Home Critical engine The transport and automotive sector to influence the digital twin

The transport and automotive sector to influence the digital twin

0

NEWARK, Del, Oct. 11, 2022 (GLOBE NEWSWIRE) — The global digital twin technology market currently stands at US$9.5 billion and is expected to reach US$72.65 billion by 2032 with a CAGR robust by 22.6% from 2022 to 2032.

Digital twins technology includes XR (extended reality, cloud, Internet of Things (IoT) and AI (artificial intelligence). They are widely used to digitally represent real-time data. In other words , digital twins help create predictive models and assess the likelihood of success of various physical prototypes before deployment.The post-Covid era is more about adopting digital twin technology in multiple applications far beyond production – such as telecommunications, healthcare, real estate and retail.

Organizations that opt ​​for the digital twin can easily access behavioral data from connected products (IoT, in particular), which helps product engineers as well as designers identify future problem iterations. Overall product performance could be improved.

Get a sample copy of the report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-4267

In telecommunications services, digital twin technology extends support for telecommunications service providers in designing complex network architectures and upgrading existing network infrastructures to accommodate new solutions. such as FTTH (Fiber to the Home) and Software Defined Networks.

Healthcare staff, using digital twin technology, are able to view data from infected patients to perform treatment simulations. Commercial and residential sectors prefer to present 3D models of smart city projects.

The transportation and automotive vertical holds the largest market share in the digital twin technology market owing to the growing use for simulation, design, MRO (maintenance, repair and overhaul), the making and the consequences. The digital twin makes it easy to visualize a race car engine to assess the importance of servicing components that are at risk of damage or burnout. The digital twin could also be used after the fact to gather feedback.

In the aerospace sector, the digital twin is used in the design and development of products with ML (Machine Learning), AI (Artificial Intelligence), cloud computing and IoT (Internet of Things). The aerospace vertical uses digital twins to develop one or more critical systems such as thermal protection system, avionics, energy storage systems, propulsion and airframes.

At the same time, the fact that cloud-based digital twins require online storage for asset information, leading to privacy and security concerns. Moreover, there is a shortage of qualified professionals, which makes it difficult to design an appropriate cybersecurity strategy.

Read the full report @ https://www.futuremarketinsights.com/reports/digital-twin-technology-market

Key takeaways from the digital twin technology market

  • The transport and automobile sector holds more than 15% market share due to the growing demand for automobiles. This could be explained by the growing adoption of electric vehicles everywhere.
  • Asia-Pacific is expected to grow at a CAGR of around 40% in the digital twin technology market, led by South Korea, Japan, India and China.
  • North America and Europe are in the mature stage of the digital twin technology market.

Competitive landscape

  • Microsoft Corporation in May 2021 entered into a collaboration with Aera Technology to integrate the latter’s cognitive operating system with the former’s twin technology to create a virtual representation in the automation process.
  • IBM Corporation entered into a long-term partnership with Siemens AG in June 2020 to announce the availability of an advanced solution combining elements of the former’s Maximo portfolio with the latter’s Xcelerator. The goal of this solution is to enhance SLM (Service Lifecycle Management) assets to establish a digital common thread between equipment manufacturers, project owners and product design to increase manufacturing capacity.
  • ANSYS, Inc. in March 2021, entered into a collaboration with ENGIE, so that the former’s twin technology will be used by the latter to develop a high-fidelity platform to provide 3D CFD (Computational Fluid Dynamics) results in real time.
  • Dassault Systèmes, in April 2021, renewed its partnership with Bouygues Construction to power the construction industry using a 3D experience platform to increase productivity.
  • Autodesk Inc., in April 2021, launched Autodesk Tandem (a virtual twin tool) to streamline real-time data flow between AEC (Architecture, Engineering, and Contracting) teams and building owners. The end result would be a dual technology model.
  • Microsoft in March 2022 announced its strategic partnership with Newcrest to adopt Azure as the preferred cloud provider globally and also work on digital twins with a sustainability data model.
  • Google Cloud, in January 2022, introduced a supply chain digital twin to provide manufacturers and distributors with precise operations visibility.

Visit for personalization @ https://www.futuremarketinsights.com/customization-available/rep-gb-4267

What does the report cover?

  • Future Market Insights offers an exclusive perspective and various real-time insights into the Digital Twins Technology market in its latest study, presenting a historical demand assessment from 2016 to 2021 and projections for 2022 to 2032.
  • The research study is based on application (manufacturing process planning and product design) and by end user (automotive, chemical, agriculture, oil and gas, and research and development).

Key segments profiled in the Digital Twin Technology market study

Per application:

  • Manufacturing process planning
  • Product design

Per end user:

  • Automotive
  • Chemical
  • Agriculture
  • petroleum gas
  • research

By region:

  • North America
  • Latin America
  • Asia Pacific
  • AEM
  • Europe

Additional Support for Purchasing This Report @ https://www.futuremarketinsights.com/checkout/4267

Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market Context

3.1. Market dynamics

3.1.1. Drivers

Check out IMF’s extensive coverage at Technology Domain

NFT Analytics Tools Market: Global Non-Fungible Token (NFT) Analytics Tools Market Revenue Totaled ~US$124.7 Million in 2021. NFT Analytics Tools Market is Expected to Reach ~506 US$.2 million by 2032 growing at a CAGR of 13.7% from 2022 to 2032.

Silicon-on-Insulator (SOI) Market: The Silicon-on-Insulator (SOI) market report recently released by Future Market Insights reveals that global Silicon-on-Insulator sales in 2021 held steady at US$1.1 billion.

Seismic Survey Equipment Market: The recently released Seismic Survey Equipment Market Analysis Report by Future Market Insights reveals that the global seismic survey equipment market sales in 2022 are estimated at 1. 6 billion US dollars.

Cloud OSS BSS Market: The recently released Cloud OSS BSS market analysis report by Future Market Insights shows that the global Cloud OSS BSS market sales in 2021 stood at US$24 billion.

Automatic Fingerprint Identification System (AFIS) Market: The increase in criminal and terrorist activities has increased the value of automatic fingerprint identification systems. Automated Fingerprint Identification System is a biometric identification method that uses digital imaging technology to collect, store and analyze fingerprint data.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR certified business consulting and market research firm, member of the Greater New York Chamber of Commerce and headquartered in Delaware, USA. Recipient of the 2022 Clutch Leaders Award for high customer score (4.9/5), we have partnered with global companies on their business transformation journey and helped them achieve their business ambitions. 80% of the Forbes 1000 largest companies are our clients. We serve global clients across all leading and niche market segments in all major industries.

Contact We:

Future Market Outlook Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
Such. : +1-845-579-5705
For sales inquiries: [email protected]