What is the Size of Global Digital Twin INDUSTRY?
Global Digital Twin market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
Increasing the use of digital twins in manufacturing sectors to cut costs and enhance supply chain efficiency is the major driving factor for the digital twin market. The advantage of using digital twin is that it helps to reduce the extra cost and time needed at the manufacturing time. Digital Twin helps engineers improve a product’s performance by analyzing and altering the physical design of the prototype, due to which almost all industries are using this technology for the enhancement of their business.
The cost of implementing Digital Twin technology in an organization is pretty high. High cost of implementation act as a barrier to the growth of the global digital twin market. Digital twins & related technologies
The market was negatively impacted by the COVID-19 pandemic during the first half of 2020, owing to the strict regulations in several countries that temporarily halted all types of companies. Production halts and supply chain disruptions during the COVID-19 pandemic led to the suspension of several other activities along the value chain of industries, such as aerospace, manufacturing, and automotive. However, the market experienced a sudden boom as all the companies were adopting digital twin as a part of its processes.
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The pandemic has accelerated the adoption of digital twin technology across various applications in several verticals beyond manufacturing, including real estate, healthcare, telecom, and retail, driving the growth prospects of the market.
GLOBAL DIGITAL TWIN MARKET BY TYPE
The Global Digital Twin Market is segmented by Type on the basis of Parts Twin, Product Twin, Process Twin and System Twin.
The system twin segment held the largest market share in the global digital twin market in 2021, owing to the high deployment of digital twins for designing and developing prototypes of communication systems, full-scale automotive models, and piping systems in the oil & gas industry, among others.
System twins help engineers observe the system performance and synchronization of components during operation. The deployment of digital twin technology helps identify any anomalies in system operations and enhance performance.
The process segment is expected to register the highest CAGR during the forecast period, as the organizations are focusing on improving coordination across operations to optimize workflow processes and cut down on operational costs.
GLOBAL DIGITAL TWIN MARKET BY APPLICATION
The Global Digital Twin market is segmented by Application into Product Design, Product Development, Inventory Management, Predictive Maintenance, Performance Monitoring, Business Optimization and Others.
The product design segment held the largest market share in the global digital twin market in 2021, due to mounting demand for digital twin technology in product design and development applications.
Digital twin technology speeds up the designing process, improving the time-to-market for new products, which is foreseen to further accelerate product penetration in the sector.
Businesses with a complete digital footprint of products are increasingly incorporating digital twin technology as it allows them to identify physical issues sooner and track outcomes precisely, enhancing product quality and life cycle.
GLOBAL DIGITAL TWIN MARKET BY END-USER
The Digital Twin Market is segmented by End-User on the basis of Aerospace & Defense, Automotive & Transportation, Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and IT& Telecom.
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The automotive & transportation segment held the largest market share in the global digital twin market in 2021, due to the adoption of Electric Vehicles (EVs), lean adoption, and the rising usage of simulation technologies.
The incorporation of digital twin technology in the automotive sector helps engineers capture operational and behavioral data of the vehicle, thereby facilitating further enhancements in automobile design and optimizing costs.
Upcoming trends in the automobile industry, including autonomous and connected vehicles, shared mobility, and electrification, are also expected to increase the adoption of this technology.
Key Topics Covered in the Report
- Snapshot of Global Digital Twin Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Digital Twin Market
- Historic Growth of Overall Global Digital Twin Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Digital Twin Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Digital Twin Market
- Future Market Forecast and Growth Rates of the Total Global Digital Twin Market and Segments
- Analysis of Global Digital Twin Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
- Autodesk Inc.
- General Electric
- IBM Corporation
- Bentley Systems, Incorporated
- Robert Bosch GmbH
- SAP SE
- Schneider Electric
Notable Emerging Companies Mentioned in the Report
- Digital Construction Works
- Allvision IO
- DigitalTwin Technology GmbH
- MEIK LABS SpA
- MetaTwin GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Digital Twin Solution Developers
- Digital Twin Solution Suppliers
- Digital Twin Solution Implementors
- Product Twin Developers
- Process Twin Developers
- System Twin Developers
- Digital Twin Distributors
- Emerging and Startups in Digital Twin Industry
- Simulation Solutions Companies
- Different Types of Digital Twin Manufacturing Hubs
- Government Departments of Electronics
- Government Ministries and Departments of Information Technology
- Financial Institutions focused on Information Technology Industry
- PE and VC Firms focused on Information Technology Industry
- Potential Entrants into Information Technology Industry
- Potential Entrants into Simulation Solutions
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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