PUBLISHER: The Business Research Company | PRODUCT CODE: 1552465
PUBLISHER: The Business Research Company | PRODUCT CODE: 1552465
Digital twin technology refers to the digital replication of physical assets, processes or systems that allows for real-time monitoring, simulation and optimization. These digital replicas are created using data from sensors and other sources, enabling organizations to understand, predict and improve the performance of their physical counterparts.
The digital twin technology market consists of sales by entities (organizations, sole traders and partnerships) of digital twin technology products and services that are used primarily by engineers, designers and maintenance teams who need accurate, real-time data and simulations to improve decision-making. This technology is applied throughout the lifecycle of a product or system, from design and development to operation and maintenance.
The global digital twin technology market was valued at $3,977.31 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 24.0%.
Expansion of Smart Cities Initiatives
The expansion of smart city initiatives drove the growth of the digital twin technology market during this historic period. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve its operational efficiency and provide better infrastructural facilities to its residents. Digital twins in urban planning optimized infrastructure projects and predicted city system impacts. They monitored utilities and traffic flow in real-time, improving resource allocation. Digital twins supported sustainability by analyzing energy usage and waste management. They engaged citizens through virtual simulations, enhancing community involvement. Digital twins also enhanced public safety by simulating emergency responses and improving disaster preparedness. For instance, in January 2022, the Indian Government disbursed INR 284.13.6 billion ($3.817 billion) for 100 smart cities, with INR 236.683 billion ($3.18 billion) already utilized. The Smart Cities Mission (SCM) was launched by the Government of India on June 25, 2015, aiming to enhance urban infrastructure and services across designated cities. Additionally, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Therefore, the expansion of smart cities initiatives contributed to the growth of the digital twin technology market.
Innovative Application of Digital Twin Technology to Transform Spectator Interaction in Sports
Companies in the digital twin technology market are leveraging digital twin technology in sports to transform spectator engagement. By digitally replicating stadiums and events, fans can access virtual seats, view live stats and engage in interactive simulations. This enhances fan interaction and enjoyment while enabling sports organizations to analyse behaviour, tailor marketing and optimize operations for improved fan satisfaction and revenue generation through enhanced digital experiences. For instance, in July 2023, NTT DATA Corporation, a Japan-based multinational information technology service and consulting company, launched its digital twin-supported ShotView technology, a pioneering application in golf. This technology provides live, interactive insights from millions of data points on the course, accessible to fans both on-site and at home. The enhanced version offers improved 3D imagery and an interactive interface, allowing fans to analyse player strategies in real-time and compare performances across different contexts and competitions. ShotView aims to deepen fan engagement by providing unprecedented insights and enhancing the overall viewing experience of golf tournaments.
The global digital twin technology market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 28.84% of the total market in 2023.
Digital Twin Technology Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global digital twin technology market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for digital twin technology? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The digital twin technology market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider digital twin technology market; and compares it with other markets.