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Digital Twin Market to Grow by USD 114.1 Billion from 2024-2028, Driven by Industry 4.0 and IoT, Report on Market Evolution Powered by AI – Technavio

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NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global digital twin market size is estimated to grow by USD 114.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  64.1%  during the forecast period. Industry 4.0 and industrial iot is driving market growth, with a trend towards increasing traction in healthcare sector. However, high cost of deployment and complex architecture of digital twin  poses a challenge.Key market players include ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric Co., Hexagon AB, Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, ScaleOut Software Inc., Siemens AG, Software AG, SWIM Inc., Veerum Inc., and Wipro Ltd..

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Digital Twin Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 64.1%

Market growth 2024-2028

USD 114104.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

44.71

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 40%

Key countries

US, UK, Germany, China, and Japan

Key companies profiled

ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric Co., Hexagon AB, Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, ScaleOut Software Inc., Siemens AG, Software AG, SWIM Inc., Veerum Inc., and Wipro Ltd.

Market Driver

The Digital Twin market is experiencing significant growth as businesses adopt advanced digital technologies like IoT, AI, and ML to create virtual replicas of physical assets. These digital twins enable real-time data collection and analysis, leading to improved product lifecycle management, personalized medicine, traffic management, and energy consumption optimization. Industries like healthcare, transportation, energy, infrastructure, and aerospace and defense are leveraging digital twin technology for virtual prototyping, predictive maintenance, and optimization of processes and systems. The market also includes trends like connected vehicle services, energy optimization, construction, and smart city projects. However, data security and cyber threats are key challenges that need to be addressed. AI advancements and cloud-based solutions are driving digital transformation across various sectors, including IT and telecommunication, real estate, and manufacturing. The future of digital twin technology lies in extended reality, semiconductors, and IIoT, with a focus on reducing carbon emissions and improving supply chain optimization. 

The healthcare sector leads the way in technology adoption, prioritizing cost reduction and superior patient care. AI, IoT, and analytics are among the technologies being integrated into healthcare business processes. In recent years, digital twin technology has gained prominence in this industry. By creating 3D models of hospitals, processes, staffing, and care models, hospital management can anticipate bed shortages, germ transmission, staff schedules, and operating room efficiency. Digital twin solutions enable informed decisions, optimizing patient care, costs, and facility performance. 

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 Market Challenges

The Digital Twin market is experiencing significant growth due to the integration of advanced digital technologies like IoT, AI, and ML in various industries. Digital Twin Technology allows for virtual prototyping of real-world objects, providing real-time data and analysis for sectors like healthcare, transportation, energy, infrastructure, and more. Challenges include data collection, cyber threats, and real-time model accuracy. Industries like Aerospace and Defense, Automotive and Transportation, Energy and Utilities, IT and Telecommunication, Real Estate, and Construction are leveraging Digital Twin for personalized medicine, traffic management, parts and product twins, process and system twins, and energy consumption optimization. AI advancements and Big Data Analytics are driving Digital Transformation, with cloud-based solutions and RPA enabling optimization in industries like Aerospace, Telecommunications, and Supply Chain. Extended reality technologies like VR, AR, and XR are also playing a role in Digital Twin applications. However, challenges remain in areas like data security, interoperability, and scalability. IIoT, carbon emissions reduction, and semiconductor manufacturing are also adopting Digital Twin Technology.ai_dominating_segment_factor

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Segment Overview 

This digital twin market report extensively covers market segmentation by  

Deployment 1.1 On-premises1.2 CloudEnd-user 2.1 Manufacturing2.2 Energy and utilities2.3 Aerospace and defense2.4 Automotive2.5 Infrastructure and othersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 On-premises-  The digital twin market is primarily driven by large enterprises in the aerospace, automobile, and manufacturing sectors, who prefer on-premises digital twin solutions due to their emphasis on intellectual property (IP) and data security. On-premises digital twin solutions offer companies complete control over data security, allowing them to set user access policies, install firewalls and antivirus software, and promptly install security patches. These solutions align with business objectives and provide better security and control compared to cloud-based alternatives. On-premises digital twin solutions have several advantages, including data control, less vendor dependency, foundation for future hybrid cloud expansion, and easier customization. Companies such as General Electric Co. (GE), National Aeronautics and Space Administration (NASA), and Schneider Electric have adopted on-premises digital twin solutions. GE alone has deployed over one million digital twins on its premises. The benefits of on-premises digital twin solutions are expected to maintain steady growth during the forecast period, as large enterprises prioritize security. Contactless delivery of products and services is also driving adoption across various industries, including manufacturing and healthcare. Digital twin solutions enable predictive modeling, greater transparency, and insight into product behaviors, allowing businesses to make informed decisions regarding capacity and inventory in supply chains. Overall, the on-premises segment of the global digital twin market is poised for growth due to its ability to address the unique needs of large enterprises and provide enhanced security and control.

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Research Analysis

The Digital Twin Market is experiencing rapid growth due to the increasing adoption of advanced digital technologies such as IoT, AI, and ML in various industries. Digital Twins are virtual replicas of physical assets or processes, enabling real-time data collection and analysis for improved performance, predictive maintenance, and optimization. The market spans across sectors like healthcare, transportation, energy, and manufacturing, among others, with applications in virtual prototyping, smart cities, and supply chain optimization. Big Data Analytics plays a crucial role in deriving insights from the vast amounts of data generated by Digital Twins. However, the market also faces challenges such as cyber threats and the need for cloud-based solutions and RPA to manage the complex data ecosystem. The Digital Twin Market is poised to revolutionize industries by providing real-time models, 3D modeling, and enabling digital transformation.

Market Research Overview

Digital Twin technology is a revolutionary concept that leverages advanced digital technologies such as IoT, AI, and ML to create virtual replicas of physical assets, processes, or systems. These virtual models provide real-time data and insights, enabling optimized performance, predictive maintenance, and improved efficiency across various industries. The Digital Twin market is witnessing significant growth, with applications spanning healthcare, transportation, energy, infrastructure, and more. Virtual prototyping, personalized medicine, traffic management, and energy consumption optimization are some of the key areas benefiting from this technology. Product Twin, Process Twin, System Twin, and Parts Twin are various types of Digital Twins used to enhance product lifecycle management, optimize supply chain, and improve infrastructure management. Industries like aerospace, automotive, energy and utilities, IT and telecommunication, real estate, and construction are adopting Digital Twin technology for digital transformation. The technology’s potential extends to virtual reality (VR) and augmented reality (AR), enabling experiences in industries like aerospace, telecommunications, and smart cities. With the increasing adoption of cloud-based solutions, RPA, and big data analytics, Digital Twin Technology is set to revolutionize various sectors, optimizing processes, reducing carbon emissions, and improving overall efficiency. However, with the increasing adoption of Digital Twin technology comes the challenge of cyber threats, security measures to protect real-time models and data. AI advancements and XR technologies will further enhance the capabilities of Digital Twin Technology, making it an essential tool for businesses undergoing digital transformation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloudEnd-userManufacturingEnergy And UtilitiesAerospace And DefenseAutomotiveInfrastructure And OthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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The Denver Post Names Luminate Bank the #1 Large Top Workplace in Colorado for 2026

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MINNEAPOLIS, May 13, 2026 /PRNewswire/ — Luminate Bank® earned the #1 ranking among large companies in The Denver Post’s Colorado Top Workplaces 2026 awards. The company also received the Special Award for Appreciation, recognizing its culture of employee support and recognition. This distinction is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The confidential survey uniquely measures the employee experience and its component themes, including that employees feel Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.

“Being named a Top Workplace is incredibly meaningful because it comes directly from the individuals who choose to grow their careers with us and show up every day with purpose and conviction. They are the foundation of our success,” said Eric Lovins, President of Mortgage Lending at Luminate Bank. “We don’t take the responsibility of earning their trust lightly, and we remain committed to creating an environment where they can thrive, succeed, and feel proud of the work they do.”

Luminate Bank traces its roots to 1937, when it first opened as Equity Bank. In 2020, the organization was acquired and reintroduced as Luminate Bank and Luminate Home Loans, reflecting a renewed commitment to guiding customers through complex financial moments with clarity and care. In 2025, Luminate Home Loans and Luminate Bank unified under one brand, combining full-service banking with a strong mortgage platform to expand offerings and better serve customers. Today, Luminate Bank’s team of more than 700 professionals nationwide continues to focus on relationship-based banking paired with digital innovation, supporting responsible growth and long-term customer success.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

About Luminate Bank® — At Luminate Bank, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey. Our dedicated mortgage division has branches and a team of loan originators across the US, making expert home financing solutions accessible to communities nationwide.

Luminate Bank is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more about how we can open doors for you at www.luminate.bank, follow us on Instagram, LinkedIn, and Facebook, or call (952) 939-7200.

ABOUT ENERGAGE
Making the world a better place to work together.™
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 20 years of culture research and the results from 30 million employees surveyed across more than 80,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

Media Contact
Debbie Schwake, CMO
debbie.schwake@luminate.bank
952-698-3300

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InfoSight Launches AI-Enabled Purple Team SOCaaS: Machine-Speed Defense, Human-Led Control

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Purple SOC Unifies Offensive Testing, Defensive Monitoring, and AI-Driven Detection Engineering Into a Single Human-Led Security Program

MIAMI, May 13, 2026 /PRNewswire/ — InfoSight today announced the general availability of its AI-Enabled Purple Team Security Operations Center as a Service (SOCaaS)—a managed security solution that combines AI-driven attack path intelligence with human-led security governance. The service redefines how organizations detect, validate, and respond to modern cyber threats by unifying offensive adversary emulation and defensive monitoring into a single, continuously operating program.

AI-Enabled Purple SOC: Offensive Testing, Defensive Monitoring & Detection Engineering in One Human-Led Security Program

Modern enterprises face a growing mismatch between attacker speed and defender capability. AI-driven attack tools now operate at scale—testing controls, chaining vulnerabilities, and adapting faster than traditional SOC workflows can respond. Meanwhile, many Security Operations Centers (SOC) remain constrained by human-speed processes, where alert queues backlog, tickets accumulate, and threats progress before action is taken.

The challenge is no longer visibility—it is speed, correlation, and execution.

InfoSight’s Purple Team SOCaaS addresses this gap by delivering continuous threat exposure management across the full attack lifecycle. Rather than reacting to alerts alone, the AI-enabled experts continuously hunt for Advanced Persistent Threats (APT) and indicators of compromise (IOC)while decoding real-time threat signals to anticipate adversary behavior before incidents occur.

Core Capabilities

AI-driven attack path correlation across identity, cloud, and critical systemsAdversary emulation aligned to real-world MITRE ATT&CK techniques TTPsReal-time validation of SIEM, XDR, and EDR detections and response workflowsDynamic feedback loops that continuously update rules, telemetry, and playbooksHuman-led oversight for threat modeling, risk acceptance, and executive reporting

By fusing traditionally siloed red team and blue team functions with AI enablement, Purple SOCaaS creates a continuously learning security program. When detection gaps are identified, rules, telemetry configurations, and response playbooks are refined continuously instead of waiting for scheduled review cycles.

When analysts engage, alerts are already enriched, correlated, and prioritized. Evidence is pre-assembled across identity, endpoint, network, and cloud telemetry, allowing security teams to shift focus from manual triage to higher-value decisions such as determining scope, assessing control weaknesses, and directing response actions.

Purple SOCaaS delivers measurable business outcomes, including:

Reduced Mean Time to Detect (MTTD) and Mean Time to Respond (MTTR)Expanded detection coverage across high-risk attack vectorsReduced blast radius through continuous control validationStrengthened identity and privileged access controls based on proven adversary pathwaysBoard-level reporting tied to quantified exposure reduction over time

InfoSight’s Purple SOCaaS is delivered through a structured 30–60-day onboarding and launch program, followed by continuous validation cycles.

“Bad actors can operate at machine speed on a scale like never before, so organizations no longer have the luxury of reactive 8-5 security operations. Adversaries operate continuously, so defenses must too. Purple SOCaaS allows security teams to go on the offense and anticipate threats bases upon intent signals to stay ahead of modern threats. Attacks are running at machine speed so modern SOC operations must match the new pace. — Tom Garcia, President & CEO, InfoSight

InfoSight’s AI-Enabled Purple Team SOCaaS is available immediately for enterprise and mid-market organizations. Organizations can request an executive overview or technical brief by contacting InfoSight directly.

About InfoSight

InfoSight, Inc. is a cybersecurity services firm helping organizations reduce cyber risk across healthcare, financial services, manufacturing, energy, and government sectors. Founded in 1998, InfoSight delivers advanced security operations, risk management, and compliance solutions that help organizations strengthen defenses, reduce exposure, and protect critical systems and digital assets.

Media Contact:
Yendi Valdes
Marketing Director, InfoSight
Yendi.Valdes@infosightinc.com 
1-305-828-1003

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SOURCE InfoSight, Inc.

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Tuya Inc. to Hold Annual General Meeting on June 18, 2026

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SANTA CLARA, Calif., May 13, 2026 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it will hold an annual general meeting of the Company’s shareholders (the “AGM”) at 2:00 p.m. (Hong Kong time) on Thursday, June 18, 2026 at Huace Center, Building A, 3/F VVIP room, Xihu District, Hangzhou City, Zhejiang Province, 310012, China, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the “AGM Notice”). The AGM Notice and the form of proxy for the AGM are available on the Company’s website at ir.tuya.com. The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares (“ADSs”) vote in favor of the Proposed Resolutions.

Holders of record of the Company’s ordinary shares as of the close of business on May 22, 2026 (Hong Kong time) are entitled to receive notice of, and to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 22, 2026 (New York time) who wish to exercise their voting rights for the ADSs underlying Class A ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held directly by holders on the books and records of The Bank of New York Mellon or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders.

The Company has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s annual report on Form 20-F can be accessed on the Company’s website at ir.tuya.com and on the SEC’s website at http://www.sec.gov.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, AI application & others and Smart home & robot products for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: ir@tuya.com

HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com

Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: tuya@thepiacentegroup.com

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