Digital Twin Market generated a revenue of USD 1,865 Million in 2019 and is forecast to witness a strong CAGR of 55.9% during forecast period (2020-2027), due to the increasing adoption of big data analytics, IoT, and cloud platform.

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Key Drivers

Increasing adoption of internet of things devices and cloud platforms along with the growing focus towards improving the business performance in terms of cost-effectiveness and process optimization stands to be one of the major factors fueling the digital twin market growth. In addition, the new technological advancements in the area virtual and augmented reality will further help the market to grow at a substantial rate during the forecast period.

The growing demand for autonomous and connected vehicles, rising number of smart city projects, and growing deployment of digital solutions across end-use industries such as Aerospace and Defense and Healthcare are some of the major factors fueling the market growth. For example, as per the report by Bloomberg, the Global Autonomous Vehicles Market generated a revenue of USD 130.00 billion in 2021 and is predicted to reach USD 373.16 billion by 2028, growing at a CAGR of 18.0% over the forecast period (2022-2028), which will boost the Global Digital Twin Market in the approaching years. Moreover, increasing integration of digital twin technologies with advanced technologies which include Artificial Intelligence (AI), Machine Learning (ML) and Cloud computing, will boost the Digital Twin Market Growth. In addition, the increasing investments by leading organizations on research and development, strategic mergers and collaborations between industry players and growing disposable incomes, are further propelling the Digital Twin Market size. For instance, in January 2022, Google Cloud introduced a supply chain digital twin, to help manufacturers and distributors with unprecedented visibility of operations occurring in their supply chains. However, the lack of skilled professionals and increasing investment in advanced technologies, which is expected to pose a challenge to market growth.

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End-use Segment Analysis

Automotive and transport end-use segment is forecast to witness a faster CAGR over the upcoming years, due to the increasing adoption of Electric Vehicles (EVs), lean adoption, and the growing deployment of simulation technologies. Further, the increasing incorporation of digital twin technology in the automotive sector has helped engineers to capture operational and behavioral data of the vehicle, thereby encouraging the improvements in automobile design and optimizing costs. The emerging trend in the automobile industry, including autonomous and connected vehicles, shared mobility, and electrification, have also encouraged the adoption of this technology.

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Regional Insights

Asia Pacific is estimated to lead the market over the upcoming years, due to the presence of well-developed manufacturing and automotive industries across various countries like China, India, Japan, and South Korea. In addition, the rising number of smart city development projects and the growing demand for consumer products are driving the regional market. According to the United Nations Statistics Division, 28.7% of the global manufacturing account is provided by the China manufacturing industry. Furthermore, the growing adoption of connected devices, rapid industrialization, and accelerate disposable income is expected to contribute to the regional market growth over the forecast period.

The early adoption of digital twin technology across the North America is forecast to pave the way for North American Market. Moreover, the strong presence of leading organizations such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., in the U.S. and Canada, will offer enormous opportunities for the market. Moreover, these leading players have adopted strategies like mergers and partnerships with leading technology providers to expand product offerings and escalate the client base. For instance, in 2020: Siemens AG and IBM Corporation entered into an agreement to expand their partnership and announced the availability of an advanced solution that incorporates the elements of IBM Maximo portfolio and Siemens’ Xcelerator. The solution will help in improving the Service Lifecycle Management (SLM) assets by developing a digital thread between equipment manufacturers, product design, and project owners to increase production capacity.

The report also profiles the major companies active in this field, including IBM Corporation, Siemens AG, General Electric, PTC Inc., Microsoft Corporation, Robert Bosch GmbH, Dassault Systems, SAP SE, ANSYS Inc., Oracle Corporation

Key Developments

• • In 2021 – FARO Technologies Inc. acquired HoloBuilder. HoloBuilder’s SaaS platform will incorporate fast and easy reality-capture photo documentation and remote access capability to FARO’s highly accurate 3D point cloud-based laser scanning to create the industry’s first end-to-end Digital Twin solution.
  • In 2021 – The Lamina Tower, an ultra-luxury residential condominium tower in the Middle East, entered into a partnership with Cityzenith LLC to introduce a multi-purpose digital twin using the SmartWorldOS Digital Twin desktop application to create a 3D view of the property and surroundings, along with other requirements.
  • In 2021, Waylay entered into a partnership with top-tier Salesforce Implementation Partners for Waylay Digital Twin, its strong no-code IoT asset monitoring solution for Salesforce. The selected implementation partners boost consulting and implementation capacity and bring decades of Salesforce expertise to the Waylay Digital Twin projects.

This research report on global digital twins market provides in-depth analysis of the global digital twin market based on end-user, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for digital twin market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.

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Key questions this research would answer:
1- Is the digital twin market growing? How long will it continue to grow and at what rate?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the digital twin market?

The global digital twin market is segmented on the basis of end-user, application and geography:

Global Digital Twins Market by End-User
• Aerospace and Defense
• Automotive & Transportation
• Home and Commercial
• Electronics and Electrical/Machine Manufacturing
• Healthcare
• Energy and Utilities
• Retail & Consumer Goods
• Others

Global Digital Twins Market by Application
• Product Design and Development
• Machine & Equipment Health Monitoring
• Predictive Maintenance
• Dynamic Optimization

Global Digital Twin Market by Region
• North America
• Europe
• Asia-Pacific
• RoW

Global Digital Twins Market Competitive Landscape
• Major Players and their Market Share Analysis
• New product launches
• Mergers and acquisitions
• Collaborations, partnerships, agreements and joint ventures