Published: April 2020 | Report Code: IM11941 | Available Format: PDF | Pages: 168
The digital twin market revenue stood at $3,645.1 million in 2019, and it is predicted to rise to $73,245.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 31.9% between 2020 and 2030. The market is being driven by the growing demand for intelligent maintenance and the increasing adoption of the internet of things (IoT).
The product category dominated the market for digital twins between 2014 and 2019, under the type segment. This was because of the large-scale adoption of the digital twin technology by companies for studying every component and part of their product, right at the equipment level, to gain enhanced visibility, in order to reduce the mean time between failure (MTF) and the mean time to repair (MTR).
The IoT category is predicted to hold the largest share in the market for digital twins in the coming years, under segmentation by technology. This is mainly credited to the soaring usage of IoT-integrated devices and rising usage of sensors during the product development process in almost all industries.
In the forthcoming years, the small and medium enterprises (SME) category is predicted to demonstrate the higher CAGR in the digital twin market, under the enterprise segment. This will be due to the increasing adoption of the digital twin technology by SMEs for improving their operational efficiency and providing better products.
The performance monitoring application category held the largest share in the market in 2019, primarily due to the extensive adoption of advanced technologies, such as big data analytics, artificial intelligence (AI), and IoT, in digital clones for monitoring and tracking the performance of physical assets.
The manufacturing industry end user category is predicted to dominate the market in the coming years. This is because the growing adoption of the industrial internet of things (IIoT) and Industry 4.0 practices is pushing up the requirement for the digital clone technology, on account of the fact it can reduce the downtime by enabling predictive maintenance, thereby ultimately enhancing operational efficiency.
Across the world, North America was the largest market in the past years. This was mainly due to the early adoption of Industry 4.0 standards, rapid technological advancements, and existence of advanced information technology (IT) infrastructure and several digital-twin-software-providing companies in the region. In the upcoming years, the digital twin market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region on account of the rapid economic progress of the regional countries, huge investments in the IT sector, and implementation of favorable government policies regarding the adoption of IoT and AI in the industrial sector.
One of the major trends currently being witnessed in the digital twin industry is the growing usage of a common platform for device simulation. For example, companies that deal with various jet engines are increasingly using a common platform for digital clones, with separate twins developed for each engine. This is assisting these organizations in collecting data from all the systems in one place, for enhanced manufacturing analytics. This way, similar patterns and trends can be easily studied in less time. Before these parts are sent for mass production, companies analyze the information gathered from all the twins of similar components in order to gain important insights that could help them grow rapidly.
The increasing adoption of IoT is one of the major factors driving the expansion of the digital twin market. By 2025, over 41 billion connected and IoT devices are predicted to be in use all over the world. This will subsequently push up the requirement for the digital twin technology, as it makes the monitoring of these devices easy and also improves their efficiency. Moreover, as the performance of a system is majorly determined by the performance of the individual parts and components, the digital twin technology is increasingly being adopted for digitally cloning these components.
Additionally, huge volumes of unstructured data are being generated by connected devices, which makes the sharing of this data among various stakeholders difficult. This is further boosting the demand for the digital twin technology, as companies are increasingly preferring digitally cloning their entire business ecosystem, over making huge investments in physical product innovation.
The increasing adoption of the digital twin technology in the logistics & transportation sector is creating lucrative growth opportunities for industry players. Moreover, the players operating in the digital twin market can leverage the adoption of this technology in the logistics & transportation sector for gaining a competitive edge. Due to its cross-sectional operations, the industry is increasingly adopting big data analytics solutions, which are majorly powered by key performance indicator (KPI) management tools.
In this industry, the digital twin technology allows for the digital representation of physical assets, which, in turn, assists in the processing and visualization of data. Moreover, the adoption of this technology to simulate multiple scenarios would democratize the transport model, thereby reducing risks in the product delivery process and improving engagement among the stakeholders. Furthermore, the analysis of passenger traffic flow would massively improve the performance, design, and customer experience.
|Market Size by Segments||Type,Technology, Enterprise, Application, Industry|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, South Korea, India, Australia, U.A.E., Saudi Arabia, Turkey, South Africa, Brazil, Mexico|
|Market Players||IBM Corporation, Microsoft Corporation, PTC Inc., SAS Institute Inc., Oracle Corporation, Siemens AG, Dassault Systemes, Robert Bosch GmbH, Ansys Inc., Swim.AI Inc., TIBCO Software Inc., ABB Ltd., Bentley Systems Incorporated|
Partnerships have been the strongest strategic measure taken by the digital twin market players in the recent years, in an effort to leverage each other’s expertise and strengthen their industry presence. For instance, in February 2019, PTC Inc. and Ansys Inc. together introduced the Creo Simulation Live solution. The solution uses the design and simulation capabilities of both partnering firms to create a simulation directly on the design environment in real time, which lets designers see what impact their decisions will have.
Similarly, in January 2019, MTU Friedrichshafen and Bosch.IO GmbH entered into a partnership in an effort by the former to explore market opportunities and advance its business strategy. Under the partnership, Bosch has set up a user interface (UI) and user experience (UX) lab for MTU Friedrichshafen, which will be used to transform ideas into minimum viable product (MVP) and commercialize such solutions.
The key players in the global digital twin market are General Electric Company, Siemens AG, Microsoft Corporation, Oracle Corporation, PTC Inc., Ansys Inc., IBM Corporation, Robert Bosch GmbH, Honeywell International Inc., XenonStack Pvt. Ltd., Wipro Limited, SAP SE, Tata Consultancy Services Limited, Seebo Interactive Limited, DNV GL, Dassault Systemes S.A., TIBCO Software Inc., The MathWorks Inc., Bentley Systems Incorporated, Emerson Electric Co., Faststream Technologies, Lanner Group Limited, Yokogawa Corporation of America, Dxc Technology Company, Navantia SA, Bureau Veritas, Rescale Inc., Cityzenith, Andritz Group, Altair Engineering Inc., Mevea Ltd., Cal-Tek Srl, Akselos SA, ScaleOut Software Inc., Avolution Pty Ltd., Arup Group Limited, Software AG Pte Ltd., and AnyLogic North America LLC.
The digital twin market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Technology
Based on Enterprise
Based on Application
Based on Industry
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