Digital Twin Market Report - 23 Jan 2025 (5)

1. Digital Twin Market,Size, Share, Key Players | BIS Research A Digital Twin is a virtual representation or simulation of a physical object, system, or process, typically in real-time. It is created using data collected from sensors, devices, or other sources embedded in the physical counterpart. The digital twin mirrors the characteristics, behavior, and performance of the real-world entity, allowing for analysis, monitoring, and optimization. The Global Digital Twin Market size was valued at $10.3 billion in 2023, and it is expected to grow with a CAGR of 58.52% Digital Twin Overview A digital twin is a virtual model designed to accurately reflect a physical object, process, system, or service. This innovative concept leverages the convergence of the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and big data analytics to create a dynamic and real-time simulation of a physical entity or system. Digital twins are used across various industries, including manufacturing, healthcare, urban planning, and more, enabling professionals to simulate, predict, and optimize systems before they are built and throughout their lifecycle. Request a free sample report of the Digital Twin Market Trends

2. Drivers and Trends ● IoT Interrogation ● Industry 4.0 ● Predictive Maintenance ● Customization and Personalization ● AI and Machine Learning Integration ● 5G Connectivity ● Sustainability Focus ● Increased Adoption and Emerging Markets Applications of Digital Twin Market ● Manufacturing ● Healthcare ● Automotive ● Smart Cities Market Segmentation 1 By Application

3. • Product Design Development • Performance Monitoring • Predictive Maintenance • Inventory Management • Others 2 By End Users • Manufacturing • Automotive • Aviation • Energy and Utilities • Healthcare

4. • Logistics and Retail • Others 3 By Type • Asset Digital Twin • Process Digital Twin • System Digital Twin • Digital Twin of an Organization (DTO) 4 By Product Offering • Platforms • Hardware • Support Services

5. 5 By Region • North America — U.S. and Canada • Europe — U.K., Germany, France, Russia, and Rest-of-the-Europe • Asia-Pacific — China, India, Japan, and Rest-of-Asia-Pacific • Rest-of-the-World — Latin America and Middle East and Africa Key Components for Digital Twin Market ● Allscripts Healthcare Solutions Inc. ● AMD Global Telemedicine Inc. ● Apple, Inc. ● AT & T, Inc. ● Biotricity ● GE Healthcare ● IBM ● I Health Lab, Inc.

6. Download Complete TOC of the Digital Twin Market Trends The global Digital Twin market, encompassing telemedicine, remote patient monitoring, mobile health applications, and electronic health records, is witnessing substantial growth due to increasing demand for accessible, cost-effective, and outcome-focused healthcare solutions. Digital Twin refers to the integration of digital technologies into healthcare systems to enhance the delivery of medical services, improve patient engagement, and promote proactive healthcare management. Digital Twin Market Segmentation 1 By Application 2 By Offering 3 By Technology 4 By Region Get more market insights on Advanced materials and chemicals Key Market Players

7. ● Allscripts Healthcare Solutions Inc. ● AMD Global Telemedicine Inc. ● Apple, Inc. ● AT & T, Inc. ● Biotricity ● GE Healthcare Recent Developments •In December 2023, Siemens signed a collaboration with Intel on advanced semiconductor manufacturing, which aimed to improve production efficiency and sustainability throughout the value chain. The collaboration explored initiatives such as optimizing energy management and mitigating carbon footprints throughout the value chain. A notable aspect involved investigating the use of digital twins for complex manufacturing facilities, aiming to standardize solutions and enhance efficiency in every aspect of the process. • In September 2023, GE Vernova launched a new product, an AI-powered carbon emissions management software for the energy sector. Utilization of this new software would enable precise measurement, management, and operationalization of insights aimed at lowering carbon emissions. With the use of a reconciliation algorithm and

8. digital twin technology driven by machine learning (ML) and data analytics, the software aimed to increase the accuracy of greenhouse gas (GHG) calculations on scope one gas turbines by as much as 33%. • In April 2023, Siemens signed a partnership with IBM to create an integrated software solution for systems engineering, service lifecycle management, and asset management. The collaboration aimed to support traceability and sustainable product development across mechanical, electronics, electrical, and software engineering domains. The new suite, based on SysML v1 standards, would utilize a digital thread to link design, manufacturing, operations, maintenance, updates, and end-of-life management throughout the product lifecycle Conclusion The digital twin market represents a paradigm shift in how industries approach problem-solving and optimization. With its ability to simulate, predict, and enhance, digital twin technology is set to become an indispensable tool across various sectors.