DUBLIN, August 3, 2022 /PRNewswire/ — The report “Digital Twin Market by Company, Application (Predictive Maintenance, Business Optimization), Industry (Aerospace, Automotive & Transportation, Healthcare, Infrastructure, Energy & Utilities), and Geography – Global Forecast up to in 2027” has been added to from ResearchAndMarkets.com offer.
The digital twin market is expected to grow from $6.9 billion in 2022 at $73.5 billion by 2027, at a CAGR of 60.6% over 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. 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, drug and therapy 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 consultation based on the patient’s lifestyle, daily eating habits, and blood sugar data.
The digital twin uses AI-powered models to generate more personalized and higher quality 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 twin market in North America region to register the highest CAGR between 2022 and 2027
The market for digital twins in North America is expected to grow at the highest CAGR over the forecast period. Further away, North America is also expected to account for the largest share of the digital twins market throughout the forecast period. North America accounted for ~38% of the digital twin market in 2021.
The region is a major provider as well as a user of digital twin technology and is expected to provide many growth opportunities for digital twin providers 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 growing importance of 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 manufacturing processes. .
- Increased focus on the digital twin in manufacturing industries to reduce costs and improve supply chain operations
- Growing demand for digital twin from healthcare industry
- Growing focus on predictive maintenance
- High investments associated with the implementation of Digital Twin technology
- Sensitivity of the digital twin to cyberattacks
- Increased focus on advanced real-time data analytics
- Growing adoption of Industry 4.0 principles
- Development of human-centric digital twins
- Complexities associated with data collection and mathematical models
- Lack of skilled labor and awareness of the cost benefits offered by digital twins
Value chain analysis
- Planning and Review Fund
- Research and development
- Design, infrastructure and software development
- Product/Solution Providers
- End-user industries and after-sales service providers
- Price analysis
- Average Selling Prices, by Application (Key Players)
- Average Selling Price Trend
- Trends impacting customer business
- IoT and IIoT
- Artificial Intelligence (AI) and Machine Learning (ML)
- Extended Reality: Augmented Reality, Virtual Reality & Mixed Reality
- Cloud Computing and Edge Computing
- Use case: Aerospace – Integrating a digital twin with AI-based predictive maintenance into aircraft fleets
- Use Case: Automotive – Optimizing Automated Guided Vehicle Logistics with the Twin Digital Platform
- Use Case: Energy and Utilities – Doosan optimized power generation at wind farms with Azure Digital Twins
- Use case: Healthcare – Digital twin of human body and body organs enhance drug treatment
- Use case: Infrastructure – Temple University Using the smart building’s digital twin to optimize operations across the university
- General Electric
- Amazon (AWS)
- Dassault Systems
- Robert Bosch
Other key players
- Swim Ai
- Ag software
- Bentley Systems
- River logic
- Johnson Controls
For more information on this report visit https://www.researchandmarkets.com/r/wbcogh
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