The global digital twin market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 48.2 billion by 2026. It is expected to grow at a CAGR of 58% during the forecast period. The system digital twin generates a large amount of data regarding their utilization and effectiveness. Further, this data is analyzed and processed for the betterment of the systems and improving the system performance by reducing the faults and taking preventive measures. It also provides actionable insight for informed decision-making. By leveraging system digital twins, companies can: Create new business, opportunities; Gain insights to improve virtual models; Capture, aggregate, and analyze operational data; Improve product and production system efficiency; Optimize business; Design and develop new products.
“Based on the application, business optimization to witness the highest CAGR during 2020–2026.”
Business optimization application to witness highest CAGR of overall digital twin market in 2019.Business optimization will be widely used in various industries, such as automotive & transportation, oil & gas, food & beverage, energy & utilities, aerospace & defense, and automotive, to avoid losses that have occurred due to the COVID-19 pandemic.
“Agriculturer industry to witness a higher CAGR during the forecast period.”
Agriculture industry is expected to witness a higher CAGR during the forecast period. The use of digital twins in the agriculture industry helps in remote monitoring, crop and soil health monitoring, and livestock and farm management. Additionally, digital twin in farm management considerably removes the constraints regarding place, time, and human observation. The digital twin of a farm or field helps the farmers and other stakeholders to act and take precautions immediately in case of deviations and emergencies. For example, Dattabot (Indonesia), a Big Data analytics company, leveraged the Predix platform offered by GE (US) as its development backbone and developed HARA solutions, which comprise features such as data acquisition, powerful analytics, and precision agriculture insights.
“APAC to record the highest growth rate in digital twin market during the forecast period”
APAC is expected to record the highest CAGR during the forecast period. The dense population, growing per capita income with large-scale industrialization and urbanization, and increasing adoption of the IoT are the key factors driving the growth of the digital twin market in the region. Post-COVID-19, the manufacturing industry is expected to be the early adopter of digital twin solutions in APAC.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial valves marketplace.
- By Company Type: Tier 1 - 56%, Tier 2 – 23%, and Tier 3 - 21%
- By Designation: C-Level Executives - 75% and Managers - 25%
- By Region: North America - 40%, Europe - 23%, APAC - 26%, and RoW - 11%
The digital twin market comprises major players such as General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).
The study includes an in-depth competitive analysis of these key players in the digital twin market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the digital twin market based on technology, usage type, application, industry and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the digital twin market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall digital twin market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. In addition, the report will give idea about COVID-19 impact on the digital twin market.