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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.

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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.”

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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.

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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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Axon Announces Body 5: Next-Generation Camera Built for the AI Era

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Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day. 

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility. 

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

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The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

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WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

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