Global Market for Digital Twin is Anticipated to grow at a Significant Pace i.e., USD 50.2 Billion during the Forecast Period 2021-2027

Published Date: Nov, 2021

The global digital twin market is expected to witness CAGR of 58.2% during the forecast period. The advancement of smart cities, mounting adoption of digital twin technology to enhance efficiency in resource management, economic development, reduce the ecological footprint and increase person’s life quality is stimulating the growth of the digital twin market. Digital twins aid in the planning and policymaking of smart cities by providing vital insights from the data collected via a network of sensors and intelligent systems. The growing adoption of digital twins in the retail sector to enhance the customer experience as it enables contactless shopping and prevents the spread of coronavirus will further spur the market revenue growth.  The mounting adoption of IoT across industry verticals and adoption in monitoring, tracking, and controlling industrial systems will provide robust growth in the digital twin technology market.

GE focuses on industrial infrastructure and by using digital twins they have focused on the life of an asset. Digital Twin is a vision and framework that differentiates GE from its competitors. GE Digital Twins' core expertise is physical domain and blends digital and physical assets and virtual sensors on assets.

During the COVID-19 pandemic, the digital twin technology has provided companies to monitor the functioning of remotely placed equipment. The emphasis on the digitalization of processes across industrial verticals will further propel the growth of the global digital twin market.  

Browse 63 market data Tables and 40 Figures spread through 290 Pages and in-depth TOC on " Digital Twin Market by Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), by Technology (Internet of Things (IoT) & Industrial Internet of Things (IIoT), Blockchain, Artificial Intelligence (AI) & Machine Learning (ML), Augmented Reality, Virtual Reality & Mixed Reality, Big Data Analytics, and 5G), by Application (Performance Monitoring, Predictive Maintenance, Product Design & Development, Business Optimization, and Inventory Management), by Industry Vertical (Manufacturing, Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare & Life Sciences, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Retail & Consumer Goods, and Others), and Region - Global Forecast to 2027"

By industry vertical, the manufacturing industry is projected to witness robust growth during the forecast period.

Based on industry vertical, the manufacturing industry is anticipated to have robust growth in the global digital twin market owing to the rising adoption of Industrial IoT like digital twin technology to design complex structures and determine the faults via AI and Machine Learning. This results in optimizing the product performance and enhances operational efficiency resulting in an increase in sales. Thus, the fast adoption of digital technologies and 3D printing technology in the manufacturing sector will spur the growth of the digital twin market.

Global Digital Twin Market Segmentation Analysis

Segment

Categorization

Leading Category

 Type

Product Digital Twin, Process Digital Twin, and System Digital Twin

System Digital Twin (Largest)

Product Digital Twin (High CAGR)

Technology

Internet of Things (IoT) & Industrial Internet of Things (IIoT), Blockchain, Artificial Intelligence (AI) & Machine Learning (ML), Augmented Reality, Virtual Reality & Mixed Reality, Big Data Analytics, and 5G

IoT (Largest)

Application

Performance Monitoring, Predictive Maintenance, Product Design & Development, Business Optimization, and Inventory Management

Predictive Maintenance (Significant Growth)

Industry Vertical

Manufacturing, Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare & Life Sciences, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Retail & Consumer Goods, and Others

Automotive & Transportation

(High Growth)

Healthcare & Life Sciences ( Significant Growth)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific (Fastest)

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“North America to hold the largest regional market share in 2020.”

North America is anticipated to hold the largest market share in the digital twin market. This region is growing owing to the development of IT infrastructure and increasing penetration of 5G, AI, IoT, and ML in diverse industries like manufacturing, automotive & transportation, energy & unities, aerospace & defense. The healthcare industry in the region is widely adopting technology and is an early adopter of digital twin technology in the healthcare sector of the region.

Some of the major players in the global Digital Twin Market market include Siemens, ANSYS, Inc, Microsoft, IBM, General Electric, Oracle, Bosch Sicherheitssysteme GmbH, PTC, Dassault Systemes, and SAP SE.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

 Type, Technology, Application, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Siemens, ANSYS, Inc, Microsoft, IBM, General Electric, Oracle, Bosch Sicherheitssysteme GmbH, PTC, Dassault Systemes, and SAP SE

Global Digital Twin Market Coverage

 Type Insight and Forecast 2015-2027

  • Product Digital Twin
  • Process Digital Twin
  • System Digital Twin

Technology Insight and Forecast 2015-2027

  • Internet of Things (IoT) & Industrial Internet of Things (IIoT)
  • Blockchain
  • Artificial Intelligence (AI) & Machine Learning (ML)
  • Augmented Reality, Virtual Reality & Mixed Reality
  • Big Data Analytics
  • 5G

Application Insight and Forecast 2015-2027

  • Performance Monitoring
  • Predictive Maintenance
  • Product Design & Development
  • Business Optimization
  • Inventory Management)

Industry Vertical Insight and Forecast 2015-2027

  • Manufacturing
  • Aerospace & Defense
  • Automotive & Transportation
  • Home & Commercial
  • Healthcare & Life Sciences
  • Energy & Utilities
  • Oil & Gas
  • Agriculture
  • Telecommunication
  • Retail & Consumer Goods
  • Others

Geographical Segmentation

Digital Twin Market by Region

North America

  • By Type
  • By Technology
  • By Application
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Type
  • By Technology
  • By Application
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Type
  • By Technology
  • By Application
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Type
  • By Technology
  • By Application
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Digital Twin is Anticipated to grow at a Significant Pace i.e., USD 50.2 Billion during the Forecast Period 2021-2027