Digital Twin Market Research, 2030
The Global Digital Twin Market was valued at $6.5 billion in 2021, and is projected to reach $125.7 billion by 2030, growing at a CAGR of 39.48% from 2021 to 2030.
A digital twin is a dynamic representation of a virtual machine that provides a real-time online equivalent of a physical object or process. It profiles, predicts, and optimizes the performance of industrial assets using simulation models and data intelligence. Digital twin is an important component of the Industrial Internet of Things because it enables automatic vehicle control and monitoring of industrial assets and processes such as product development, design & manufacturing planning, investment performance management, business & operation optimization, and others.
Digital technologies like the cloud, big data, IoT, and artificial intelligence are increasingly being implemented in different areas of business. The creation of digital twin entails the virtualization of the physical twin using a variety of IoT sensors and digital technologies. The benefits of using digital twin technology are well known, despite the fact that it is still in its infancy. With further research and development, the systems might soon play a significant role in many current robotics systems.
The aerospace industry as well as other industries employ digital twin technology in a number of applications. Due to its extremely high level of dependability and accuracy, the digital twin technology is particularly helpful in the robotics industry. Military, aeronautical, biomedical, automotive, and maritime applications are among other fields where digital twin technology is widely used.
With growing connectivity, the risk of data protection, cyber-attack, and compliance has also increased. This is one of the prominent factors impeding digital twin market growth. Also, the risk of misrepresenting the system or object they wish to copy with the help of this technology is the main worry shared by most business owners who are interested in digital twin technology. Since there isn't any reliable proof on how exact the digital twin technology is in comparison to its physical counterpart, many businesses refrain themselves from using the technology.
The combination of digital twin technology with IoT, machine learning, and cloud computing is expected to accelerate market growth even further. Companies are deploying Internet of things and artificial intelligence (AI) technologies to collect and process behavioral data from IoT devices and connected products, which can then be applied to the digital twin model to replicate the performance and usage of the existing device.
Some of the leading digital twin market players are ABB Group, ANSYS Inc., Accenture plc, Autodesk Inc, bentley systems, AVEVA Inc., bosch rexroth ag, Oracle Corporation, Siemens AG, Rockwell Automation Inc. and Schneider Electric.
The global digital twin market is segmented on the basis of type which has been divided into system digital twin, product digital twin, and process digital twin. By industry, market has been divided into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The digital twin market is segmented into Type and Industry.
By type, system digital twin sub-segment is expected to have the dominant share during the forecast period. This dominance is primarily due to the widespread use of system digital twins by several industries, including automotive, manufacturing, oil & gas, energy & utilities, and others, to identify new revenue-generating opportunities through cost reduction and customer service enhancement. These are predicted to be the major factors affecting the digital twin market size during the forecast period too.
By industry, the automotive & transportation industries had the largest digital twin market share in 2021 and is expected to grow by 2030. This dominance in the overall market is largely due to the widespread use of digital twin technologies in the automotive & transportation sectors for creating digital models of connected vehicles.
By region, Asia-Pacific market is forecasted to be the fastest growing region market during the forecast period. There is an increasing demand for digital twins in several industries, including automotive, manufacturing, and other verticals, in order to reduce labor costs. The emergence of different software as well as the deployment of automation solutions in the manufacturing companies has improved manufacturing lines and down - stream operations in recent years. Because of the strong economic growth and the large presence of vendors offering digital twins, these advancements have positively affected the growth of digital twin market in Asian region. Furthermore, increased R&D inside the IoT and intelligent systems fields, as well as increased demand for effective and expense technologies for production process, is supporting regional market growth.
Impact Of Covid-19
- The novel COVID-19 pandemic is expected to have a positive impact on the global digital twin industry. During the pandemic, major manufacturers used a variety of strategies, including product launches and product enhancements, as well as R&D investments, to increase their market share in the overall marketplace.
- Because of the rapid spread of the novel coronavirus, the health and pharmaceutical industries are on the front lines of COVID-19 combat. A digital twin can be used to track a patient's condition, the impact of tablet devices, and other variables. Some industry players have taken advantage of the coronavirus disease outbreak by offering a variety of solutions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital twin market analysis from 2021 to 2030 to identify the prevailing digital twin market forecast.
- The market research is offered along with information related to key drivers, restraints, and digital twin market opportunity.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital twin market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global digital twin market outlook.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the digital twin market trends that are being followed by the players.
- The report includes the analysis of the regional as well as global digital twin market outlook, key players, market segments, application areas, and market growth strategies.
Digital Twin Market Report Highlights
| Aspects | Details |
 Market Size By 2030 | USD 125.7 billion |
 Growth Rate | CAGR of 39.5% |
 Forecast period | 2021 - 2030 |
 Report Pages | 260 |
 By Type |
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 By Industry |
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 By Region |
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 Key Market Players | Siemens AG, Autodesk Inc, bentley systems, ANSYS Inc., Schneider Electric, AVEVA Inc., Oracle Corporation, bosch rexroth ag, Accenture plc, Rockwell Automation Inc., ABB Group |
Analyst Review
The digital twin is a digital representation of both non-living and living physical objects such as things, people, and processes. It is used to investigate operations and gain knowledge of critical processes. Because of these benefits, end-use industries are increasing their demand for digital twins, which is a major driving factor for market growth during the forecast period.
Due to accuracy issues and doubt in the authenticity of results produced by digital twin technology, the market is expected to observe a negative growth in the forecast time period.
However, companies in these industry verticals are constantly utilizing digital twin systems and technologies to estimate the performance of physical assets and identify where the modifications are needed. Such factors are expected to increase the demand for innovative solutions such as digital twin.
According to the analysts, Asia-Pacific is projected to register faster growth as compared to North American and European markets.
Rising adoption of digital twin technology by several industry verticals like healthcare is the major driving factor for the growth of the digital twin market size. Incorporation of various new and advanced technologies like artificial intelligence along with digital twin is further likely to drive the market growth.
Automotive & transportation sub-segment of the end-use industry acquired the maximum share of the global digital twin market in 2021.
Automotive industry leaders and chemicals manufacturers are the major the major customers in the global digital twin market.
Asia-Pacific will provide more business opportunities for the global digital twin market in future.
Some of the leading digital twin market players are ABB Group, ANSYS Inc., Accenture PLC, Bentley systems corporation,AVEVA Inc, Bosch, Oracle Corporation, Siemens AG, Rockwell Automation Inc, and Schneider Electric.
The major growth strategies adopted by digital twin market players are investment and agreement.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global digital twin market from 2021 to 2030 to determine the prevailing opportunities.
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