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.
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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.
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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.
- 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.
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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
- Manufacturing process planning
- Product design
Per end user:
- petroleum gas
- North America
- Latin America
- Asia Pacific
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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
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