Digital Twin Market Set for Explosive Growth, Projected to Reach USD 154.69 Billion by 2031 | SkyQuest Technology

WESTFORD, Mass., July 25, 2024 /PRNewswire/ -- According to SkyQuest, the global Digital Twin Market was valued at around USD 9.28 Billion in 2022 and is expected to rise from USD 12.68 Billion in 2023 to reach a value of USD 154.69 Billion by 2031, at a CAGR of 36.7% during the forecast period (2024-2031).

A digital twin is a digital/virtual representation of a physical object or process in a digital environment. Digital twin models are being used for the simulation of products and processes to optimize their development in the future. Surging penetration of artificial intelligence, Internet of Things (IoT), and machine learning technologies will also foster new demand for digital twins going forward. High investments in the development of digital twin technology will also play a key role in market development. The global digital twin market is segmented into solution, end-use, and region. 

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Digital Twin Market Overview: 

Segments covered in Digital Twin Market are as follows:

• Enterprises Size
• Large Enterprise, Small & Medium Enterprise
• Application
• Product Design & Development, Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management and Other
• Industry
• Automotive & Transportation, Energy & Utilities, Infrastructure, Healthcare, Aerospace, Oil & Gas, Telecommunication, Agriculture, Retail and Other

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Digital Twins of Processes and Systems are Both Highly Sough-after

Digital twins of systems are forecasted to be highly popular as they allow the creation of virtual replicas of hardware and software components of a system. These digital twins of entire systems allow companies to create virtual models of highly complex systems to run simulations and perform various tests. This allows companies to check for individual elements of the system as well as the system in its homogeneity to ensure no failure or errors are faced during actual development and deployment. High demand for non-destructible testing and the rising popularity of 3D modeling and simulation are also slated to bolster the demand for system digital twins.

Increasing emphasis on resource optimization and profit maximization are forecasted to bolster the demand for digital twins of processes in the future. The use of digital twin processes to optimize workflow and maximize the industrial automation scope is estimated to help the process sub-segment boost digital twin market development at a notable pace over the coming years. High demand for sophisticated process analytics and rising demand for predictive maintenance will also help uplift the demand for process digital twins.

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From Aerospace to Healthcare, Digital Twins Will be Everywhere

The aerospace and defense sector is predicted to witness robust utilization of the digital twin technology across the forecast period and beyond. Aerospace components are highly expensive to manufacture and test, which is why digital twins are preferred as they reduce the overall research and development costs of multiple aerospace and defense parts. Moreover, the growing integration of machine learning, artificial intelligence, and cloud computing with digital twin technology will also offer new opportunities for digital twin companies in this industry vertical.

Manufacturing and automotive are two key industries where the use of digital twins is forecasted to surge at a rapid pace in the future. Advancements in engineering technologies and the rising digitization of these industries will also foster new moneymaking scope for digital twin providers. The growing digitization of the healthcare space and rising demand for better simulation models are also expected to bolster the adoption of digital twin technology in this end-use sub-segment.

In conclusion, the global digital twin market has a lot of opportunities from different industry verticals as digitization picks up pace on a global level. Digital twins of processes will be highly popular as predictive maintenance and process optimization becomes highly crucial in all industry verticals. Aerospace end-use stands as the most lucrative segment for digital twin companies whereas opportunities in the healthcare and manufacturing end-uses are limitless. Advancements in 3D technology and simulation technologies will also play a vital role in augmenting the global digital twin market development potential in the long run.

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