The increasing adoption of Industry 4.0 and industrial IoT is the driver.
NEW YORK, Feb. 9, 2024 /PRNewswire/ — The global digital twin market size is estimated to grow by USD 32.78 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 39.92% during the forecast period. Technavio estimates a growth of 39.92% YOY during 2023. The Market is driven by the increasing adoption of Industry 4.0 and industrial IoT, revolutionizing industrial processes through digitalization. Industry 4.0’s focus on automation and real-time data exchange, enabled by technologies like the Industrial Internet of Things (IIoT), enhances productivity, efficiency, and collaboration. Digital twin technology plays a pivotal role in Industry 4.0 initiatives, facilitating advanced manufacturing processes and lifecycle management, thus propelling growth. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) – Request a sample report
North America held the largest share in 2022, and the region is estimated to witness an incremental growth of 43%.
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Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 39.92% |
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Growth 2023-2027 |
USD 32.78 billion |
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Structure |
Fragmented |
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YoY growth 2022-2023 (%) |
39.3 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing contribution |
North America at 43% |
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Key countries |
US, China, Japan, Germany, and UK |
Technavio has segmented the market based on Deployment (On-premises and Cloud), End-user (Manufacturing, Energy and utilities, Aerospace and Defense, Automotive, and Infrastructure and others), and Geography (North America(The US, Canada), Europe(UK, Germany, France, Rest of Europe), APAC(China, India), Middle East and Africa(Saudi Arabia, South Africa, Rest of Middle East and Africa), and South America(Chile, Brazil, Argentina)).
- The on-premises segment is expected to experience significant growth during the forecast period. This preference stems from the perceived advantages in security, particularly in industries like aerospace, automotive, and manufacturing, where intellectual property and data security are paramount. On-premises solutions offer greater control and customization, aligning with industry objectives and reducing vendor dependency. The adoption of on-premises digital twin solutions is anticipated to rise further among large enterprises in the coming years.
- North America will contribute 43% to the growth during the forecast period. Insights on the contribution of various segments including country and region wise historical data (2017 to 2021), and forecast size (2023 to 2027) – Download a Sample Report
“The increasing traction in the healthcare sector is an emerging trend fueling the growth, however, challenges such as the high cost of deployment and complex architecture may hamper the growth.” says a senior analyst of Technavio
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vendors
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Applications
The industry leverages virtual twins and IoT devices to create digital models synchronized with real-world data. With simulation technology and real-time analytics, businesses implement predictive maintenance and smart manufacturing solutions. This integration of machine learning algorithms aligns with the principles of Industry 4.0, driving advancements in digital modeling and enhancing operational efficiency across various industries.
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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
