Digital Twin Market By Technology (Blockchain, IoT & IIoT, Artificial Intelligence & Machine Learning, Augmented Reality, Virtual Reality, Mixed Reality, Big Data Analytics, 5G). By Type (Process Digital Twin, Product Digital Twin, System Digital Twin). By Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, Retail, Others)

Digital Twin Market Overview

Rising internet penetration, smartphone proliferation, and the introduction of technologies such as AI, Machine Learning, and blockchain in industries ranging from automotive to aviation are expected to propel industry growth. A virtual representation that accurately mirrors a physical product, process, or service is referred to as a digital twin. It uses real-time and historical data to describe the past and present and to predict failures. It aids in the execution of effective activities and the transformation of enterprises by increasing comprehensive understanding and optimal decision-making.

The increased usage of 3D printing technology, the growing demand for digital twins in the healthcare and pharmaceutical industries, and the growing proclivity to adopt IoT solutions across various industries are expected to drive such solution acceptance throughout the forecast period. Digital twins provide the possibility of increasing collaboration and workflows across several sorts of groups, including product design, sales and support teams, and engineering disciplines. Furthermore, IoT sensors have created an opportunity for engineers to test and connect with sensors integrated with operating products, resulting in real-time prescriptive system performance and timely repair. This element will propel market expansion. Aside from that, the market is also driven by the increasing usage of Internet of Things (IoT) solutions, which enable engineers to test and connect with sensors integrated into operating products and give real-time prescriptive system functioning and timely maintenance.

Market Size

According to Business Intelligence Insights "Digital Twin market is expected to grow from USD 3,295.8 million in 2021 to USD 110,941.6 million by 2030 at a CAGR of 55.2% during the forecast period 2022-2030 

Covid -19 Impact Analysis

Numerous preliminary indicators from the post-COVID-19 period show a decrease in overall demand for digital solutions across various industries. Furthermore, due to the pandemic, several company plans and expected investment scenarios, among others, were put on hold due to the lack of operability. However, during the first quarter of 2021, prominent market participants implemented a variety of tactics to restructure their business models and extend their commercial operations globally. High investments in IT projects by various major businesses and governments are projected to cause change in digital solutions during the forecast period, since it is one of the significant technologies in automation. As a result, post-pandemic, incresed application of technology is projected to drive market growth

Market Dynamics

•    Drivers
o    The COVID-19 pandemic is driving up demand for digital twins in the healthcare and pharmaceutical industries. 
o    Increasing 3D Simulation and 3D Printing Software Adoption to Drive Market Growth.

•    Restraints
o    Data security is a result of the use of IoT and cloud platform.

Segmentation Insights

By Industry

Automotive and Transportation segment dominated the market with more than 19% of the market share

This is due to a rise in the usage of electric vehicles (EVs), lean manufacturing, and simulation technology. Engineers can collect operational and behavioral data from the car using digital twin technology in the automotive industry, enabling future advances in automobile design and cost optimization. Future automotive advancements such as self-driving and connected vehicles, shared mobility, and electrification are also expected to increase the adoption of this technology

 

By Type

Process Digital Twin category dominated the market with more than 40% of the market share

Over the projected period, the process segment is expected to grow at the fastest rate of 40.0 percent. This expansion can be linked to the usage of a digital twin in the design of workflows in an organization, supply chain operations, smart city initiatives, and warehousing procedures, among other uses. Organizations are concentrating on enhancing cross-functional collaboration in order to enhance workflow processes and reduce operational expenses. Digital twin technologies assist organizations in developing workflow frameworks, hence facilitating communication among departments, suppliers, and customers

By Technology
•    IoT & IIoT
•    Blockchain
•    Artificial Intelligence & Machine Learning
•    Augmented Reality, Virtual Reality, and Mixed Reality
•    Big Data Analytics
•    5G

By Type
•    Product Digital Twin
•    Process Digital Twin
•    System Digital Twin

By Industry
•    Aerospace & Defense
•    Automotive & Transportation
•    Home & Commercial
•    Healthcare
•    Energy & Utilities
•    Oil & Gas
•    Agriculture
•    Telecommunication
•    Retail
•    Others

By Region
•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    The Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    The Middle East and Africa 
o    UAE
o    South Africa
o    Rest of the Middle East and Africa (MEA)

Key Players

List of Key Players in the Global Digital Twin Market:

•    General Electric (US)
•    IBM (US)
•    PTC (US)
•    Microsoft Corporation (US)
•    Siemens AG (Germany)
•    ANSYS (US)
•    SAP (Germany)
•    Oracle (US)
•    Robert Bosch (Germany)
•    SWIM.AI (US).

Regional Insights

North America dominated the market with more than 40.9% of the market share

During the projection period, North America is expected to grow at a rapid pace. End-users in fields such as health, household and corporate, and others in the United States are focusing on implementing parts twin and product twin, which is expected to boost market growth. Furthermore, significant providers including IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others are present in the United States and Canada. Mergers and collaborations with technology providers are being pursued by market participants in order to increase their product offerings and expand their client base

Table

Report Attributes	Details
Market Size Value in 2021	USD 3,295.8 Million
Market Size Value in 2028	USD 110,941.6 Million
Growth Rate	+55.2%
Base Year	2021
Forecast Period	2022-2030
Historical Data	2018-2020
Forecast Units	(USD Million)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Technology, By Type, By Industry & By Region
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions

 

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