Digital Twins Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: SE240327 | Research Suite: Report (PDF) & Market Data (Excel)
The global digital twins market was valued at USD 1.4 billion in 2022, and a CAGR of 68.1% is expected during the forecast period. The rising demand for technologically advanced solutions and the growing emphasis on digital twin technology supporting various healthcare applications are some of the critical factors offering opportunities to the market. Increasing government initiatives toward digital health and a growing number of digital twin companies catering to healthcare applications are attributed to market growth.
The growing need for efficient and personalized healthcare is driving growth in the market. Digital twins enable the creation of virtual replicas of individual patients, organs, or even the entire healthcare system. This technology has revolutionized various aspects of healthcare, from diagnosis and treatment optimization to remote patient monitoring and surgical planning. Many healthcare providers and technology companies are investing in digital twin solutions to enhance patient outcomes and streamline healthcare delivery.
Impact of Covid-19
Due to economic uncertainties, the focus of people on
essential goods, and supply chain disruptions, there was a slowdown in the
market. On the other side, after some time, the pandemic caused an acceleration
in the market. Digital twins, or virtual representations of physical objects or
systems, have become crucial in healthcare for simulating and performing
patient care, resource management, and operational efficiency. With disruptions
in the global supply chain due to the pandemic, digital twins have helped
healthcare organizations optimize inventory management. Digital twins have been
employed in pharmaceutical research and development to accelerate the discovery
of treatments and vaccines for COVID-19 by simulating drug interactions and
testing efficacy. By leveraging historical data and real-time information,
digital twins help healthcare providers predict patient outcomes and anticipate
resource needs. Digital twins emphasize remote monitoring of patients, which
reduces the risk and threat of the spread of viruses. Increasing government
initiatives are crucial to the success of digital twins in the healthcare
market.
Growth Drivers
Increasing technological advancements and increasing adoption of artificial intelligence, machine learning, IoT, and natural language processing have significantly enhanced the capabilities and applicability of digital twins, driving their adoption across industries. Digital twins help organizations streamline operations, optimize resources, and reduce costs by enabling predictive maintenance, improving product design, and enhancing process efficiency.
The increasing need for remote monitoring and management of assets, equipment, and processes has fueled the adoption of digital twins, especially in industries such as manufacturing, energy, and healthcare. In sectors like smart cities, infrastructure, and construction, digital twins are being used to design, simulate, and manage complex urban environments, driving the demand for digital twin services and solutions. In healthcare, digital twins provide personalized treatment plans, predictive modeling, and virtual simulations for better patient outcomes, driving the adoption of medical research, diagnosis, and treatment.
Industry 4.0 initiatives aimed
at integrating digital technologies into manufacturing processes have led to
widespread adoption of digital twins for improving quality and enabling agile
manufacturing. The increasing need for remote monitoring and management of
assets, equipment, and processes has fueled the adoption of digital twins,
especially in industries such as manufacturing, energy, and healthcare.
Segmentation
Technology type
·
Software
·
Hardware
·
Services
End-User Industry
·
Construction
·
Manufacturing
·
Healthcare
·
Automotive
·
Aerospace
·
Energy
·
More
Deployment Mode
·
Cloud Based Deployment
·
Hybrid Deployment Model
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Middle East and Africa
·
Europe
Digital Twins Market Technology Type
Market
On the basis of the technology, the digital twin’s market is segmented into software, hardware, and services. The services segment is the leading one and is expected to dominate during the forecast period. While software and hardware play a crucial role, services offer a wide range of services.
Digital Twins Market End-User Industry
On the basis of end-users, the digital twin’s market is segmented into construction, manufacturing, healthcare, automotive, aerospace, energy, and others. Manufacturing and construction are the leading segments and are expected to dominate the market during the forecast period. Increasing demand for product design, simulation, optimization, predictive maintenance, and quality control is driving growth in the market significantly. There is increasing demand in the automotive sector to design vehicles and enhance vehicle performance through predictive maintenance.
Increasing use of digital
twins by designing and testing aircraft is used to simulate and optimize
various aspects of urban infrastructure. Increasing demand for digital twins in
design validation and construction planning for buildings, bridges, and other
infrastructure projects is driving the growth of the market. Retailers are
using digital twins for inventory management and supply chain operations, as
well as to personalize the customer experience through predictive analysis.
Regional Outlook
On the basis of the regions, the digital twins’ market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment, and it is expected to dominate the market during the forecast period. North America boasts a technologically mature ecosystem with robust digital infrastructure, advanced data analytics capabilities, and a skilled workforce.
The heightened awareness and demand for digital twin solutions drive market growth in the North American region. Increasing use of digital twins for predictive maintenance involving real-time sensor data that provides the condition and performance of a product, process, or system This data is then used for the purpose of a feasibility study by comparing it with past data. Increasing demand for this technology to predict the failure of the system is driving growth in the market.
The Asia-Pacific region was
experiencing significant growth driven by various factors, such as the
increasing adoption of IoT, AI, and NLP. Across industries like manufacturing,
healthcare, and automotive. The demand for digital twins was also fueled by the
region's rapid urbanization and infrastructure development. European countries
like Germany, France, Russia, Greece, Denmark, Sweden, Norway, and the United
Kingdom are the countries where, due to the development of technology and the
adoption of AI, NLP, ML, and other technologies, various industries are
benefiting. Retailers are using digital twins for inventory management and
supply chain management. The presence of key players in North America and Asia Pacific
is driving the growth of the market significantly.
Key Players
·
ABB Group
·
Autodesk Inc
·
Capgemini
·
Dassault Systems
·
General Electric
·
Oracle Corporation
·
Rockwell Automation
·
Siemens AG
·
Microsoft Corporation
·
IBM Corporation
· Other Players