According to Fortune Business Insights, the global digital twin market size is projected to reach USD 96.49 billion in 2029, at a CAGR of 40.6% during forecast period; NVIDIA Corporation Unveils New Platform to Expand User Base
Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global digital twin market size was valued at USD 6.75 billion in 2021. The market is projected to grow from USD 8.88 billion in 2022 to USD 96.49 billion by 2029, exhibiting a CAGR of 40.6% during the forecast period. This information is presented by Fortune Business Insights, in its report, titled, “Digital Twin Market, 2022-2029.”
Key Industry Development:
March 2022: NVIDIA Corporation unveiled a platform comprising of artificial intelligence framework for virtual twin to resolve scientific and engineering complications utilizing machine learning models. The twin platform provides quick operation and prompt outcomes. It aids in research works such as examining extreme weather events with greater precision.
Increasing Adoption of 3D Simulation and 3D Printing Software to Fuel Market Growth
Concerns of Privacy and Security to Impede Adoption of Twin Solution
Drivers and Restraints:
Surging Embracing of 3D Simulation and 3D Printing Software to Navigate Market Growth The 3D printing technology is promptly fluctuating and the increasing number of materials are 3D printable. Few materials could mislead throughout the 3D printing procedure, demanding a prolonged trial and error period. Consequently, the prices of printing parts amplify, and so does the time it utilizes to print them. Twins can be utilized to duplicate the 3D printing production method. The twins can foresee if and where alterations may rise, permitting them to be restored on the 3D model.
However, the surging apprehensions of privacy and protection are estimated to impact the demand throughout healthcare, government, and critical infrastructure sectors. This is anticipated to obstruct the digital twin market growth.
Growing Investment in IT Assignments Bolstered Demand during Pandemic Bearing in mind the numerous primary indicators post COVID-19, a deterioration in the general demand for a digital solution across numerous industries was observed. Also, due to the pandemic, numerous business tactics and predicted investment circumstances were put on hold measuring the absence of functioning. Nevertheless, during the first quarter of 2021, prime players in the market implemented several strategies to rearrange their business model and magnify their business globally.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
Implementation of Product Twin across Healthcare to Spur Segment Growth
Based on type, the market of digital twin has been categorized into parts twin, process twin, product twin, and system twin. Among these, the product twin segment is estimated to hold the major share during the predicted period. The growth is due to the surging demand for IoT sensors, and electronic manufacturing devices throughout the healthcare industry.
Acceptance of 3D Simulation and 3D Printing Software Across Automotive & Transportation to Enhance Growth
Based on end-user, the market of digital twin has been categorized into home & commercial, manufacturing, automotive & transportation, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others. Among end users, the automotive & transportation segment will hold the prime part during the mentioned period.
The global Digital Twin Market scope is branched across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The Digital Twin Market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market for digital twin.
North America to Dominate Backed by Sturdy Investments by Players
North America is anticipated to develop with important CAGR during the forecast period and hold the largest digital twin market share. As the end-users throughout industries, such as healthcare, home & commercial, among others, of the U.S. are capitalizing to implement parts twin and product twin and this is estimated to drive the market growth.
Asia Pacific is likely to develop with the maximum CAGR during the forecast period. End-users across production methods in China, India, Japan, South Korea, and others are surging their venture capitalization to implement twin technologies.
Europe is expected to demonstrate substantial gain during the forecast period. The increasing demand for advanced industrial technologies across European economies is anticipated to uplift the demand for virtual twining technology.
Competitive Landscape:
Groundbreaking Product Launches by Prime Players to Spur Market Growth
The fundamental players embrace numerous tactics to bolster their position in the market as dominating companies. One such pivotal strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently launching inventive products with a methodical review of the market and its target users.
List of Key Players Mentioned Digital Twin Market Share Report:
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