Forecast Bright for Global Digital Twin in Manufacturing Market
Key players are aPriori, Autodesk Inc., Oracle, Ansys, Braincube, Productoo, Seebo, Wizata, Cisco Systems, Dassault Systems, Siemens AG, and Amazon.
Digital Twin News
Digital Twin Resources
September 12, 2023
The global digital twin in manufacturing market is expected to grow at a compound annual growth rate of 33.5% from 2023 to 2028, according to a new market research report published by Global Market Estimates.
The market is driven by the need for improved production efficiency, reduced downtime and predictive maintenance, according to the company. It leverages Internet of Things sensors and data analytics to create real-time replicas of manufacturing processes and equipment. This technology enables better decision-making, quality control and cost savings. Increasing adoption of Industry 4.0, demand for agile and flexible manufacturing, and a focus on sustainability through optimized resource use are drivers in this market.
Key Market Trends
E-commerce Continues to Thrive: Growth of e-commerce and online shopping was on the rise, driven by the ongoing shift in consumer behavior and increased adoption of digital payment methods.
Sustainability and ESG (Environmental, Social and Governance): Sustainability and ESG considerations gained attention across industries. Companies were increasingly focused on reducing their environmental footprint, implementing sustainable practices, and incorporating ESG criteria into their business strategies.
Key Market Insights
- Based on software type, product and machine design software segment held the largest share of the market as of 2022.
- As per the application outlook, the product design segment will be the fastest-growing segment during the forecast period.
- The Asia Pacific region is analyzed to be the fastest-growing region in the market.
- The North American region is analyzed to have the largest share in the global market during the forecast period of 2023-2028.
- The key players operating in the market are aPriori, Autodesk Inc., Oracle, Ansys, Braincube, Productoo, Seebo, Wizata, Cisco Systems, Dassault Systems, Siemens AG, and Amazon among others.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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