Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) — The global Digital Twin Market size is expected to gain momentum by growing from USD 6.90 billion in 2021 to reach USD 72.35 billion by 2028 while exhibiting a stellar CAGR of 39.9% during the 2021-2028 period. In its report, titled “Digital Twin Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 5.30 billion in 2020 and USD 6.90 billion in 2021.
A digital twin technology is a representation of a physical object, process or service. It is used to replicate processes in order to collect data to predict how they will perform. The technology includes four core technologies i.e. Including the internet of things (IoT), cloud, extended reality (XR), and artificial intelligence. These technologies will allow storing of real-time data, and will provide important insights based on the information gathered. With the rising adoption of twin-type solutions, the market is expected to grow in upcoming years.
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List of Key Players Profiled in Report
- Microsoft Corporation (Washington, U.S.)
- ANSYS Inc. (Pennsylvania, U.S.)
- PTC Inc. (Massachusetts, U.S.)
- IBM Corporation (New York, U.S.)
- Dassault Systems SE (Velizy-Villacoublay, France)
- Accenture PLC (Dublin, Ireland)
- Oracle Corporation (California, U.S.)
- SAP SE (Walldorf, Germany)
- General Electric (Massachusetts, U.S.)
- Siemens AG (Munich, Germany)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Robert Bosch (Gerlingen, Germany)
- Infosys Limited (Bengaluru, India)
- Hitachi, Ltd. (Tokyo, Japan)
- Autodesk Inc. (California, U.S.)
For instance, in May 2020, Siemens AG and Atos launched Process Digital Twin, a solution for the pharmaceutical industry. This will help to create a digital replica of the pharma production process to provide flexibility in the manufacturing of pharmaceutical products.
The temporary shutdown, to curb the spread of the virus, did not affect the market much as the key players are adopting various strategies to restructure their business model and expand their product portfolio amid the pandemic. For instance, in May 2021 Microsoft Corporation made collaboration with Aera Technology, an automation company that provides digital technology solutions. This collaboration will help to integrate Microsoft Azure’s digital twins with Aera’s cognitive operating system to create a virtual representation of a physical entity in the automation process.
By type the market is divided into parts twin, product twin, Process Twin, and system twin. By application it is divided into aircraft engine design and production, space-based monitoring, fleet management, vehicle designing & simulation, medical device simulation, and others. By End-Users it is segmented into aerospace & defense, automotive & transportation, electronics & electrical/machine manufacturing, healthcare, retail, energy & utilities, home & commercial, IT and telecom, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and South America.
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What does the Report Provide?
The market provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Advancement in Technology such as IoT, to Drive Market Growth
The increasing adoption of Internet of things (IoT), is one of the primary reasons which is driving the digital twin market growth. As data from real-world and physical objects are collected and utilized to produce digital data. This digitized data is further studied and optimized to create valuable insights. Therefore, many companies and various industries are using this technology to increase their offerings and generate more revenues.
North America to Dominate Backed by Presence of Key Players in Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the increasing investments in healthcare, pharmaceuticals and home and commercial sector in the United States. Moreover, the presence of key players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others is driving the regional market. The region’s market stood at USD 1.83 billion in 2020.
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Asia Pacific is expected to showcase significant digital twin market share in upcoming years, owing to the presence of a large number of end-users in industries such as automotive & transportation, electronics & electrical/machine manufacturing, healthcare, and others.
Vital Players to Acquisitions to Strengthen Market Growth
The market is combined by fundamental companies motivated to preserve their position by concentrating on novel launches. For instance, in March 2021, Autodesk Inc. announced the acquisition of Innovyze, Inc., a provider of water infrastructure solutions headquartered at Oregon, U.S. This acquisition will help the company to come up with a sustainable and digitized water industry. Such strategies initiated by important players are anticipated to reinforce its market prospects.
- April 2021: Autodesk Inc. launched Autodesk Tandem, a digital twin tool to streamline the flow of real-time data between architectural, engineering, and contracting (AEC) teams and project owners to create a digital twin.
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