According to IMARC Group latest report titled “Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on digital twin market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global digital twin market reached a value of US$ 10.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.6 Billion by 2027, exhibiting at a CAGR of 31.7% during 2022-2027.
A digital twin is an accurate, virtual representation of physical objects, assets, and systems. It uses computer programs, real-time data, simulation, and machine learning (ML) tools that can be integrated with the internet of things (IoT) and artificial intelligence (AI) to replicate processes. A digital twin also employs sensors to produce data regarding the different aspects of the physical object, which are later relayed to a processing system and applied to the digital copy. This enables operators to manipulate the digital copy in working environments, run simulations, study performance issues, generate possible improvements, predict future performances, and make data-driven business decisions.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The widespread adoption of digital twin in the healthcare sector to change clinical processes and hospital management due to the evolving medical care requirements, especially during the coronavirus disease (COVID-19) pandemic, is majorly driving the market growth across the globe. In line with this, the rising product utilization in the pharmaceutical industry as an effective research and analytical tool to improve physical drug design during its development stages is acting as another growth-inducing factor. Additionally, the increasing need for predictive maintenance in the manufacturing sector has further led to the integration of industrial IoT with various digital technologies, such as digital twin and third-dimensional (3D) printing capabilities. This, in turn, is assisting manufacturers in designing complex products by providing access to historical data through AI and ML, thereby improving the operational efficiency and increasing revenue generation. Other than this, the growing partnerships and acquisitions between key players are projected to drive the market further. For instance, in 2021, Waylay, a Belgium-based IT-OT digital unification software company, partnered with Salesforce AppExchange, a US-based software company to launch its Waylay Digital Twin application, which is a Software as a Service (SAAS) platform for Salesforce business users.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Ltd
- Accenture Plc
- ANSYS Inc.
- AVEVA Group plc (Schneider Electric)
- Cal-Tek Srl
- Dassault Systèmes
- General Electric Company
- International Business Machines Corporation
- Microsoft Corporation
- PTC Inc.
- SAP SE
- Siemens AG
Digital Twin Market Segmentation:
Our report has categorized the market based on region, type, technology and end use industry.
Breakup by Type:
- Product Digital Twin
- Process Digital Twin
- System Digital Twin
Breakup by Technology:
- IoT and IIoT
- Artificial Intelligence and Machine Learning
- Augmented Reality, Virtual Reality and Mixed Reality
- Big Data Analytics
Breakup by End Use:
- Aerospace and Defense
- Automotive and Transportation
- Energy and Utilities
- Oil and Gas
- Residential and Commercial
- Retail and Consumer Goods
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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