According to a new report, published by KBV research, The Global Digital Twin Market size is expected to reach $195.4 billion by 2030, rising at a market growth of 41.3% CAGR during the forecast period.
The Process segment is registering a CAGR of 42% during (2023 - 2030). Digital twin processes are characterized by their iterative nature, where data is continuously collected and analyzed to improve the accuracy and relevance of the digital twin model. Collaboration among various stakeholders, including data scientists, engineers, and domain experts, is frequently employed in these processes to guarantee that the digital twin faithfully represents the tangible situation.
The Predictive Maintenance & Performance Monitoring segment is leading the Global Digital Twin Market by Application in 2022; thereby, achieving a market value of $66.9 billion by 2030. The need for cost-effective, reliable, and safe operations in various industries drives the use of digital twins for predictive maintenance and performance monitoring. Digital twins can help reduce maintenance costs by enabling predictive maintenance, which allows organizations to schedule maintenance activities only when needed, avoiding unnecessary downtime and reducing maintenance expenses. The integration of digital twins with Internet of Things (IoT) devices and artificial intelligence (AI) algorithms allows for more advanced predictive maintenance capabilities, enabling organizations to predict failures with greater accuracy and efficiency.
The Automotive & Transportation segment is experiencing a CAGR of 38.6 % during (2023 - 2030). The automotive and transportation sector's growing reliance on digital twins is motivated by the imperative to enhance the efficiency and novelty of development, vehicle design, and maintenance procedures. The utilization of digital twins in the development of virtual supply chain models permits manufacturers to optimize inventory and logistics. This has the potential to decrease expenses and enhance the efficacy of part and component transportation.
Full Report: https://www.kbvresearch.com/digital-twin-market/
The North America region dominated the Global Digital Twin Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $67.5 billion by 2030. The Europe region is anticipating a CAGR of 40.8% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 42.3% during (2023 - 2030).
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