The global digital twin market reached a value of US$ 10.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.6 Billion by 2027, exhibiting at a CAGR of 31.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A digital twin is a virtual model that accurately reflects a physical object, process, or service. It relies on real-time and historical data to represent the past and present and stimulate predicted failures. It assists in undertaking effective actions and transforming businesses by accelerating the holistic understanding and optimal decision-making. It also aids in reducing the risk of accidents and unplanned downtime through failure, lowering maintenance costs, and ensuring production goals are achieved. As it offers increased reliability and availability through monitoring and simulation to improve overall performance, its demand is escalating around the world.
Digital Twin Market Trends:
There is presently a rise in the utilization of digital twins in the pharmaceutical industries across the globe. This represents one of the key factors propelling the growth of the market. Digital twins support effective research and design of products and provide valuable insights that help companies refine their products before starting production. They also offer greater efficiency throughout the manufacturing process and assist in determining which product materials can be opted. Consequently, they are employed in the production of aircraft prototypes worldwide. Apart from this, the growing adoption of the Internet of Things (IoT) solutions that allow engineers to test and communicate with sensors integrated with the operating products and deliver real-time prescriptive systems functioning and timely maintenance is driving the market. Additionally, there is an increase in the adoption of digital twin technology in the healthcare industry on account of the coronavirus disease (COVID-19) outbreak. This, along with the integration of 3D printing capability to lower the production and manufacturing cost through pre-testing and predictive analysis of goods, is projected to impel the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital twin market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, technology and end use.
Breakup by Type:
Product Digital Twin
Process Digital Twin
System Digital Twin
Breakup by Technology:
IoT and IIoT
Artificial Intelligence and Machine Learning
Augmented Reality, Virtual Reality and Mixed Reality
Big Data Analytics
Breakup by End Use:
Aerospace and Defense
Automotive and Transportation
Energy and Utilities
Oil and Gas
Residential and Commercial
Retail and Consumer Goods
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Accenture Plc, ANSYS Inc., AVEVA Group plc (Schneider Electric), Cal-Tek Srl, Cityzenith, Dassault Syst?mes, General Electric Company, International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE and Siemens AG. Key Questions Answered in This Report:
How has the global digital twin market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global digital twin market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global digital twin market and who are the key players?
What is the degree of competition in the industry?