Digital Twin Market to Exhibit 39.8% CAGR from 2024 to 2032; Market Value to Rise Due to the Surging Adoption of 3D Simulation and 3D Printing Software

The global digital twin market size stood at USD 12.91 billion in 2023. The market value is slated to rise from USD 17.73 billion in 2024 to USD 259.32 billion by 2032 at a CAGR of 39.8% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Digital Twin Market Size, Share & Industry Analysis, By Type (Parts Twin, Product Twin, Process Twin, and System Twin), By Application (Predictive Maintenance, Business Optimization, Product Design & Development, and Others), By Enterprise Type (Large Enterprises and SMEs), By End-user (Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Real Estate, IT and Telecom, and Others), and Regional Forecast, 2024 – 2032”.

Digital twin is a virtual representation or digital counterpart of a process, system, or physical object. It is inclusive of developing a dynamic and detailed digital model that mirrors the real-world entity, enabling the analysis, optimization, monitoring, and simulation. The rising uptake of the technology in healthcare is paving the way for market growth. The development and testing of medical devices by the creation of virtual prototypes is aided by this technology.

The market witnessed significant growth during the COVID-19 pandemic as the digital twin technology was substantially used in vaccination trials, contactless temperature scanning, and various other medical procedures to prevent the risk of disease transmission.

Surging Demand for Automated Model Generation to Augment Market Expansion

There is a positive influence of generative AI, on digital twin technology, with its ability to formulate new designs, models, or content autonomously. Moreover, the simulation capabilities of the solution can be enhanced by generative AI through the generation of diverse simulations and scenarios.

GE Digital Unveiled a Technology Partnership with Visionaize to Empower Data-driven Businesses

In June 2022, General Electric announced a technology partnership with Visionaize, a leading 3D digital twin solutions provider. This deal is aimed at empowering data-driven businesses with highly accurate visualization capabilities for operational use applications.

Increasing Uptake of 3D Printing Software and of 3D Simulation to Spur Market Growth

The digital twin market growth is driven by a rise in the uptake of 3D simulation and 3D printing software. Precise replication in 3D printing is achieved through the digital twin technology. Moreover, the printing process is guided by the virtual representation by offering detailed information pertaining to structural integrity, material attributes, and the object’s geometry.

Despite an expanding scope for the adoption of the solution, the concerns pertaining to data security and privacy may restrain market growth.

Prominent Companies Engage in Strategic Partnerships to Reinforce their Position

Some of the competitive strategies deployed by leading players include mergers & acquisitions, joint ventures, capacity expansions, and others. Novel solutions are being introduced by top players to expand their customer base. Many of the companies are also focusing on strategic partnerships to deliver advanced solutions while boosting their position.

List of Key Players Profiled:

• Autodesk Inc. (U.S.)
• ANSYS Inc. (U.S.)
• PTC Inc. (U.S.)
• General Electric (U.S.)
• Siemens AG (Germany)
• SAP SE (Germany)
• Dassault Systemes SE (France)
• Hitachi Ltd. (Japan)
• IBM Corporation (U.S.)
• Amazon Web Services, Inc. (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/digital-twin-market-106246

Key Industry Development

• February 2022: ANSYS, Inc. unveiled a strategic partnership with Amazon Web Services, Inc. (AWS) to leverage its products on AWS. Through this move, the company aims to make the simulation process more user-friendly by offering access to software from any location with the help of a web browser.

Further Report Findings:

• North America had the largest share in the market in 2023 on account of the early uptake of twin technology by the aerospace & defense sector in the U.S.
• Based on enterprise type, the market is segregated into SMEs and large enterprises. The large enterprises segment witnessed the maximum digital twin market share in 2023 owing to the usage of the twin technology by large enterprises for innovation in design validation, testing, and product development for high-quality product creation.

Table of Segmentation