The growth of the global digital twins in automotive market is driven by increase in demand for efficient product design and development, need for efficient performance monitoring, cost reduction due to virtual testing
PORTLAND, Ore., Aug. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Digital Twins in Automotive Market by Type (System Digital Twin, Product Digital Twin, Process Digital Twin), by Application (Predictive Maintenance, Business Optimization, Product Design & Development, Others), by Technology (Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Simulation Tools, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global digital twins in automotive industry generated $2.17 billion in 2022, and is anticipated to generate $34.58 billion by 2032, witnessing a CAGR of 32.6% from 2023 to 2032.
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The digital twin technology combines artificial intelligence (AI), the internet of things (IoT), metaverse, machine learning, cloud computing, and virtual & augmented reality (VR/AR) to create digital models of real-world devices, systems, or processes. By providing seamless virtual interactions, this technology has transformed how automotive industry today interact with their consumers, design, build, operate, and develop their vehicles throughout their lifecycle.
Prime determinants of growth
Factors such as increase in demand for efficient product design and development, need for efficient performance monitoring, and cost reduction due to virtual testing boost the growth of the digital twins in automotive market. However, integrating digital twin technology into existing systems, and vulnerability of digital twins to cyber-attacks are anticipated to hinder market growth. On the other hand, utilization of emulation software and digital twin technology, sustainable practices and environmental impact provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Application, Technology, and Region.
Increase in demand for efficient product design and development
Need for efficient performance monitoring
Cost reduction due to virtual testing
Utilization of emulation software and digital twin technology
Sustainable practices and environmental impact
Integrating digital twin technology into existing systems
Vulnerability of digital twins to cyber attacks
COVID-19 Pandemic Impact
- The COVID-19 pandemic had a significant impact on the implementation and adoption of digital twin technology in the automotive market. This is attributed to the fact that the pandemic led to disruptions in the global supply chains.
- Automotive companies faced challenges in conducting R&D activities during the pandemic.
- The disruptions caused by the pandemic acted as a catalyst for digital transformation in the automotive industry.
The System Digital Twin segment to maintain its leadership status throughout the forecast period
Based on type, the system digital twin segment held the highest market share in 2022, accounting for nearly three-fifths of the global digital twins in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is expected to witness the fastest CAGR of 33.2% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owning to the need for improved system performance, reliability, and safety. The ability to simulate and optimize system behavior contributes to shorter development times and lower development costs.
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The Product Design and Development segment to maintain its leadership status throughout the forecast period
Based on application, the product design and development segment held the highest market share in 2022, accounting for around two-fifths of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as designers may utilize digital twins to get real-time data on product performance, which allow them to optimize design and development processes. However, the business optimization segment is projected to manifest the highest CAGR of 33.5% from 2023 to 2032, as business optimization digital twins are utilized to optimize supply chain management, logistics, resource allocation, and operational processes within the automotive industry. The focus on cost reduction, enhanced efficiency, and sustainability drives the growth of this segment.
The Simulation tools segment to maintain its lead position during the forecast period
Based on technology, the simulation tools segment accounted for the largest share in 2022, contributing to around two-fifths of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as automakers strive to develop and validate innovative technologies for modelling and simulating automotive complex systems. However, the artificial intelligence (AI) segment is expected to portray the largest CAGR of 35.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to many software and automotive companies increased utilization of AI in digital twin.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as North American companies collaborated with robot automation companies to provide advanced automotive manufacturing process. However, the Asia-Pacific segment is expected to portray the largest CAGR of 33.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, as digital twins are adopted to improve manufacturing efficiency, reduce costs, and enhance quality control in automotive industry.
Leading Market Players: –
- Altair Engineering Inc.
- ANSYS, Inc.
- Bosch Rexroth AG
- General Electric Company
- IBM Corporation
- PTC Inc.
- Rockwell Automation, Inc.
- SAP SE
- Schneider Electric SE.
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The report provides a detailed analysis of these key players of the global digital twins in automotive market. These players have adopted different strategies such as partnership, agreement, acquisition, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
Automotive Digital Transformation Market Research Report 2023-2035
Automotive Artificial Intelligence Market Research Report 2023-2035
U.S. Digital Twins in Automotive Market Research Report 2023-2035
South Korea Digital Twins in Automotive Market Research Report 2023-2035
Japan Digital Twins in Automotive Market Research Report 2023-2035
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Friend.Tech and Base Anti-Phishing Boosted By CoolWallet’s Web3 SmartScan
TAIPEI, Oct. 2, 2023 /PRNewswire/ — Base’s new killer DApp, the decentralized social network Friend.tech, is breaking transaction records with record adoption, but is being targeted by hackers and scammers through phishing attacks.To raise awareness of the importance of hardware wallet protection and promote its powerful Web3 SmartScan transaction screener, CoolWallet has launched a Web3 Guardian competition.
Coinbase’s new Ethereum layer-2 chain, Base, has become a favorite for DApp developers and early investors due to its outstanding performance and the innovative projects it attracts. One DApp in particular, the decentralized social media platform Friend.tech, has driven the bulk of its growth in recent weeks. helping Base repeatedly reach new transaction volume highs despite difficult market conditions.
Friend.tech’s rapid rise has garnered widespread attention- according to the latest data, the daily active user (DAU) count of friend.tech have surpassed the million mark, with its transaction volume consistently hitting new records and its total value locked (TVL) now surpassing $35 million.
However, with any crypto trends comes new security risks, in this case a familiar foe, phishing attacks. This type of social engineering attacks dominate crypto thefts, which by June 2023 had already hit the $650 million mark across the Web3 sector. This month alone has already seen successful attacks targeting high-profile victims Mark Cuban and Vitalik Buterin and stealing millions in the process.
As a result, Base and Friend.tech users are urged to use a reputable hardware wallet to secure their tech digital assets by protecting their private keys and screening transactions.
In response, hardware wallet maker CoolWallet, which natively supports the Base ecosystem, has launched an anti-phishing campaign titled Web3 Guardian Competition to create awareness and promote its unique defense capabilities such as CoolWallet SmartScan, which proactively screens all Web3 transactions and flags malicious behavior or smart contract vulnerabilities before users are exploited.
How Friend.tech works
Friend.tech has garnered a cult following among crypto enthusiasts as one of the first decentralized social networks to be built on the Base blockchain. It’s powered by blockchain and smart contracts, where users must buy “shares” of another person in order to chat with them. Its tagline is “Your network is your net worth”.
To use Friend.tech, users must first sign up with their Twitter (X) account, create a profile and then start trading shares of other users who have also signed up. A user’s share price is determined by factors like their popularity, reputation, and overall demand.
Buying shares of another user gives you access to them, allowing you to message them directly and chat. The more shares you buy, the higher a priority your messages will be.
Friend.tech recommends hardware wallet protection
With crypto phishing attacks claiming even high-profile victims such as Vitalik Buterin and Mark Cuban as victims in recent weeks, it’s no surprise that Friend.tech also places great emphasis on asset security.
It therefore recommends that users utilize a hardware wallet for enhanced protection against threats like phishing sites. Storing assets offline makes them less accessible to online hackers, thus offering greater security.
CoolWallet’s SmartScan Flags Web3 Phishing Threats
CoolWallet (established in 2014) has since the launch of its CoolWallet Pro flagship model in 2021 pivoted strongly to securing Web3 assets, which requires users to interact with DeFi protocols that could potentially drain their accounts if they authorize the wrong transaction.
CoolWallet Pro in particular makes for an ideal Friend.tech hardware wallet as it’s one of the first cold wallets to support the Base network, and boasts several elite security features, such as:
- an EAL6+ secure element
- biometric verification (both on phone and device)
- tamper proof and waterproof design
Importantly, its CoolWallet App comes with real-time Web3 transaction analysis scanning called Web3 SmartScan.
While cold storage is as safe as can be, the biggest vulnerability remains human error or a lapse in judgment, where the user is tricked into authorizing a bad transaction or revealing their recovery seed or private key to a bad actor.
CoolWallet’s SmartScan, available on its CoolWallet App, provides Web3-native protection against phishing attempts. It automatically screens transactions and flags attempted phishing, suspicious transactions and smart contract vulnerabilities. This makes using cold storage even safer to use, and elevates CoolWallet above other hardware wallet brands.
Web3 Guardian Competition- Secure Your Crypto for the Next Bull Run!
To promote Web3 asset protection among blockchain users and help them safeguard their crypto portfolio with SmartScan until the next bull run, CoolWallet is launching a global new competition aimed at enhancing user security awareness with generous rewards to participating users.
Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users on chain.
Friend.tech is an emerging DApp focused on social interactions and cryptographic asset management. It provides users with a secure and efficient blockchain platform. The platform currently operates on the Base chain and is continuously expanding its features and user base.
CoolWallet is a pioneering Web3 hardware wallet brand established in 2014 by CoolBitX that offers users the comfort of convenient and fully portable cold storage of all digital assets, including DeFi and NFT crypto assets.
CoolWallet Pro is a flagship Web3 hardware wallet that boasts a wafer-thin smart card form factor, an EAL6+ secure element, military-grade Bluetooth encryption, and a tamper proof and water-resistant exterior, while its custom CoolWallet App offers users a choice of DeFi marketplaces, DApp support and real-time transaction screening.
CONTACT: Domo Zhuang, [email protected]
Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.
Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.
The Challenge and Our Solution
Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.
Why Tangle Network?
Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:
- Proof Generation: Delegate computational tasks to our validators.
- Trusted Setups: Tangle Network manages complex ceremonies for you.
- Secure Signing: Utilize our threshold signing for cross-chain operations.
By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.
- Unparalleled speed, security, and scalability via Substrate.
- Decentralized control through Distributed Key Generation (DKG).
- Advanced protocols for zero-knowledge applications.
- Cross-chain compatibility with IBC and XCM.
- Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
- Smooth, forkless upgrades.
The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.
Testnet Quick Links
- Developers: Start building on Tangle today. Learn More
- Validators and Relayers: Help secure and maintain the network. Learn More
- Join the Community: Follow us on Twitter or join our Discord.
For media inquiries, partnerships, or more information, email us at [email protected]
ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”
The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).
Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.
Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.
Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges. ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.
For detailed insights into ChainUp’s innovative solutions, please visit: https://www.chainup.com?channel=pr&type=article
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
CONTACT: Jacelynn Pang, [email protected]
- Friend.Tech and Base Anti-Phishing Boosted By CoolWallet’s Web3 SmartScan
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
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