North America Digital Twin Market Size, Share & COVID-19 Impact Analysis, By Type (Parts Twin, Product Twin, Process Twin, and System Twin), By Application (Predictive Maintenance, Business Optimization, Product Design & Development, and Others), By End-user (Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial, IT and Telecom, and Others), and Regional Forecast, 2023-2030

North America is the second largest region in the global digital twin market. It is projected to grow at a CAGR of 40.3% during the forecast period. The global market is projected to grow from USD 8.60 billion in 2022 to USD 137.67 billion by 2030.

The digital twin can display the operating status of equipment in real-time and predict failures on time. It also delivers value through visualization, diagnosis, analysis, prediction, simulation, and optimization without requiring anyone to interact with the physical twin. Rising technological advancements in manufacturing, aerospace, and automotive industries across countries such as the U.S., Canada, and Mexico help to improve production line performance. This results in the rising demand for digital twins in the region.

LATEST TRENDS

Surge in Use of Digital Twin Technology in Carbon Accounting Software to Reduce Carbon Emissions

Digital twins ensure a lower carbon footprint for new buildings while optimizing energy efficiency during construction. It has been observed that 39% of CO2 emissions come from buildings and 28% of them are generated during building construction. The growing usage of digital twins helps to predict process or product performance and optimize all aspects of design, construction, operations, and management. It also helps to improve the internal operational process and enhance the collaboration across engineering teams to make data-driven decisions and bring transparency across the organization

Thus, the use of digital twin technology helps to reduce the carbon emissions from new and existing buildings in the construction industry.

DRIVING FACTORS

Emergence of Smart Manufacturing Factories to Drive the Market Growth

Digital twin software enables companies to operate devices and entire facilities as digital representations of their real assets. According to Gartner, half of the large industrial companies will use digital twins, and 10% of those organizations are expected to improve their operational performance.

Thus, the emergence of multiple smart factories is expected to enhance the market size across North America.

RESTRAINING FACTORS

Complex Architecture of Digital Twin Hampers the Market Growth 

A digital twin is a virtual representation of real-world products, buildings, and even entire cities, which requires the integration of cloud computing services, IoT, and artificial intelligence. This integration increases the cost and complexity of the technology, which is expected to reduce the adoption of digital twins among small and medium-sized enterprises due to budget constraints.

Hence, the complex architecture of digital twins hampers the market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape Luxolis Inc., Automate Canada, FARO, Cognite, Gramener, and Capgemini are the key players in the North American market. This is on account of strong end-user offerings, active involvement in R&D investments for the acceleration of end-user launches, and approvals in the forecast period.

LIST OF KEY COMPANIES PROFILED:

• Luxolis Inc. (Canada)
• Automate Canada (Canada)
• FARO Technologies, Inc. (Mexico)
• Cognite (U.S.)
• Gramener (U.S.)
• Capgemini (U.S.)
• DHL (Mexico)
• Aspen Technology Inc. (U.S.)
• ANSYS Inc. (U.S.)
• PTC Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• November 2021: Cognizant is selected as a launch partner for AWS (Amazon Web Services) digital twin builder service dubbed AWS IoT TwinMaker for better decision making and troubleshooting.
• September 2021: Google Cloud has launched a supply chain digital twin module to provide real-time visibility and analytical data to the users present across the globe.
• June 2021: FARO Technologies, Inc. completed the acquisition of HoloBuilder Inc. to expand digital twin product suite which helps to enable the automation and workflow optimization process.

REPORT COVERAGE

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The North America digital twin market report provides qualitative and quantitative insights on the market and a detailed analysis of the market share & growth rate for all possible segments in the market. Along with the North American digital twin market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the overview of the number of procedures, an overview of price analysis of the types of end-users, an overview of the regulatory scenario by key countries, pipeline analysis, new end-user launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.

Report Scope & Segmentation