A virtual machine that dynamically represents a physical object or process in real-time online is called a digital twin. Through the use of data and intelligence, simulation models are used to profile, forecast, and improve the performance of industrial assets. Digital Twin is a crucial part of the Industrial Internet of Things because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and so forth.
It is anticipated that the combination of digital twin technology with IoT, machine learning, and cloud computing would accelerate market growth even more. Businesses are using Internet of Things and AI technologies to collect and analyze behavioral data from IoT devices and linked products, which may subsequently be applied to the digital twin model to replicate the functionality and use of the actual gadget. Engineers and designers may track the performance of their products, find problems, and forecast future iterations of frequent problems thanks to this course. The adoption of these technologies helps businesses enhance system productivity and operational efficiency, which eventually enhances the performance of their products.
As there is a shortage of experienced labor, installation costs are high upfront and require substantial maintenance costs, which is preventing the market from expanding as expected in the coming years.
The worldwide digital twin market is anticipated to benefit from the novel COVID-19 epidemic. Major manufacturers increased their market share in the general marketplace during the pandemic by utilizing a range of techniques, including product releases, product improvements, and R&D spending. By implementing this plan, the corporation hoped to provide cutting-edge solutions for effective operations, enhance product quality, boost safety, and decrease downtime. Due to this feature, the industry is anticipated to grow throughout the emergency time and demand for digital twins would rise.
Some of the leading digital twin market players are ABB Group, ANSYS Inc., Accenture PLC, Bentley systems corporation,AVEVA Inc, Bosch, Oracle Corporation, Siemens AG, Rockwell Automation Inc, and Schneider Electric.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital twin market analysis from 2021 to 2030 to identify the prevailing digital twin market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital twin market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global digital twin market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- System Digital Twin
- Product Digital Twin
- Process Digital Twin
By Industry
- Aerospace Defense
- Automotive Transportation
- Home Commercial
- Healthcare
- Energy Utilities
- Oil Gas
- Agriculture
- Telecommunication
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- ABB Group
- ANSYS Inc.
- Accenture plc
- Autodesk Inc
- bentley systems
- AVEVA Inc.
- bosch rexroth ag
- Oracle Corporation
- Siemens AG
- Rockwell Automation Inc.
- Schneider Electric
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Table of Contents
Executive Summary
According to the report, titled, “Digital Twin Market," the digital twin market was valued at $6.5 billion in 2021, and is estimated to reach $125.7 billion by 2030, growing at a CAGR of 39.48% from 2022 to 2030.A virtual machine that offers a real-time online version of a physical object or process is called a "digital twin." the performance of industrial assets is profiled, predicted, and optimised using simulation models, data, and intelligence. Because it enables automatic vehicle control and monitoring of industrial assets and processes like product development, design & manufacturing planning, investment performance management, business & operation optimization, and more, the digital twin is a crucial part of the Industrial Internet of Things.
The automotive and transportation industries' increasing demand for digital twin technology is anticipated to fuel market expansion over the forecast period. The digital twin, which facilitates continuous communication between product developers & designers, end users, and a number of other stakeholders in order to provide creative and efficient vehicles which can be digitally automated, is principally responsible for this increase. In the upcoming years, it is anticipated that these reasons would hasten the market's expansion for digital twins. Additionally, the prospective applications of the industrial internet of things are anticipated to increase demand for digital twin technology and propel digital twin market growth.
The use of digital twin as an advanced technology is anticipated to gain traction. Manufacturers in the industry currently require actual visibility across company boundaries and all the way back down the supply side chain. This is made possible by digital twin technology. The digital twin serves as a strong digital shadow. They collect all the interrelated data sources from an asset's entire lifecycle as semantically clearly delineated, information virtualization. A digital twin could be used to create twins of individual elements, assemblies, people, or a whole manufacturing facility. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
The global digital twin market size is segmented on the basis of type which has been divided into system digital twin, product digital twin, and process digital twin. By industry, the market has been divided into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the leading digital twin market players are ABB Group, ANSYS Inc., Accenture PLC, Bentley systems corporation,AVEVA Inc, Bosch, Oracle Corporation, Siemens AG, Rockwell Automation Inc, and Schneider Electric.
The report offers a comprehensive analysis of the global digital twin market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of Covid-19 on the Global Digital Twin Industry
- The COVID-19 pandemic has had a positive impact on global digital twin market share growth. Digital twin technology has given an advantage to the healthcare professionals to continuously access patient’s health, digitally. Also, government has also used digital technology to study the spread of corona virus in the locality.
- As the use of digital twin has been incorporated in healthcare system, many healthcare professionals are now incorporating this technology along with artificial intelligence for regularly monitoring of other patients who are unable to visit hospitals in pandemic period. This factor has also positively impacted the market growth.
Key Findings of the Study
- Based on type, system digital twin sub-segment is expected to have the dominant share during the forecast period.
- By industry, the automotive & transportation industries had the largest digital twin market share and is expected to grow by 2030.
- By region, Asia-Pacific is forecasted to be the fastest growing region during the forecast period.
- The report provides an in-depth study of the digital twin market analysis.
Companies Mentioned
- Abb Group
- Ansys Inc.
- Accenture plc
- Autodesk Inc
- Bentley Systems
- Aveva Inc.
- Bosch Rexroth AG
- Oracle Corporation
- Siemens AG
- Rockwell Automation Inc.
- Schneider Electric
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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