Published: September 2021 | Report Code: IM11941 | Available Format: PDF | Pages: 180
The global digital twin market generated revenue of $3,210.1 million in 2020, and it is expected to reach $184,517.4 million by 2030, advancing at a CAGR of 50.0% during the forecast period. The growing adoption of the internet of things (IoT), artificial intelligence (AI), 5G, and machine learning (ML) technologies, increasing penetration of Industry 4.0 standards, and rising demand for cloud services are supporting the growth of the market.
The COVID-19 pandemic across the world has impacted the market. The world witnessed a temporary shutdown of different industries due to the lockdown implemented by governments in 2020. Furthermore, economies and industries came under financial stress during the lockdown period; therefore, companies reduced their investment in new technologies, such as digital twin. Due to the COVID-19 epidemic, the digital twin market succumbed to a decline in 2020 since the testing and simulation procedures for the adoption of the virtual model came to a halt. However, in the post-COVID-19 period, the continued focus on the digitization of industrial processes and development of advanced technologies will drive the market during the forecast period.
The product category generated the highest revenue, on the basis of type, in the digital twin market in 2020. This was mainly because the technology helps companies collect information on each component of a product, for enhanced visibility, to minimize the mean time between failure (MTBF) and mean time to repair (MTTR). This, in turn, helps improve system and cost efficiency and business productivity.
The IoT category held the largest market share in 2020, and it is also projected to witness the fastest growth during the forecast period, based on technology. The growing adoption of IoT devices and increasing inclination toward sensor-driven product development are the key factors supporting the market growth in this category.
North America held the largest share in the digital twin market in 2020. This can be mainly attributed to the developed IT infrastructure and growing penetration of the 5G, AI, IoT, and ML technologies across several verticals, including manufacturing, automotive, energy & unities, and aerospace & defense, in the region.
Globally, the key trend being observed in the digital twin market is the use of digital twin aggregates. Organizations managing or monitoring multiple systems of the same type of asset, for instance, a fleet of jet engines, are deploying a common platform for digital twins (in this case, with each engine having a separate digital twin) to gather data from all systems. In such cases, similar patterns and trends are easy to identify and analyze for the refinement of the systems. By bringing all digital twins on a common platform, an effective learning system for the physical world can be built. From this concept of building a digital model of an object before an asset is built and analyzing the data from a cohort of digital twins, a powerful digital construct can be developed, which can provide important insights to asset-centric organizations.
The shift to interconnected environments across industries is driving the demand for digital twin solutions across the world. Massive adoption of IoT is being witnessed, with over 41 billion connected IoT devices expected to be in use by 2025. For the successful implementation and functioning of IoT, increasing the throughput for every part or “thing” is necessary, which is made possible by the digital twin technology. Since the behavior and performance of a system over its lifetime depend on its components, the demand for the digital twin technology is increasing across the world for system improvement. Moreover, vendors and product owners are displaying an increasing need for digital representation in order to speed up the time to market and reduce operational costs.
|Base Year (2020) Market Size||$3,210.1 Million|
|Market Size Forecast in 2030||$184,517.4 Million|
|Forecast Period CAGR||50.0%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Type; By Technology; By Enterprise; By Application; By Industry; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, China, Japan, South, Korea, India, Australia, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa|
|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|
|Secondary Sources and References (Partial List)||American Association for the Advancement of Science (AAAS), American Physical Society, American Statistical Association (ASA), Institution of Engineering and Technology, United Nations Economic Commission for Europe (UNECE), United States Department of Energy (DoE), World Bank|
Players in the market have been involved in partnerships in order to attain a significant position. For instance:
The global digital twin market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Technology
Based on Enterprise
Based on Application
Based on Industry
In 2030, the market for digital twins will value $184,517.4 million.
The digital twin industry report has six segments: type, technology, enterprise, application, industry and region.
North America dominates the market for digital twins, while APAC will witness the fastest growth.
The digital twin industry is driven by the rising adoption of intelligent maintenance and burgeoning using of IoT.
Companies in the market for digital twins are entering into product launches and partnerships.
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