Around the world, businesses are increasingly focusing on intelligent maintenance, with the manufacturing processes becoming more complex. Additionally, internet of things (IoT) is being integrated in the industrial sector, for gathering essential data regarding the performance of various equipment and devices. Driven by these factors, the global digital twin market revenue is expected to rise to $73,245.4 million by 2030, from $3,645.1 million in 2019, at a 31.9% CAGR during 2020–2030 (forecast period).
Digital Twin Market Segmentation
During the forecast period, the highest CAGR in the digital twin market will be witnessed by the system category, because the demand for digital cloning solutions for the system, as a whole, is rising. This way, companies can gather the information from the entire system, which helps in operating and maintaining disparate products, which work in conjunction to make the system efficient.
IoT was the largest category in the digital twin market in 2019, as businesses across all industries are focusing on sensor-based product development. Additionally, the integration of IoT is also growing, with 41 billion connected devices expected to be operational by 2025.
Geographically, North America held the largest share in the digital twin market throughout the historical period (2014–2019). This is because the investments in the IT infrastructure in the region are higher than others, and the technology continues to witness rapid improvements. Further, North American enterprise were the early adopter of Industry 4.0, and it is also home to a number of firms offering digital cloning software.
Product Launches Shaping Market Competition
In the past few years, the major digital twin market players have launched many new solutions to expand their customer base and industry presence. For instance, in October 2019, Bentley Systems Incorporated launched iTwin, which includes cloud-based digital twin services for infrastructure assets and projects. These services are offered via the connected data environment of the company, to customers who use its ProjectWise document management software and AssetWise asset information management software.
Further, in June 2018, the OpenPlant CONNECT plant design solution was introduced by Bentley Systems Incorporated, to aid manufacturing firms in enhancing their designing and production operations. With it, companies in the construction, engineering, and procurement sectors can create designs and manage their data on the cloud and gain real-time project visibility.
Browse report overview with detailed TOC on "Digital Twin Market Research Report: By Type (Product, System, Process), Technology (Internet of Things, Artificial Intelligence & Machine Learning, Blockchain, Big Data Analytics), Enterprise (Large Enterprises, Small & Medium Enterprises), Application (Performance Monitoring, Predictive Maintenance, Product Design & Development, Business Optimization, Inventory Management), Industry (Manufacturing, Automotive, Healthcare, Energy & Utilities, Aerospace & Defense, Oil & Gas) - Global Industry Size, Share, Trends, Growth Analysis and Forecast Report to 2030" at:https://www.psmarketresearch.com/market-analysis/digital-twin-market
Siemens AG, General Electric Company, Oracle Corporation, Microsoft Corporation, Ansys Inc., PTC Inc., Robert Bosch GmbH, IBM Corporation, XenonStack Pvt. Ltd., Honeywell International Inc., SAP SE, Wipro Limited, Seebo Interactive Limited, Tata Consultancy Services Limited, Dassault Systemes S.A., DNV GL, The MathWorks Inc., TIBCO Software Inc., Emerson Electric Co., Bentley Systems Incorporated, Lanner Group Limited, Faststream Technologies, Dxc Technology Company, Yokogawa Corporation of America, Bureau Veritas, Navantia SA, Cityzenith, Rescale Inc., Altair Engineering Inc., Andritz Group, Cal-Tek Srl, Mevea Ltd., ScaleOut Software Inc., Akselos SA, Arup Group Limited, Avolution Pty. Ltd., AnyLogic North America LLC, and Software AG Pte Ltd. are the major global digital twin market players.