The Digital Twins Market is expected to grow from USD 6.9 Billion in 2022 to USD 73.5 Billion by 2027, at a CAGR of 60.6% during the forecast period. The growing emphasis on digital twins in manufacturing industries to reduce costs and improve supply chain operations is driving the digital twins market.
New York, July 11. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Digital Twin Market by Enterprise, Application, Industry and Geography – Global Forecast to 2027” – https://www.reportlinker.com/p05092748/?utm_source=GNW
Due to the growing demand for digital twin from the healthcare industry, the digital twin market is expected to further accelerate. In addition, high investments associated with the implementation of digital twin technology; and the susceptibility of the digital twin to cyberattacks are major constraints for the market.
Digital Twins Market for Healthcare Industry Expected to Grow at the Highest CAGR Over the Forecast Period
The digital twins market for healthcare industry is expected to grow at the highest CAGR during the forecast period. In healthcare, digital twins are used to create a patient’s digital twin that captures continuous data from the individual regarding various vital signs, medical conditions, medications, and therapeutic responses. , and the surrounding ecosystem.
Historical and real-time data from each patient helps the ML algorithm predict future health issues. The model alerts the patient for prescriptions, changes in eating habits, and medical consultations based on the patient’s lifestyle, daily eating habits, and blood glucose data.
The digital twin uses AI-powered models to generate more personalized and better treatment plans based on massive amounts of rich data from multiple Internet of Medical Things (IoMT) devices. Using information from each patient’s unique digital twin, the appropriate therapy can be determined, the success of a given procedure can be predicted, and chronic conditions can be managed.
The predictive maintenance segment is expected to dominate the digital twins market throughout the forecast period
The predictive maintenance application is expected to account for the largest digital twin market size throughout the forecast period. The digital twin can help predict failures based on real-time data collection and enable just-in-time repair of components, if possible.
This method not only replaces components that are about to fail, but also increases component life by reducing unplanned maintenance and labor expenses. Businesses can save money and gain a competitive advantage by taking this approach. In the aerospace sector, digital twins facilitate predictive analysis and diagnosis of jet engine failures. Digital twins are used in the aerospace industry to reduce unplanned downtime of engines and other systems. Likewise, with the digital twin, building maintenance companies are able to accurately predict when and for how long certain components of a ventilation system will be in operation, whether they are performing as expected, and will it will be essential or not to replace a filter, for example Example. This enables optimal scheduling of technicians as well as the automatic ordering of essential replacement components a few weeks in advance.
Digital Twins Market in North America Region to Register Highest CAGR from 2022-2027
The North America Digital Twins Market is expected to grow at the Highest CAGR over the forecast period. Additionally, North America is also expected to account for the largest share of the digital twins market throughout the forecast period.
North America accounted for approximately 38% of the digital twins market in 2021. The region is a major provider as well as user of digital twins technology and is expected to provide many growth opportunities for digital twins vendors in the market. .
It is one of the fastest growing regions in terms of technology development and adoption. Rising R&D in the field of IoT and IIoT and growing demand for efficient and cost-effective technologies for manufacturing products are also supporting the growth of the regional market.
Additionally, the adoption of automation and enabling technologies in the aforementioned industries is increasing due to the need for real-time data and visibility into production activities. The main growth drivers in this region are the increasing focus on the digital twin in manufacturing industries to reduce costs and improve the supply chain, and R&D investments by manufacturers to drive innovation in their processes. Manufacturing.
Distribution of primaries
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, in-depth primary interviews were conducted with key industry experts in the field of Digital Dual Market . The breakdown of key contributors to the report is shown below:
• By type of business: Level 1: 45%, Level 2: 25% and Level 3: 30%
• By designation: C-level executives – 50%, administrators – 30% and others – 20%
• By region: North America – 45%, Europe – 35%, Asia-Pacific – 10% and Rest of the world – 10%
The major players in the digital twins market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France) , PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US ), SWIM AI (USA), River Logic (USA) and ANDRITZ (Austria). The SMEs/startups covered by the study are Sight Machine (USA), Sensat (UK), Cosmo Tech (France), Artemis Technologies (Ireland), FEops (Belgium), Pratiti Technologies (India), QiO Technologies (UK), VEERUM (Canada), Datumix (USA), synavision (Germany), Petra Sata Science (Australia), MEIK LABS (USA), DigitalTwin Technology (Germany), TWAICE Technologies (Germany), Allvision Io (US) and HASH (UK).
The report describes the detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the Digital Twins Market. It also includes technology trends, business data, and patent analysis.
This research report categorizes the digital market based on company, application, industry, and region. A detailed analysis of major industry players has been carried out to provide insight into their business insights; proposed products/solutions; key strategies adopted which include new product launches, agreements (mergers, acquisitions, partnerships, cooperation, alliances, collaborations, agreements, contracts and investments) and others (expansions), and the impact of COVID-19 on the market for digital twins.
Key Benefits of Purchasing the Report
The report would help the leaders/new entrants in this market in the following ways:
1. This report segments the Digital Twin market comprehensively and provides the closest market size projection for all sub-segments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with insights into the key market drivers, restraints, challenges and growth opportunities.
3. This report would help the stakeholders to better understand their competitors and acquire more information to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. Analysis of the top 25 companies based on market share/ranking as well as product footprint will help stakeholders visualize the positioning of these key players in the market.
5. Patent analysis, trade data, price analysis and technology trends that will shape the market in the coming years have also been covered in this report.
Read the full report: https://www.reportlinker.com/p05092748/?utm_source=GNW
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