Digital Twin Market: By End-User Application (Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, Home & Commercial and Others), By Type (Parts Twin, Product Twin, Process Twin and System Twin) and Region - Industry Forecast 2027

ID: VPR/SEM/1020 Publishing Year: September 2021 Pages: 125 Format:   


Digital Twin Market Overview:

The Digital Twin Market is expected to grow USD 5 billion in 2020; it is expected to grow at a CAGR of 42% from 2020 to 2027.

Market growth can be attributed to a number of causes, including innovation, global rivalry, and technological advancements. Businesses now have more options for cutting expenses and increasing revenues thanks to the Digital Twin Market. The benefits of process automation and cloud computing are also pushing firms to use Digital Twin to improve the efficiency of their processes. In the next seven years, the benefits of Digital Twin are expected to fuel market expansion.

The Internet of Things (IoT) is reshaping enterprises all around the world. IoT is also being used by Digital Twin platform developers to improve operations, increase system productivity, and boost sales. The proliferation of IoT devices is providing developers with new opportunities for growth. As a result, to boost their Digital Twin Market position, the developers are focusing on IoT-enabled digital twin solutions. Some of the companies that have introduced IoT-enabled digital twin solutions to their portfolio include ABB, General Electric, Siemens AG, AVEVA Group plc, DassaultSystemes, and Hexagon AB, among others.

Digital Twins are widely employed in a variety of industries, including manufacturing, healthcare, agriculture, energy and utilities, and automotive. Various digital twin platform development firms have released various solutions to address certain corporate needs.

Key Players:

Key Players Operating in Digital Twin Market are 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), DassaultSystemes (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) among others.

Market Growth:

Breakdowns and outages/downtime can result in significant losses for any firm, hence predictive maintenance has become a necessity in various industries. Such unplanned downtime can be prevented by taking the necessary precautions and planning ahead of time for maintenance. The use of a Digital Twin can help to change this failure situation and reduce maintenance and production expenses in a timely manner. Sensors are linked to products throughout development, generating data that predicts defective scenarios through simulations, allowing professionals to examine maintenance workflows, including testing with a variety of fault conditions. As a result, enterprises are increasingly using Digital Twin Solutions to transition to digital-driven asset management. In addition, the Digital Twin examines previous data or compares to similar production systems to forecast component failure, if any, as well as expected wear on parts.

Market Segmentation:

The Digital Twin Market is divided into three categories: Technology, Type, and Industry. The growth of segments allows you to analyse specific pockets of growth and market approaches, as well as establish your main application areas and target market differences.

The Digital Twin Market is divided into IoT and IIoT, blockchain, artificial intelligence and machine learning, augmented reality, virtual reality, and mixed reality, big data analytics, and 5G based on Technology.

The Digital Twin Market has been divided into Three Types: product digital twin, process digital twin, and system digital twin.

Regional Analysis:

The Digital Twin Market Report covers the United States, Canada, and Mexico in North America, Brazil, Argentina, and the Rest of South America in South America, Germany, Italy, the United Kingdom, France, Spain, the Netherlands, Belgium, Switzerland, Turkey, Russia, and the Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, and the Philippines in Asia, and Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, and the Philippines in Asia (MEA).

Because of rising investments in the development of cost-effective manufacturing processes and the potential of numerous industries to embrace Digital Twin technology, North America dominates the Digital Twin Market. Because of the increased awareness of smart manufacturing technologies accessible in the Digital Twin Market, Asia-Pacific is predicted to develop in the forecast period of 2020-2027.

 

 

 



Frequently Asked Questions
Digital Twin Market is predicted to grow at 42% through forecast period of 2020-2027
By 2020, worth USD 5 Billion is estimated for the Digital Twin Market.
Enterprises are increasingly using Digital Twin Solutions to transition to digital-driven asset management.
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), DassaultSystemes (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) among others.

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