The global digital twin market size was US$ 12.1 billion in 2021. The global digital twin market is forecast to reach the value of US$152 billion by 2030, growing at a compound annual growth rate (CAGR) of 31% during the forecast period from 2022 to 2030.
A digital twin represents the virtual version of an object or system that spans its lifecycle.
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COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for digital twins in the healthcare and pharmaceutical industries increased. The advantages of process automation and cloud computing increased the popularity of digital twins in order to improve process efficiency. Manufacturing, healthcare, agriculture, energy and utilities, and the automotive industries have started adopting IoT devices to improve the efficiency of the work.
Factors Influencing the Market Growth
The digital twin market is expected to rise significantly due to the increasing adoption of Industry 4.0 and the rising need for connected devices globally.
The growing adoption of IoT, big data analytics, and cloud platforms and the increasing use of Industrial IoT for design and manufacturing are forecast to fuel market growth.
The rising adoption of the digital twin in supply chain management due to a possible reduction in time, cost-effective operations, and the elimination of unplanned downtimes will fuel the market growth.
The use of digital technologies such as IoT, cloud, big data, and AI has resulted in the emergence of viruses and cyberattacks, posing a threat to an organization’s data security.
The widespread use of digital twin technologies in the manufacturing industry to address concerns such as preventing the spread of coronavirus will drive the digital twin market forward.
Geographic Analysis
Because of advancements in software and the deployment of automated solutions in several industries, high economic growth, and the presence of prominent companies, North America is expected to dominate the global digital twin market. Furthermore, rising R&D investment in the fields of IoT and surging demand for cost-effective technologies for product manufacturing will propel the region’s growth.
Due to rapid expansion in technology, urbanization, industrialization, and adoption of digital twins across sectors, Asia-Pacific is expected to register high CAGR during the projection period. China’s industrial industry has embraced digital transformation for product development, design, and development.
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Competitors in the Market
Siemens
ANSYS, Inc
Microsoft
IBM
General Electric
Oracle
Bosch Sicherheitssysteme GmbH
PTC
Dassault Systemes
SAP SE
Other prominent players
Market Segmentation
The global digital twin market segmentation is based on Technology, Type, Industry, and Region.
Digital Twin Market Based on Technology:
IoT & IIoT
Blockchain
Artificial Intelligence & Machine Learning
Augmented Reality, Virtual Reality, and Mixed Reality
Big Data Analytics
5G
Digital Twin Market Based on Type:
Product Digital Twin
Process Digital Twin
System Digital Twin
Digital Twin Market Based on Industry:
Aerospace & Defense
Automotive & Transportation
Home & Commercial
Healthcare
Energy & Utilities
Oil & Gas
Agriculture
Telecommunication
Retail
Others
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Insight by Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
?The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
?During the forecast period, the report analyzes the growth rate, market size, and market valuation.
?The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
?The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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