The North America Supply Chain Digital Twin Market would witness market growth of 10.7% CAGR during the forecast period (2023-2030).
The concept of a digital twin, initially rooted in manufacturing and product design, has evolved and extended its reach into the complex and interconnected world of supply chain management. The market is experiencing a profound transformation, driven by the increasing need for visibility, agility, and resilience in global supply chains. The adoption of supply chain digital twins (SCDTs) has gained momentum across various industries due to their potential to revolutionize supply chain operations.
SCDTs provide a holistic view of these intricacies, enabling better decision-making. Modern consumers expect quick deliveries and accurate order tracking. SCDTs offer real-time visibility into inventory, shipments, and demand, helping companies meet customer expectations and maintain competitiveness. SCDTs allow companies to simulate and strategize for potential disruptions, enhancing resilience.
As per the Manufacturing Industry Statistics released by the United States National Institute of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to the U.S. GDP, amounting to 12.0 % of total U.S. GDP. Including direct and indirect (i.e., purchases from other industries) value-added, manufacturing contributed an estimated 24 % of GDP. In 2020, U.S. manufacturing imported 18.2 % of its intermediate goods/services, resulting in 10.6 % foreign output. Moreover, Canada's abundant natural resources, such as minerals, forestry products, and energy resources, have led to a robust processing and manufacturing industry. This includes wood and paper manufacturing, mining and metal processing, and petroleum refining. According to the data provided by the Government of Canada, manufacturing revenues reached $7.7 billion of total $8.3 billion in 2020. These factors will boost the demand for supply chain digital twin in the North America region.
The US market dominated the North America Supply Chain Digital Twin Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,307.6 million by 2030. The Canada market is experiencing a CAGR of 13.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.2% during (2023 - 2030).
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Size Enterprises. Based on Component, the market is segmented into Hardware, Software and Services. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Vertical, the market is segmented into Automotive, Aerospace & Defense, Manufacturing, Pharmaceuticals, Retail, Consumer Goods and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Supply Chain Digital Twin Market is Predict to reach $5.3 Billion by 2030, at a CAGR of 11.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, SAP SE, Dassault Systemes SE, Kinaxis, Inc., Schneider Electric SE (AVEVA Group PLC), Siemens AG (Siemens Digital Industries Software), AnyLogic North America, LLC (The AnyLogic Company), Simio LLC and Logivations GmbH.
By Enterprise Size
By Component
By Deployment Mode
By Vertical
By Country
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