Digital twin technology provides virtual assistance to resolve real-world issues is likely to boost its market growth. The fast-paced expansion of the global Digital Twin Market growth can be attributed to the ability of the technology to effortlessly optimize systems or processes, monitor performance and condition of machines and examine their products. Digital twins technology is gaining popularity across different industries as it simplifies designing, production, and maintenance processes.
This technology has successfully paved its way across major industry verticals such as manufacturing, automotive, and electronics. With its promises such as time required for product development processes spiralled down to half, dropped down cost of development, speedier production systems which are 25% more efficient, and downtimes tending almost to zero, digital twin technology is poised to drive the manufacturing sector, encouraging more verticals for its deployment.
As a result, the twin technology market has been growing rapidly. Huge demand from the electronic and electrical/machine manufacturing sector is expected to continue to usher growth for the market further. Moreover, the popularity of digital twin led by the rapid adoption of 3D printing and 3D simulation is escalating market on the global platform.
Acknowledging the accruals this market is garnering currently, Market Research Future (MRFR), in its recently published study report foretells that the global digital twin market would reach USD 35,462.4 MN by 2025, registering a massive CAGR of 42.54% throughout the forecast period (2018 – 2025). In 2017, the market had valued at USD 2,156.5 MN only which means the market would witness a phenomenal growth in just seven years.
Other factors that are propelling the growth of the market include the rapid developments in the sensor technology and IoT. The rising demand for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants. Furthermore, the increasing deployment of 3D printing and 3D simulation software is expected to increase the size of the digital twin market over the assessment period.
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For a better understanding of the report, the market is segmented into three key dynamics:
By Type: Parts Twin, Product Twin, Process Twin, and System Twin.
By End-user Application: Aerospace & Defense, Automotive & Transportation, Electronics & Electrical/ Machine Manufacturing, Healthcare, Retail, Energy & Utilities, and Home & Commercial among others.
By Regions: North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The North America digital twin market is expected to retain its dominance, globally throughout the forecast period. Factors such as the huge demand for security system and business intelligence drive the growth of the digital twin technology in the region. The presence of major players that have facilitated the early adoption of the technology in the region drives the regional market.
Additionally, huge technological advances alongside the growing application-industries of digital twin technology impact market growth, positively. 2017, the market had valued at USD 691.2 MN and is further expected to grow with a massive CAGR of 42.77% during 2018 and 2025.
The digital twin market in the Asia Pacific region has evolved as a profitable market, globally. Factors such as rapid technological advancements in the region and investments from foreign investors foster the growth in the regional market. Manufacturing sectors in countries such as China and India are flourishing dynamically.
Especially in India, Industry 4.0 has taken a strong root and ready to bring unprecedented efficiencies in the manufacturing sector. In India, the revolutionary practice of digital twinning is a new norm in Industry 4.0, which signifies lucrative growth opportunities.
Resultant, the digital twin market in the APAC is expected to thrive at a comparatively higher CAGR of 45.19% over the review period.
Furthermore, the increasing penetration of high-tech devices, increased requirement of miniaturization, developments of auto electronics, economic development, growing digitization, and rapid industrialization are some of the other factors driving the APAC market.
Global Digital Twin Market – Competitive Landscape
Highly competitive, the global digital twin market appears to be fragmented due to the presence of several major players. These players incorporate strategic initiatives such as partnership, acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market.
Technology providers emphasize on improving their market performance and acquire promising companies in the fast-growing markets to support their expansion plans. They employ continuous improvement strategies to analyze and update the improvements the digital twin is implementing, launching technology updates that can meet the changing needs of end-users.
Market players strive to develop a well-established infrastructure that allows the seamless implementation of advanced technologies. Massive investments transpired in R&D sector from the major players, are in turn, helping the market to grow.
Key players leading the clientless remote support software market include PTC Inc., ANSYS Inc., SAP SE, Microsoft Corporation, Dassault Systemes SE, IBM Corporation, Cisco Systems, Inc., General Electric, Accenture PLC, Oracle Corporation, and Siemens AG among others.
Industry/ Innovation /Related News:
DNV GL to provide ShipManager Hull software to Saipem, a contractor of Italian oil and gas industry. The software deploys 3D digital twins for managing the complete lifecycle of the hull structure.
Scania, a leading commercial vehicle producer, is exploring the chances of deploying digital twins for incorporating predictive maintenance in their vehicles.
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