The Global Digital Twin Market Anticipated to Generate a Revenue of $1,25,717.4 Million Growing at a CAGR of 39.48% from 2021 to 2030Download Sample Reports Overview
The global digital twin market is estimated to be valued at $1,25,717.4 million by 2030, surging from $6,500.3 million in 2021, at a noteworthy CAGR of 39.48%.
Impact Analysis of COVID-19 on the Digital Twin Market
The novel coronavirus pandemic has benefited the overall digital twin market. During this pandemic, some government agencies launched a number of initiatives to help businesses. In India, for example, the governments of Karnataka and Andhra Pradesh used digital twin technology in September 2020 to track coronavirus spread by monitoring patient population in specific areas. With this strategy, both governments hoped to create virtual twins of cities. In the coming years, such technological adoption is expected to drive market growth. Some industry leaders have jumped at the chance to combat the coronavirus global epidemic by trying to offer various solutions. For instance, Exactcure (France), a French startup, has created a digital twin alternative to mitigate the effects of incorrectly dosed medicines. The effectiveness and interrelations of medications in a person's blood are supervised by using this digital twin solution based on characteristics such as age, sex, and kidney status. All such factors are predicted to positively impact the global digital twin market amid the pandemic.
Global Digital Twin Market Analysis
Rising demand for digital twin technology from the automotive and transportation sectors is expected to drive market growth in the forecast period. This growth is primarily due to the digital twin, which enables seamless communication between product developers & designers, end customers, and a variety of other stakeholders in order to deliver innovative and efficient vehicles. These factors are expected to accelerate the growth of the digital twin market in the coming years. Furthermore, the potential use of the Industrial Internet of Things is expected to drive demand for digital twin technology, which is expected to drive market growth. This growth is primarily due to digital twin technology's ability to transform production processes and provide efficient ways to reduce costs, optimize maintenance, monitor assets, and minimize downtime. These types of aspects and elements are fueling the digital twin market growth.
However, use of digitalization such as the big data, IoT, cloud, and artificial intelligence has become more prevalent in various areas of business. The incorporation of various IoT sensors as well as all digital technologies for par virtualization of the physical twin is referred to as digital twin. As connectivity grows, so does the risk of security, compliance, data protection, and regulations.
Industry participants are experiencing multiple issues as a result of COVID-19, including safety & health, distribution network, supplier adaptability, availability of labor, and many others. Companies that want to restart must follow all the rules put in place by government agencies to control the spread of COVID-19. 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 of 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.
Global Digital Twin Market, Segmentation
The global digital twin market is segmented based on type, industry, and region.
The type segment is further classified into system digital twin, product digital twin, and process digital twin. Among these, the process digital twin type sub-segment is anticipated to have the fastest growth in the forecast period.
Process digital twin sub-segment was the fastest growth contributor in previous decades and is expected to grow significantly in the forecast timeframe. AI is being combined with low-cost connectivity and mixed reality by manufacturers to create innovative digital twins for individual process that improves equipment capabilities. This factor is expected to drive market growth in the coming years.
The industry segment is further classified into aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, agriculture, telecommunication, and others. Among these, automotive & transportation sub-segment is anticipated to have the fastest growth during the forecast period.
In order to meet customer demands, mass production, globalization, and lean adoption are major factors motivating automotive industry players to incorporate innovative technologies such as AI, digital twins, IoT, and others. These factors will drive market growth in the coming years. During the forecast period, all of these factors are expected to promote the adoption of digital twin by large enterprises.
The digital twin market in the North America region is projected to witness highest market share during the forecast period.
This dominance is largely due to the digitalization of industries such as manufacturing, automotive, and healthcare through the use of digital twin technology, which improves the reliability of production lines.
Key Players in the Global Digital Twin Market
Some of the leading digital twin market players are
- HiPay Intelligence