Digital Twin Market is expected to create a revenue pocket of USD 63.23 Billion, expanding at 33.31% CAGR by 2030- Report by Market Research Future (MRFR)

Market Research Future Insights

According to MRFR analysis, the global Digital Twin Market is expected to register a CAGR of ~ 33.31% from 2020 to 2030 and hold a value of over USD 63.23 Billion by 2030.

Digital twin raises to virtual replication of any physical asset, process, and systems that can be used for ensuring predictive maintenance and reducing outages over stipulated time. A digital twin thus is developed with multiple IoT sensors that gather the real-time data produced in the product development phase, and learns, analyzes, and updates itself according to working conditions. Due to its advantages, the growth of the digital twin market is majorly driven by the rising use of digital twins for predictive maintenance and the increasing adoption of IoT and cloud-based solutions. Production halts and supply chain disruptions during the COVID-19 epidemic led to the suspension of some other activities along the value chain of industries, such as aerospace, manufacturing, and automotive. This impacted the market during the first half of the pandemic in 2020. However, as the number of COVID-19 cases started falling and restrictions were lifted, the market began recuperating strongly as several industries started moving toward automation and virtualization of products as well as processes.

Digital Twin Market Key Players:

Some of the key market players are

General Electric (US)

AI (US), IBM (US)

Siemens AG (Germany)

PTC (US)

Microsoft Corporation (US)

ANSYS (US)

Oracle (US)

SAP (Germany)

Robert Bosch (Germany)

Digital Twin Market Report Scope:

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Regional Analysis

North America is projected to develop with a momentous CAGR during the forecast period. As end-users across industries, such as healthcare, home & commercial, among others, the U.S. are advancing in adopting parts twin and product twin, this is likely to drive the market growth.

Asia Pacific is likely to grow with the maximum CAGR during the forecast period. End-users across manufacturing processes in China, India, Japan, and others are growing their venture investment to adopt twin technologies. Similarly, the presence of a huge number of industries, such as automotive & transportation, manufacturing, energy & utility, among other sectors in the region, is likely to contribute to the market increase.

Europe is anticipated to showcase significant gains during the forecast period. The growing demand for advanced industrial technologies across European countries is likely to outpour the demand for virtual twin technology. The automotive and transportation industry in the region is meaningfully implementing the technology across the processes.

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Market Segmentation

The Global Digital Twin Market has been segmented into Type and End-User

Based on type, The Global Digital Twin Market has been segmented into parts twin, process twin, product twin, and system twin. The product twin segment is projected to capture the major share during the forecast period. The growth is attributed to the increasing demand for IoT sensors and electronic manufacturing devices across the healthcare industry.

Based on end-user The Global Digital Twin Market has been segmented into home & commercial, manufacturing, automotive & transportation, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others. Automotive & transportation are anticipated to hold the major part during the anticipated period. The increasing demand for 3D simulation and 3D printing software across applications such as fleet management, vehicle designing & simulation is likely to rush the demand.

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