Digital Twin Market to Grow with a CAGR of 32.34% through 2029
Growing demand for digital manufacturing to drive the global digital
twin market through 2029.
According
to TechSci Research report, “Digital Twin Market -
Global Industry Size, Share, Trends, Competition, Opportunity and Forecast,
2019-2029”,
the global digital twin
market is anticipated to witness a growth of CAGR of 32.34% in the forecast
period. The primary factors driving the
demand for global digital twin market are increasing smart city construction and
rapid implementation of advanced technologies like the internet of things,
artificial intelligence, and big data analytics in enterprises.
Digital twin technology is in high demand from the
automotive industry to create a virtual model of automobile components.
Automatic and electric vehicles are witnessing massive demand. The deployment
of advanced driver-assistance systems (ADAS), automatic emergency braking
(AEB), and other cutting-edge automotive technologies emphasize the need for
testing and performance evaluation. The growing need for testing and quality
assurance in automobiles is expected to drive the global digital twin market
demand.
However, growing concerns relating to data privacy
and security may restrain the market growth for the next five years.
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Tables spread through 245 Pages and an
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The global digital twin market is segmented into
type,
technology, application, end user, company, and regional distribution.
Based on type, the
market is divided into process, product, and system. Process type dominated the
market by capturing a market share of 46.78% in 2021. It is used to enhance the
consumer experience by providing personalized services and maintaining the products'
quality. Process digital twin also predicts the expected failures, which helps
prevent breakdown before they even occur.
Based on the technology,
the market is divided into the internet of things, artificial intelligence
& machine learning, blockchain, big data analytics, extended reality, and
5G. Internet of things technology is expected to grow at a CAGR of 33% in the
forecast period as it creates the virtual model of the physical world through
sensors.
Based on application,
the market is divided into manufacturing process planning, product design,
predictive maintenance, others. Manufacturing process planning dominated the
market with a share of 37.04% in 2021 and is expected to maintain its dominance
throughout the forecast period. Digital twin technology is used in the
manufacturing process planning to lower the time and cost associated with
assembling, installing, and checking the quality of the manufactured products.
Based on end user, the
market is divided into manufacturing, automobile and transportation, healthcare
and lifesciences, energy & utilities, aerospace and defence, others. The
manufacturing industry is leading the global digital twin market with a share
of 24.80% in 2021. Digital twin technology is used in manufacturing industries
for real-time tracking and equipment monitoring. It improves product
performance, speeds up product performance, and decreases downtime; therefore,
it is in high demand among the manufacturing industries.
Major market players
operating in the global digital twin market are:
- ·
Bentley Systems, Incorporated
- ·
Robert Bosch GmbH
- ·
Schneider Electric SE
- ·
Swim.ai, Inc.
- ·
Honeywell International Inc.
- ·
Rockwell Automation Inc.
- ·
ABB Ltd.
- ·
AVEVA Group plc
- ·
Dassault Systèmes
- ·
PTC Inc.
- ·
Siemens AG
- ·
General Electric Company
- ·
Microsoft Corporation
- ·
IBM Corporation
- ·
Oracle Corporation
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“High internet penetration, the
proliferation of smart devices, and the growing adoption of the benefits of the
internet of things technology in developing countries are expected to create a
base for developing the global digital twin market. Digital twin technology is
used to improve the performance of connected nodes. The rise in the usage of
the internet of things technology in various end-user industries generates
real-time information that can be utilized to make informed decisions. Ongoing
advancements in the telecommunication industry and the launch of
high-performance connected devices are expected to propel the growth of the
global digital twin market till 2027”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Digital Twin
Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast,
2017-2027 Segmented By Type (Process, Product, System), By
Technology (Internet of Things, Artificial Intelligence & Machine Learning,
Extended Reality, Blockchain, Big Data Analytics, 5G), By Application
(Manufacturing Process Planning, Product Design, Predictive Maintenance,
Others), By End User (Manufacturing, Automobile and Transportation, Healthcare
and Lifesciences, Aerospace and Defence, Energy & Utilities, Others), By
Region”, has evaluated the future
growth potential of global digital twin market and provides statistics &
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 global digital twin market.
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