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RD Code : 53423Global Digital Twin Market, Sales Analysis, Market Revenue, Industry Drivers & Opportunities, Recent Trends & Developments, COVID-19 Impact, Regional Outlook, and Forecast 2022 – 2030, By Application (Engineering (Systems), Automobile Manufacturing, Medical & Healthcare, Aircraft Production, Railcar Design, Building Construction, Manufacturing, Power Utilities); By Type (Component Twins, Asset Twins, System Twins, Process Twins); and Region (North America, Europe, Asia Pacific, South America, and Middle East and Africa)
Categories: Information & Technology
Format : 
Market Insights
According to Future Market Consulting, Worldwide Digital Twin Market was valued at 6.63 USD Billion in 2021 & will reach to 9.23 USD Billion in 2022. It is estimated to generate revenue of 48.56 USD Billion in 2026 & will rise sharply to 126.3 USD Billion until 2030. It is expected grow at CAGR of 39.6% from 2023 to 2030.
The real-time online equivalent of a physical entity or process is provided by a digital twin, which is a dynamic virtual machine simulation. Through the utilization of data and intelligence, simulation models are deployed to profile, forecast, and enhance the performance of infrastructure and resources. The digital twin is a crucial part of the Industrial Internet of Things as it enables automatic vehicle control and monitoring of industrial assets & processes like product innovation, architecture & industrial production planning, asset utilization monitoring, business & functionality improvement, and others. The development of digital twins is a direct result of ongoing innovation in brand engineering and production processes. Model-based systems engineering has been able to progress from custom to computer-aided drafting and design, as well as other commercial illustrations and technical standards.
The medical and healthcare sectors were leading the campaign against COVID-19 pandemic. As a result, boost in demand for digital twins was seen, which will raise market demand during the estimated period. Additionally, there is a clear increase in demand in the energy and power sectors, which is expected to propel the expansion of the global market for digital twins during the projected timeframe.
The rising adoption of technological developments such as Industry 4.0 & AI, Robotic Process Automation will create significant opportunities for market players to cater the end users customized solutions.
Market Dynamics
Drivers
- Product refinement can be achieved before starting the production
- Mirror & Monitor production system can be achieved with higher efficiency and decreased equipment downtime
- Growing technological adoption in healthcare, defense & manufacturing sector
- Increasing adoption of digital technologies such as IoT, Big Data, Machine Learning & AI.
Challenges
- Adoption of new technologies making it costlier
Opportunities
- Exponentially rising real estate & construction sites
- Digitalization & product miniaturization processes
- Rising need of energy generation & transmission
Restraints
- Threat of data privacy & risk of security compliance
- Lack of skilled workforce
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Report Attributes |
Details |
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Market Size Value In 2021 |
USD 6.63 billion |
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Revenue Forecast In 2030 |
USD 126.3 billion |
|
CAGR |
39.6% from 2022 - 2030 |
|
Base Year |
2021 |
|
Historical Data |
2018 - 2020 |
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Forecast Period |
2022 - 2030 |
|
Segments Covered |
By Application (Engineering (Systems), Automobile Manufacturing, Medical & Healthcare, Aircraft Production, Railcar Design, Building Construction, Manufacturing, Power Utilities); By Type (Component Twins, Asset Twins, System Twins, Process Twins); |
|
Regional Scope |
North America (US, Canada, Mexico); Europe (UK, Germany, France, Italy, Spain, Rest of Europe); Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific); Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa); South America (Brazil, Argentina, Rest of South America); |
|
Key Companies |
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), Rescale, Inc. (U.S), Dassault Systems (France), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric (France) |
Competitive Landscape
Industry participants are concentrating on mergers and acquisitions to expand their consumer base and their global reach. The goal of the adopting digital twin is to support effective end-to-end supply chains by assisting in inventory control, production scheduling, and consumption forecasting and planning. The partnerships are mostly focused on supply chains including manufacturing, consumer goods, and retail.
Key Players
The leading corporations in the worldwide market include:
- 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)
- Rescale, Inc. (U.S)
- Dassault Systems (France)
- ABB Ltd. (Switzerland)
- Honeywell International Inc. (U.S.)
- Schneider Electric (France)
Segment Insights
The Digital Twin Technology is becoming an emerging trend in Medical & Healthcare sector with rising awareness of digital medical solutions for personalized healthcare treatment. The increased need of efficient operational capabilities, simulation & virtual patient monitoring is key factor behind the early adoption of this technology.
Governments rising expenditure on nations security & space monitoring will drive the growth of the market. Aerospace & defense sector will register largest market share during the forecasted period owing to the production of aircrafts & fighter jets. Automobile sector will also achieve a significant market share with rising demand of automotive manufacturing. EV’s demand will surge the demand of adoption of digital twin technologies providing the low cost & highly efficient manufacturing solution.
North America will register highest market share during the forecasted period owing the presence of major key players investing in the end user industries such as medical & healthcare, automobile, manufacturing & increasing their spendings on continuous research & development for developing technological advance products to strengthen their customer base. Asia Pacific region is expected to be a fastest growing region in the market as automation and robotics systems are widely used in manufacturing, construction & energy generation. Organizations are rapidly implementing IoT technologies such as digital twin to achieve optimal productivity with minimal cost. European regions are anticipated showcase significant market gain during the timeframe owing to growing demand advanced industrial technologies in industrial manufacturing.
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Parameter |
2018 |
2021 |
2030 |
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Global Revenue (USD MN) |
XX.XX |
XX.XX |
XX.XX |
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Geographic Share (% Revenue Basis) |
North America: XX% Europe: XX.XX% Asia Pacific: XX.XX% Latin America: XX.XX% Middle East & Africa: XX.XX% |
North America: XX% Europe: XX.XX% Asia Pacific: XX.XX% Latin America: XX.XX% Middle East & Africa: XX.XX% |
North America: XX% Europe: XX.XX% Asia Pacific: XX.XX% Latin America: XX.XX% Middle East & Africa: XX.XX% |
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CAGR (%) |
XX.XX% |
XX.XX% |
XX.XX% |
Recent Developments
March’22 – NVIDIA launched an AI based framework for Digital Twins to analyze extreme weather conditions & solving complex problems using machine learning within least time and high accuracy.
March’21 – Autodesk Inc. acquired a US based Innovyze, Inc. to develop digital & sustainable water infrastructure solution using Digital twin technology.
Segmentation
By Type:
- Component Twins
- Asset Twins
- System Twins
- Process Twins
By Application:
- Engineering (Systems)
- Automobile Manufacturing
- Medical & Healthcare
- Aircraft Production
- Railcar Design
- Building Construction
- Manufacturing
- Power Utilities
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, and the Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (GCC, South Africa, and Rest of MEA)
Base Year:2021
Historical Data:2018 To 2020
No of Pages:145
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Future Market Consulting is a research-based management consulting company that provides strategic advice to help clients on critical business perspectives: strategy, marketing organization operations and technology transformation.
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