August 26, 2022 08:12 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Digital Twin Market finds that the rise in the implementation of Internet of Things(IoT)&Cloud-based storage solutions are expediting the market growth. In addition, increasing adoption of innovative technologies and rising investments by major market players are anticipated to augment the development of the Global Digital Twin Market during the forecast period.
The Global Digital Twin Market revenue is expected to reach a value USD 53.5 Billion in 2028.
The Global Market revenue was valued at USD 6.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 42.1% during the forecast period; states Vantage Market Research, in a report, titled “Digital Twin Market Size, Share & Trends Analysis Report by Enterprise (Large Enterprises, Small & Medium Enterprises), by Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring), by Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
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Rising Usage of Digital Twin Market for Predictive Maintenance to Drive the Market Growth
In various industries, predictive maintenance has become the need of the hour, as breakdowns and outages/downtime result in heavy losses for any organization. This unforeseen interruption can be avoided by taking suitable measures and efficient planning of maintenance. The inculcation of Digital Twin Market can transform this breakdown situation and save maintenance and production expenses in a specific time. During product development, sensors are attached to the product that creates data, which forecast faulty conditions by simulations; as a result, allowing the professionals to analyze maintenance workflow, including testing with all sorts of possible fault conditions. Therefore, more organizations are implementing Digital Twin Market solutions to shift to digital-driven asset management.
Growth in the Adoption of IoT and Cloud-Based Storage Solutions to Stimulate Market Growth
In recent years, the usage of IoT for business transformations has rapidly augmented. This is rising further with the surge in businesses in several industry verticals aiming to digitize their processes and operations. With this, the virtual and physical world convergence is imminent, and Digital Twin Market plays an essential function in this process. Furthermore, business enterprises are witnessing the benefits of connected business operations and the time efficiency of adopting such technologies. The more the technologies are integrated, the more the twin becomes complete, creating a digital thread that standardizes the entire process and presents optimum results. As a result, the need for Digital Twin Market technology in business organizations is gradually rising to advance existing business processes and experiment with many approaches in a simulated environment that would not affect the product. It is estimated that over the coming years, almost 40 percent of the IoT platform retailers would integrate simulation platforms and capabilities to make Digital Twin Market.
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The report on Digital Twin Market highlights:
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North America Dominated the Global Digital Twin Market
North America is dominated by the Global Digital Twin Market and is likely to continue the same trend during the forecast period. The end-user industries in the United States, such as healthcare, home, and commercial, among others, are capitalizing on adopting parts, twin, and product twin. This, in turn, is likely to propel the regional market expansion. In addition, the early availability and adoption of innovative technologies will contribute to the Digital Twin Market growth in the coming years. Also, key participants are constantly investing in Digital Twin Market technology along with Research and Development (R&D) and the technology to optimize their production, reducing downtime and operational expenditure.
List of Prominent Players in Digital Twin Market:
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Digital Twin Market Size, Share & Trends Analysis Report by Enterprise (Large Enterprises, Small & Medium Enterprises), by Application (Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring), by Industry (Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
February 2022: ANSYS and Amazon Web Services announced a strategic partnership to change cloud-based engineering simulations. This will enable ANSYS products to be deployed on AWS, making simulation workloads easy to use while also offering scalability and flexibility with easier access to software & storage solutions from any web browser.
March 2022: Microsoft states a strategic partnership with Newcrest. The mining business of Newcrest would adopt Azure as its preferred cloud provider worldwide and work on Digital Twin Market and the sustainability data model. Both organizations are working together on projects, using Digital Twin Market to advance operational performance and build up a high-impact sustainability data model.
Key Questions Answered in The Report:
This market titled “Digital Twin Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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