Digital Twin Market to Reach USD32.744 Billion During the Forecast Period
Adoption of 3D printing technology,
increased usage of IoT devices, use of ADAS in automobile to drive the growth
of global digital twin market through 2026.
According to TechSci Research report, “ Digital Twin Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, The global digital twin market was valued at USD5.715
billion in 2020 and is expected to grow at a CAGR of 33.28% during the forecast
period owing to the increasing adoption of 3D printing, increased usage of IoT
devices, introduction of ADAS in automobiles across the globe.
Technological advancements across the manufacturing
and healthcare sector are further propelling
the market. However, concerns related to data encryption, interaction with
digital and physical things are expected to hamper the market growth during the
forecast period.
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Global Digital Twin
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The global
digital twin market can be segmented based on type, technology, application, end
user, and region. Based on type, the market can be segmented into process,
product and system. The process segment held a major share in 2020 and is expected
to continue to do so in the forecast period as well. Process digital twins
assist in the creation of new customer and enterprise value through
personalized service, the advancement of product quality, the prevention of
breakdowns before they occur, and the reimagining of knowledge-sharing in a
people-machine environment. In terms of technology, the market can be segmented
into internet of things, artificial intelligence and machine learning,
blockchain, big data analytics, extended reality and 5G. The internet of things
segment accounted for the highest growth in the market and is expected to
dominate in the forecast period as well, primarily because the physical world experience
of the digital twins is captured through sensors and IoT are a fundamental
requirement of a digital twin. Based on applications, the market is segmented
into manufacturing process planning, product design, predictive maintenance,
and others including business optimization, inventory management, etc. The
manufacturing process planning accounted for the highest market share in 2020,
capturing 37.34% of the market. Usage of digital twins in the manufacturing
process planning helps manufacturers to reduce the time and cost associated
with assembling, installing, and validating factory production systems. Based
on the end user, the market is bifurcated into manufacturing, automobile and
transportation, healthcare and life sciences, energy and utilities, aerospace
and defense and others including retail and consumer goods, agriculture, logistics,
etc. The manufacturing segment held a majority of the share capturing 25.49% of
the market share in the year 2020. Digital twins act as virtual prototypes
during the product designing stage and before investing in a solid prototype, it
can be adjusted to test different simulations or designs which in turn reduces
the cost and time by reducing the number of iterations required to get the
product into production.
Key players in the global digital twin market
include:
·
Dassault Systems Inc
·
PTC Inc
·
Siemens AG
·
General Electric Company
·
Aveva Inc.
·
Oracle Corporation
·
Microsoft Corporation
·
IBM Corporation
·
Honeywell International Inc.
·
Robert Bosch GmbH
·
ABB Group
·
Rockwell Automation
·
Swim.ai, Inc.
·
Bentley Systems Incorporated
·
Bosch Rexroth AG
Dassault Systems Inc is headquartered in France and operates on a global
scale. The company's goal is to develop leadership in life sciences and
healthcare, as well as to make continuous advancements in manufacturing
industries, infrastructure, and cities. In late 2019, the company acquired
Medidata, which enabled it to provide a combination of virtual technologies,
analytics, and artificial intelligence to the healthcare and life sciences
sectors, allowing it to visualize the molecular structure of a virus and
achieve innovation in clinical trials.
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“A digital twin is a virtual/digital replica of a physical entity such
as a device, person, process, or system that assists businesses in making
model-driven decisions. Digital twins are transforming the way people work in a
variety of industries and business applications. Digital
twins are most popularly used in the manufacturing industry. Manufacturing
relies on high-cost equipment that generates a large amount of data, making it
easier to create digital twins. Businesses can use digital twins to create
various permutations of a product in order to provide personalized products and
services to their customers. Engineers can use digital twins to test the
feasibility of upcoming products before they are released. Engineers begin
production or shift their focus to creating a viable product based on the test
results. Though digital twin practices can
be used in traditional automotive manufacturing, they are especially useful for
autonomous vehicle companies. Some
applications of digital twins in the automotive industry are road testing and
vehicle maintenance. As IoT
implementations expand access to big data and vast digital ecosystems,
high-fidelity digital twins are becoming easier to create and maintain. Digital
twin technology is quickly becoming one of the most important software tools
for revolutionizing product development.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Digital Twin
Market By Type (Process, Product, System), By Technology (Internet of Things,
Artificial Intelligence and Machine Learning, Blockchain, Big Data Analytics,
Extended Reality, 5G), By Application (Manufacturing Process Planning, Product
Design, Predictive Maintenance, Others), By End User (Manufacturing, Automobile
and Transportation, Healthcare and Lifesciences, Energy and Utilities,
Aerospace and Defense, Others), By Region, Competition, Forecast &
Opportunities, 2016-2026” has evaluated
the future growth potential of the global digital twin market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global digital twin market.
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