Growing demand for digital manufacturing to drive the global digital twin market through 2027.
According to TechSci Research report, “Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the global digital twin market is anticipated to witness a growth of CAGR of 32.34% in the forecast period to reach USD43264.08 million by 2027. The primary factors driving the demand for global digital twin market are increasing smart city construction and rapid implementation of advanced technologies like the internet of things, artificial intelligence, and big data analytics in enterprises.
Digital twin technology is in high demand from the automotive industry to create a virtual model of automobile components. Automatic and electric vehicles are witnessing massive demand. The deployment of advanced driver-assistance systems (ADAS), automatic emergency braking (AEB), and other cutting-edge automotive technologies emphasize the need for testing and performance evaluation. The growing need for testing and quality assurance in automobiles is expected to drive the global digital twin market demand.
However, growing concerns relating to data privacy and security may restrain the market growth for the next five years.
Browse over 186 market data Figures and 6 market Tables spread through 245 Pages and an in-depth TOC on "Global Digital Twin Market"
The global digital twin market is segmented into type, technology, application, end user, company, and regional distribution.
Based on type, the market is divided into process, product, and system. Process type dominated the market by capturing a market share of 46.78% in 2021. It is used to enhance the consumer experience by providing personalized services and maintaining the products' quality. Process digital twin also predicts the expected failures, which helps prevent breakdown before they even occur.
Based on the technology, the market is divided into the internet of things, artificial intelligence & machine learning, blockchain, big data analytics, extended reality, and 5G. Internet of things technology is expected to grow at a CAGR of 33% in the forecast period as it creates the virtual model of the physical world through sensors.
Based on application, the market is divided into manufacturing process planning, product design, predictive maintenance, others. Manufacturing process planning dominated the market with a share of 37.04% in 2021 and is expected to maintain its dominance throughout the forecast period. Digital twin technology is used in the manufacturing process planning to lower the time and cost associated with assembling, installing, and checking the quality of the manufactured products.
Based on end user, the market is divided into manufacturing, automobile and transportation, healthcare and lifesciences, energy & utilities, aerospace and defence, others. The manufacturing industry is leading the global digital twin market with a share of 24.80% in 2021. Digital twin technology is used in manufacturing industries for real-time tracking and equipment monitoring. It improves product performance, speeds up product performance, and decreases downtime; therefore, it is in high demand among the manufacturing industries.
Major market players operating in the global digital twin market are:
- · Bentley Systems, Incorporated
- · Robert Bosch GmbH
- · Schneider Electric SE
- · Swim.ai, Inc.
- · Honeywell International Inc.
- · Rockwell Automation Inc.
- · ABB Ltd.
- · AVEVA Group plc
- · Dassault Systèmes
- · PTC Inc.
- · Siemens AG
- · General Electric Company
- · Microsoft Corporation
- · IBM Corporation
- · Oracle Corporation
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“High internet penetration, the proliferation of smart devices, and the growing adoption of the benefits of the internet of things technology in developing countries are expected to create a base for developing the global digital twin market. Digital twin technology is used to improve the performance of connected nodes. The rise in the usage of the internet of things technology in various end-user industries generates real-time information that can be utilized to make informed decisions. Ongoing advancements in the telecommunication industry and the launch of high-performance connected devices are expected to propel the growth of the global digital twin market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Digital Twin Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Type (Process, Product, System), By Technology (Internet of Things, Artificial Intelligence & Machine Learning, Extended Reality, Blockchain, Big Data Analytics, 5G), By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others), By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Aerospace and Defence, Energy & Utilities, Others), By Region”, has evaluated the future growth potential of global digital twin market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global digital twin market.
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