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North America Digital Twin Market Size, By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End-use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Competitive Market Share & Forecast, 2020-2026

Published Date: October 2020 | Publisher: Graphical Research Report ID: GR1482 | Delivery : PDF

North America Digital Twin Market value to be USD 1.5 billion in 2026 and is expected to register a lucrative growth from 2020 to 2026 at a CAGR of over 30%

North America Market, By Application

North America Digital Twin Market

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The North America digital twin market growth is attributed to the presence of prominent technology and automation players in the region. The rapid adoption of Industrial IoT (IIoT) devices across a variety of industries, such as manufacturing and automotive, due to the advent of smart factory technology is also fueling the demand for digital twin technology. Supportive government initiatives for the development of Industry 4.0 in the region are contributing to the market growth.

The rising internet penetration coupled with the proliferation of smartphones and the advent of technologies, such as AI, machine learning, and blockchain, is driving the growth of the digital twin technology in the region. The manufacturing sector is adopting Industrial IoT with digital twin technology to design complex architecture and learn from the historical data through AI and machine learning to avoid drawbacks of the previous models. For instance, in the aviation industry, GE software engineers built digital twins of hot section components in more than 300 GE90 engines, that power a fleet of 777 aircraft, for one of its airline customers.

The product design and development segment held a market share of over 50% in 2019 in North America due to the growing demand to improve product performance and rapidly detect faults in products. The digital twin technology accelerates designing processes, resulting in a faster time-to-market new product. The digital twin also boosts product development processes at a reduced cost due to the rapidly rising adoption of IoT coupled with the proliferation of smart connected devices.

In North America, the aerospace & defense sector is expected to grow at a CAGR of over 30% during the forecast period. The growth is due to the need to ensure less causalities and enable efficient performance of weapons and other equipment. The digital twin technology is expected to diagnose faults in the equipment in real-time, offer predictive maintenance to avoid faults, and enable product efficiency. The strategic trend of creating a digital twin of an aircraft and feeding it with real-time data helps airline companies to reduce maintenance costs, improves reliability, and optimizes the performance of aircraft.

In the U.S., supportive government initiatives, such as connected de-icing machines at airports, smart streetlights, and smart parking initiatives related to data protection, cybersecurity, and infrastructure development to deploy IoT/IIoT related solutions in the region, are contributing to the growth of the digital twin market. For instance, in July 2018, Boston Planning and Development Agency (evaluate the BDPA) announced that it is embracing the digital twin technology with the assistance of ESRI to calculate the amount of shadows or shade cast by buildings throughout a year.

The major digital twin technology providers in the U.S. are forming consortiums to enable the development of digital twin applications in diverse industry verticals. For instance, in May 2020, the Object Management Group, a non-profit organization, along with its founder organizations formed a Digital Twin Consortium. The Digital Twin Consortium is focusing on improving developments, innovations, and the adoption of digital twin technology. The partner companies in the Digital Twin Consortium are expected to jointly focus on the development and formation of use cases in multiple industry verticals.

Companies operating in the region are focusing on developing advanced digital twin solutions. For instance, in May 2020, Microsoft Corporation launched the latest version of its Azure Digital Twin with new features and capabilities. The launch helped the company to expand its digital twin technology-based product offerings. Some of the leading companies operating in the market include IBM Corporation, Oracle Corporation, PTC Inc., SAS Institute, Inc., and TIBCO Software.
 

Frequently Asked Question(FAQ) :

The market size of North America Digital Twin surpassed USD 1.5 billion in 2019.
The industry share of North America Digital Twin is projected to expand at 30% CAGR during 2020 to 2026.
The North America digital twin market growth is attributed to the presence of prominent technology and automation players in the region. The rapid adoption of Industrial IoT (IIoT) devices across a variety of industries, such as manufacturing and automotive, due to the advent of smart factory technology is also fueling the demand for digital twin technology.

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North America Digital Twin Market Value 2026 | Sales & Demand Forecast


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