing new connected goods. IoT and cloud-based platform technologies have had a significant impact on the growing acceptability of these solutions. Recently, all of the major cloud service providers released considerable digital twin features. Microsoft unveiled its digital twin ontology for managing buildings and construction projects. Google introduced its digital twin service for manufacturing and logistics. To make the digital twins of factories, industrial machinery, and vehicle fleets simpler, AWS introduced IoT TwinMaker and FleetWise.

North America is projected to dominate the Digital twin technology market

During the projected period, the North American region is anticipated to lead the Digital twin technology market. New technology and innovations are used by modern manufacturing facilities in the US to make products of much greater quality at reduced costs. As a result of their early adoption of cutting-edge technologies like IoT, big data, DevOps, and mobility, American manufacturers intend to leverage digital twin technology to streamline their operations and benefit from its deeper insights. Construction is mostly a 2D business that depends on technological innovation, whereas manufacturing has started to embrace digital twin technology.

Market key launches

• In September 2022, HighByte Intelligence Hub version 2.5 from an economic software provider improves business IT administration and encourages cloud connection. HighByte Intelligence Hub version 2.5 from an industrial software supplier HighByte declared the availability of HighByte Intelligence Hub, which enhances availability of Microsoft Azure services, such as Azure IoT Edge and Azure IoT Central, and adds functionality for importing DTDL models from Azure Digital Twins.
• In October 2022, Capgemini, a provider of IT consultancy and services, announced the launch of ReflectIoD, a cutting-edge, serverless, cloud-native digital twin platform. A company's maintenance and upkeep efficiency can be transformed by the platform, enabling intelligent industry and creating long-term economic benefits. The architecture and technological elements of the Azure portfolio will be used in this safe, highly scalable platform.
• In April 2022, the Orlando Economic Partnership disclosed plans to finance the development of a fully discovered futuristic digital twin that will highlight the entire region. Users of the new 3D technology will be able to map out various modifications to the climate, infrastructure, property, and other potential situations for the first time using dynamic, real-time data. To duplicate 800 square miles of Orange, Seminole, and Osceola regions in the state of Florida, a public-private collaboration has partnered with Unity, a platform for creating and using real-time 3D (RT3D) content.
• In March 2021, in order to develop a versatile digital twin using the SmartWorldOS Digital Twin desktop application, The Lamina Tower, an opulent residential condominium tower in the Middle East, teamed up with Cityzenith LLC in March 2021. The 3D view of the building and its surroundings was created as well as other specifications.

Segmentation:

• By Type
  • Parts Twin
  • Product Twin
  • Process Twin
  • System Twin
• By Application
  • Predictive Maintenance
  • Business Optimization
  • Product Design & Development
  • Others
• By End-User
  • Aerospace & Defense
  • Automotive & Transportation
  • Manufacturing
  • Healthcare
  • Retail
  • Energy & Utilities
  • IT & Telecom
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others