The Digital Twin Market is expected to reach $125.7billion during the forecast period at a 39.48% CAGR.
The geographical segmentation of global digital twin industry includes regions, Asia Pacific, Americas, Europe, and ROW. America is anticipated grow with highest CAGR in the near future and have highest global digital twin market share. The UK, Germany, the US, Canada, and Japan are projected to adopt more digital twin technologies. Switzerland, Brazil, and Poland are the emerging nations for the adoption of digital twin technology owing to growing trend for spending on industrial digital technologies. In APAC, especially India, China and Japan have undertaken various initiatives to encourage the implementation of IoT. Besides that, growing per capita income, dense population, large-scale urbanization and industrialization will offer tremendous market opportunities in the upcoming years.
On the basis of deployment, the global digital twin industry is bifurcated into On-premises and Cloud-based. Most of the end-users adopt the digital twin through on-premises deployment as this protects the company’s internal systems from the web world. Consumers highly prefer these models due to its cost-effectiveness and optimum security. Huge adoption by the government users will certainly lead to higher growth rate in the virtual IoT twin market.
Based on the end-user segmentation of global digital twin market, the categories include Aerospace, Energy, Home automation, residential and commercial, Automotive and Manufacturing, energy and utilities, retail and consumer goods, and healthcare and life sciences. The primary end-user of this market is aerospace industry. The advent of the digital twin technology coupled with higher up-gradation of their technology will aid in the maximum utilization of resources. The digital twin technology is capable to develop a replica than can be fed in real-time data for analysis and data collection of flight records and jet engine sensors. In 2017, residential and commercial segment accounted highest market share. Digital twins facilitate the urban sustainability by capturing time-based and 3D implications of smart buildings. For examples, ‘Virtual Singapore’ is an initiative by the by the Singaporean government towards a smart nation. It world’s first digital twin of an existing city-state that concretes the way for its citizens to involve in the digital economy in best possible manner.
Some of the international leading players of global digital twin market are IBM Corporation, ABB Group, Oracle Corporation, ANSYS, Inc., Siemens AG, Bosch Software Innovation Gmbh, General Electric Company, Siemens AG, Hexagon Geosystems AG, Schneider Electric SE, Microsoft Corporation, PTC Inc., Dassault Systèmes and SAP SE. These organizations come up with various innovative applications of digital twin technology to stay in the competitive landscape. For instance, General Electric with the help of advanced technology, determine the optimal maintenance intervals for the components of jet engine. These companies are strive on advancing the technology to enhance the success rates of product innovation and improve the organizational productivity.
Digital Twin Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$125.7billion|
|Growth Rate||CAGR of 39.48% during 2021-2030|
|Segment Covered||By Solution, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||General Electric (U.S), IBM (U.S), PTC (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), ANSYS (U.S), Siemens AG (U.S.), SAP SE (Germany), Oracle Corporation (U.S), Robert Bosch (Germany), SWIM.AI (U.S), Rescale, Inc. (U.S), Dassault Systemes (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) among others.|
Key segments of ‘Global Digital Twin Market’
Based on product types, the market has been segmented into,
- Parts Twin
- Product Twin
- Process Twin
- System Twin
Based on applications, the market has been segmented into,
- Aerospace & Defense
- Automotive & Transportation
- Machine Manufacturing
- Energy & Utilities
Based on region, the market has been segmented into,
- North America
- Latin America
- Middle East & Africa