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Digital Twin Market Skyrockets to $140.93 Billion by 2031 Dominated by Tech Giants – General Electric Co, Microsoft Corp and Siemens AG | The Insight Partners

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The global digital twin market is set for explosive growth, with projections indicating a surge to $140.93 billion by 2031. This remarkable expansion, driven by rising number of smart city projects and surging emphasis on predictive maintenance.

NEW YORK, Nov. 27, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global digital twin market is observing significant growth owing to increasing adoption of IoT devices and large-scale digital transformation and industry 4.0 adoption across enterprises.

For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/digital-twins-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the digital twin market comprises a vast array of services, organizations size, application and geography which are expected to register strength during the coming years.

Market Overview and Growth Trajectory:

Digital Twin Market Growth: According to an exhaustive report by The Insight Partners, the Digital Twin Market is experiencing significant growth, driven by integration of AI, AR, VR, and other advanced technologies. The market, valued at $10.30 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 38.7% during 2023–2031.

For More Information and To Stay Updated on The Latest Developments in The Digital Twin Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00017045/

Surging Emphasis on Predictive Maintenance: Predictive maintenance is perceived as the most advanced means to manage maintenance within manufacturing plants. This maintenance approach is enabled by the implementation of technologies such as AI, ML, the Internet of Things (IoT), and Big Data to monitor equipment and check for part failure. Predictive maintenance helps save maintenance costs by selectively detecting the parts that need attention. Industries increasingly rely on predictive maintenance, as minimizing downtime is a critical aspect of any business. Digital twins operate by continuously gathering data on asset conditions, enabling predictive maintenance solutions to identify patterns and potential failures before they occur. With digital twin technology, maintenance teams can also remotely monitor assets’ performance and diagnose issues without physically inspecting them. Thus, a growing focus on predictive maintenance bolsters the digital twin market growth.

Increasing Adoption of IoT Devices: The use of digital twins is increasing with the surging adoption of IoT. Digital twins require a continuous flow of data to accurately replicate their physical counterparts. IoT devices can fulfill this requirement with built-in sensors. These sensors facilitate real-time data collection from the environment, human interactions, or objects’ functions. Digital twins rely on IoT sensor data to gather information from the real-world object to project it to create the digital-world object. The insights derived from these data allow organizations to react quickly to improve operational efficiency, customer satisfaction, and production quality, among others. As IoT devices transmit data, digital twins update the data in real time, which ensures that the virtual model is in sync with the physical entity. By leveraging IoT, a digital twin can represent a complex piece of equipment such as a wind turbine and processes such as customer activities in a retail shop. Thus, the increasing adoption of IoT devices drives the digital twin market.

Large-Scale Digital Transformation and Industry 4.O Adoption Across Enterprises: Organizations struggle to be competitive in a rapidly changing and dynamic market. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition by improving their performance and processes. It has resulted in notable modifications to the way businesses create, produce, and market their goods, as well as engage with suppliers and customers. The advent of computer-aided manufacturing (CAM) and computer-aided design (CAD) technologies in the past made it possible for engineers to design and model items digitally. The fourth industrial revolution, or Industry 4.0, further presented OEMs with both new opportunities and challenges in recent years. In order to increase automation and efficiency, Industry 4.0 entails integrating digital technologies with current processes. As the adoption of digitization and Industry 4.0 advances, the manufacturing process becomes increasingly digital, propelling the integration of digital twin technologies for testing and simulating new parameters and design variants.

Stay Updated on The Latest Digital Twin Market Trends: https://www.theinsightpartners.com/sample/TIPRE00017045/

Geographical Insights: North America dominated the digital twin market in 2023. Europe is the second-largest contributor to the global digital twin market, followed by Asia Pacific.

Digital Twin Market Segmentation, Applications, Geographical Insights:

Based on type, the digital twin market is segmented into asset twin, system twin, process twin, and parts/component twin. The asset twin segment dominated the market in 2023.In terms of enterprise size, the digital twin market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2023.Based on end user, the digital twin market is segmented into manufacturing sector, automotive sector, aerospace & defense sector, healthcare sector, retail sector, and others. The manufacturing sector segment dominated the market in 2023.The digital twin market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Purchase Premium Copy of Global Digital Twin Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPRE00017045/

Key Players and Competitive Landscape:

The Digital Twin Market is characterized by the presence of several major players, including:

General Electric CoMicrosoft CorpSiemens AGDassault Systemes SEPTC IncRobert Bosch GmbHInternational Business Machines CorpOracle CorpAnsys IncAutodesk Inc

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Digital Twin Market Recent Developments and Innovations:

“In a collaborative move with the W3C Consortium, Siemens and Microsoft announced their commitment to converge the digital twin definition language (DTDL) with the Thing Description standard from international standards organization W3C. By unifying both languages, customers are offered consistent modeling experiences, mitigating fragmentation in an evolving IoT landscape. With customers typically deploying a mix of vendors in their infrastructure, leading to lock-in and high integration efforts, this convergence will allow for simpler system integration and interoperability.””L&T Technology Services Limited, a leading global pure-play engineering services company, and Ansys, a global leader and pioneer of Multiphysics engineering simulation software, had signed an MOU to establish the LTTS-Ansys Center of Excellence (CoE) for Digital Twin. The center supports LTTS in demonstrating industry use cases, developing future-facing solutions, and enabling its customers to optimize design, manufacturing, and supply chain processes. Ansys’ Twin Builder solution allows LTTS to further expand its market share in digital twin areas.”

For Region-Specific Market Data, Check Out Brief Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00017045/

Conclusion:

Digital twins are virtual representations of real objects or environments. It is built using real-time data obtained from the sensors connected to the object and to replicate it throughout its lifecycle. Thus, a digital twin digitally replicates features, functionality, and behavior of assets, among other parameters, in the virtual environment. A wide range of real-world objects, from individual pieces of machinery in a factory to huge installations such as wind turbines and entire cities, can be replicated as digital twins. Organizations use the digital twin technology to monitor an asset’s performance, detect operational issues, and determine maintenance needs; they can also utilize the asset data to predict its lifetime. Asset twins, system twins, process twins, and parts/component twins are among the different types of digital twins that are popular in various industries. Digital twins utilize advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), augmented reality (AR), virtual reality (VR), and simulation to create a digital model of an object.

The digital twin technology is revolutionizing various industries, and it has the potential to shape the future of the manufacturing industry. The increasing use of cloud solutions and services, digital transformation measures taken by governments and industrial sectors, and an emphasis on sustainability are a few of the key factors driving the digital twin market growth. Digital twins received further attention during the COVID-19 pandemic, as their use helped businesses operate efficiently without contributing to the spread of the disease. The technology aided in contactless temperature scanning of patients, intelligent traffic management, and investigative studies conducted to understand the lasting impact of COVID-19 on patients’ health. The implementation of digital twins helped end users improve their performance, lower operating costs, and provide convenience on a number of levels. Further, the integration of AI, AR, and VR technologies is expected to bring new digital twin market trends in the coming years.

Need A Diverse Region or Sector? Customize Research to Suit Your Requirement: https://www.theinsightpartners.com/inquiry/TIPRE00017045/

With projected growth to $140.93 Billion by 2031, the Digital Twin Market represents a significant opportunity for solution providers, system technology integrators, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

Related Report Titles:

Digital Twin Technology Market Size and Forecasts (2021 – 2031)Electrical Digital Twin Market Size and Forecasts (2021 – 2031)Digital Transformation Market Size and Growth 2031Industry 4.0 Solution Market Size and Forecasts (2021 – 2031)Smart City Market Size and Forecasts (2021 – 2031)

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/digital-twin-market

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Technology

Shoplazza Launches the World’s First AI-Native Commerce Operating System with a Unified Suite of AI Agents

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April 20, 2026

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TORONTO, April 20, 2026 /PRNewswire/ — Shoplazza, a leading global commerce platform, announced the launch of the world’s first AI native commerce operating system recently, along with a unified suite of AI agents designed to execute across the entire ecommerce lifecycle. The release marks a major step forward in the company’s evolution from a traditional software platform to an AI-driven commerce infrastructure built for global scale.

At the core of the system is Shoplazza AI Store Builder, an intelligent agent that fundamentally changes how online stores are created. Instead of configuring tools manually, merchants can now generate fully functional, ready to sell storefronts through simple natural language input. By interpreting product information, target markets, and customer profiles, the system automatically builds site architecture, generates localized content, and provides initial go to market recommendations. What once required weeks of setup can now be completed in minutes, with a complete store and launch ready foundation.

Shoplazza also introduced LazzaStudio, an AI powered visual creation agent that streamlines how merchants produce content at scale. From product imagery to marketing creatives and campaign visuals, LazzaStudio transforms traditionally complex production workflows into a prompt driven process. With built in brand learning capabilities, the system generates consistent, high quality assets tailored for global audiences, enabling merchants to deploy content seamlessly across storefronts and advertising channels while significantly reducing production time and cost.

To complete the growth loop, Shoplazza launched AdValet, an AI advertising agent that automates campaign execution end to end. AdValet translates product data and market signals into audience targeting, creative generation, media planning, and campaign deployment. During live campaigns, it continuously monitors performance and dynamically optimizes outcomes through real time feedback and model iteration. This shifts advertising from manual, experience based trial and error to a system of continuous, AI-driven performance optimization.

These agents operate together within Shoplazza’s AI-native commerce operating system, where merchant intent is translated directly into coordinated execution. By unifying store creation, content production, and marketing into a single system, Shoplazza replaces fragmented workflows with an integrated layer of automation that enables faster, more predictable growth.

Shoplazza currently supports more than 650,000 merchants worldwide. With its AI-native architecture, the platform brings together previously disconnected capabilities into a single intelligent system, delivering improvements in efficiency, scalability, and operational reliability for businesses operating in increasingly complex global markets.

Looking ahead, Shoplazza will introduce Athena very soon, an AI admin agent designed to extend automation into day to day business management. Covering areas such as product management, order processing, analytics, and content operations, Athena allows merchants to interact with the system conversationally while orchestrating multiple agents in the background. This will complete a fully connected agent ecosystem spanning store creation, creative production, marketing execution, and ongoing operations.

“Commerce has reached a point where adding more tools no longer solves the problem,” said Jeff Li, Founder and CEO of Shoplazza. “What merchants need is a system that can understand intent and execute across the entire business. That is what we are building with our AI native commerce operating system. It is not just about making things easier. It is about making outcomes more predictable, scalable, and aligned with how modern commerce actually operates.”

About Shoplazza

Shoplazza is a global AI-native commerce operating system that enables brands to build, launch, and scale their online businesses. Built on an AI agent-native framework, Shoplazza integrates storefronts, marketing, payments, and operational workflows into a unified system designed to support scalable, long-term growth across global markets. Learn more at https://www.shoplazza.com/.

 

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SOURCE Shoplazza

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Pricer and JRTech Solutions sign 51 MUSD digital store transformation deal with Sobeys in Canada

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April 20, 2026

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MONTREAL, April 20, 2026 /PRNewswire/ – Pricer AB, a global leader in digital shelf-edge solutions, announces that its Canadian partner JRTech Solutions has signed a major agreement with Sobeys, one of Canada’s leading supermarket chains. The contract includes the deployment of Pricer’s latest electronic shelf label (ESL) technology and the cloud-based platform Pricer Plaza across an estimated 300–350 stores.

The agreement covers the supply of multicolor electronic shelf labels and the necessary store infrastructure, with a total hardware and infrastructure value of approximately 51 MUSD (excluding Pricer Plaza). The deployment is scheduled for an 18-month period starting in May 2026.

“We are very grateful for the trust and that Sobeys has once again chosen Pricer as its long-term strategic partner,” says Mats Arnehall, Chief Growth Officer at Pricer. “This deal confirms our leading position in the North American market and the value of our high-performance system in high-density retail environments. Our scalable cloud platform, Pricer Plaza, will be the intelligence behind every label, enabling Sobeys to act faster and work smarter.”

“After years of close collaboration and shared success, we’re proud to grow our partnership with Sobeys even further with an expanded rollout,” says Diego Mazzone, President and CEO of JRTech Solutions. “That momentum is driven by our ability to consistently deliver reliable, high-quality solutions in complex retail environments. Together, we are positioning our digital smart labels at the heart of a broader digital transformation, driving operational excellence, unlocking real-time intelligence, and creating meaningful value for both Sobeys and their customers.”

Orders will be included in Pricer’s order intake as they are received.

About JRTech Solutions
JRTech Solutions Inc. is the leading North American turnkey Electronic Shelf Label (ESL) provider and the largest worldwide distributor of Pricer ESLs, involved in over 2,000 store installations since 2008. JRTech Solutions is the exclusive Canadian provider of AI-powered inventory scanning robotics powered by Brain Corp for automated inventory management.
For further information: www.jrtechsolutions.com

About Pricer
Pricer is a pioneer and partner for in-store communication and digitalization in the rapidly evolving retail tech landscape. As a global technology leader, we empower leading retailers worldwide to shape effortless and inspiring shopping experiences that fundamentally change buying behaviors, boost sales, and drive operational efficiency. Leveraging cutting-edge innovation, we deliver scalable, high-performing solutions that easily integrate with existing systems, are energy-efficient, and user-friendly. Founded in Sweden in 1991 and listed on Nasdaq Stockholm, Pricer has delivered over 380 million electronic shelf labels in more than 28,000 stores across more than 80 countries.
For further information, please visit www.pricer.com

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SOURCE JRTECH SOLUTIONS INC.

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Mitate Zepto Technica Joins JST’s Next-generation Edge AI Semiconductor R&D Program as Social Implementation Partner

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April 20, 2026

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– MZT to Lead Product Commercialization through Its Genome-analysis Accelerator “RASEN” –

TOKYO, April 20, 2026 /PRNewswire/ — Mitate Zepto Technica, Inc. (hereinafter “MZT”), based in Tokyo’s Shibuya district, announced on April 20 that it has joined the national research initiative “Next-Generation Edge AI Semiconductor Research and Development Program” promoted by the Japan Science and Technology Agency (JST). MZT participates as a designated social implementation and commercialization partner for the research theme “Accelerating Edge Intelligence for AI for Science” (Principal Investigator: Makoto Taiji, Program Director, TRIP Headquarters, RIKEN).

Logo: https://kyodonewsprwire.jp/img/202604167540-O1-5Sz6I68Q 

This research theme aims to achieve advanced computational infrastructure through the integration of AI technology and next-generation edge semiconductors, with genome analysis as one of its key application domains. MZT participates as an organization responsible for the productization and social implementation of research outcomes through its proprietary genome-analysis accelerator “RASEN.”

Background

Since its founding in 2020, MZT has pursued a distinctive approach to genome analysis: purpose-built ASIC acceleration. Following technology validation through joint research with Tohoku University and other partners, MZT now participates as an R&D institution responsible for social implementation under this research theme.

MZT’s Role in the Program

Within this research theme, MZT will integrate AI research outcomes from RIKEN and Tohoku University into the RASEN architecture, and lead the R&D work toward social implementation through ASIC development and productization. As the industrial partner bridging research and real-world deployment, the company targets social implementation by 2029.

Program Overview

Research theme: Accelerating edge intelligence for AI for science
Promoting agency: Japan Science and Technology Agency (JST)
Principal investigator: Makoto Taiji, Program Director, TRIP Headquarters, RIKEN
Participating institutions: RIKEN, Tohoku University, Keio University, Mitate Zepto Technica
MZT’s participation start: April 2026 (FY2026)
JST program period: FY2025 onwards

Comment from Keisuke Harashima, President & CEO, Mitate Zepto Technica:
“It is a tremendous honor that we can lead the social implementation of this research theme through the acceleration of genome analysis via dedicated semiconductors — a challenge we have pursued since MZT’s founding. RASEN is at exactly the right inflection point, transitioning from research to real-world deployment. We will use this participation to accelerate commercialization across healthcare, drug discovery, and research infrastructure.”

About RASEN

RASEN is MZT’s proprietary genome-analysis accelerator under development, built on a purpose-designed ASIC architecture. In internal validation, RASEN has demonstrated the ability to complete whole-genome sequencing (WGS) analysis in approximately 5 minutes on a standard workstation — without the need for supercomputers or high-performance computing infrastructure. In independent validation studies conducted with Tohoku University, RASEN achieved 99.8% concordance with conventional analysis methods across 12 samples, confirming that its speed advantage does not come at the cost of accuracy.

About Mitate Zepto Technica

Mitate Zepto Technica is a Japanese deep-tech startup developing purpose-built semiconductor solutions for genome analysis. By harnessing cutting-edge chip technology, MZT aims to deliver transformative speed improvements in genomic computation –contributing to the resolution of global challenges in healthcare, food security, and energy through its proprietary products.

Website: https://mitatezeptotechnica.com/en/company/ 

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SOURCE Mitate Zepto Technica, Inc.

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