According to a recent market study published by Growth Market Reports, the market is projected to reach USD 113.3 billion in 2030 and is expected to expand at a CAGR of 42.7% during the forecast period. - PRNewswire
The market is projected to reach USD 113.3 billion in 2030 and is expected to expand at a CAGR of 42.7% during the forecast period. The global digital twin market is projected to expand at a rapid pace, due to the emerging economies, growing population, increasing per capita income, and the rising adoption of digitalization among consumers.
Key Market Players Profiled in the Report
- GE Digital
- IBM
- Microsoft
- Siemens
- SAP
- Oracle
- ANSYS, Inc
- Bosch Sicherheitssysteme GmbH
- Swim Inc
- Mevea Ltd
- PTC
- Rescale, Inc.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include types, technologies, enterprises, applications, industry verticals, and competitor analysis.
This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Digital Twin Market
In terms of types, the global digital twin market is segmented into products, systems, processes, and others. The systems segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to the increasing use of digital twins in various applications by consumers.
Based on technologies, the global digital twin market is segmented into IoT & IIoT, blockchain, artificial intelligence & machine learning, big data analytics, and others. The artificial intelligence & machine learning segment is expected to grow at a significant pace during the forecast period, as digital twin technology is easy to retrain, reuse, and adapt to the existing environment. The AI-enabled digital twin technology offers repeated use and improving functionality by enhancing productivity.
On the basis of enterprises, the global digital twin market is segregated into large enterprises and SMEs. The large enterprise segment is expected to expand at a rapid rate during the forecast period, due to the growing adoption of digital twins by large enterprises for predicting success, maintenance requirements, and failure in enterprises operations.
Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, owing to the growth in large-scale industrialization and rising population in the region. The market in North America is anticipated to hold a substantial share of the global digital twin market, due to the increasing deployment of automation solutions by the manufacturing industries.
Key Takeaways from the Study:
- The digital twin market in North America is expanding and dominating as compared to other regional markets, as the deployment of digital twin aids in improving production lines and downstream operations.
- The key players in the North America region investing significantly in the digital twin market. North America becomes a major hub for technological innovations. For instance, in August 2021, the General Electric company upgrades its on-premise analytics software, which is Proficy CSense.
- The market in the Asia Pacific region is attributed to the proliferation of connected devices. Countries including India, China, Australia, and South Korea have a great potential for integrating digital transformation.
- Automotive segment is anticipated to grow at a significant pace, owing to the rising deployment of automation solutions by the manufacturing industries. The rise in the usage of digital twins for manufacturing, simulation, designing, MRO (maintenance, repair, and overhaul), and after-sales is correlated with the expansion of the automobile market.
- Key players in the market introducing innovative and advanced products. Companies are encouraged to invest in the R&D of goods and automated processes by the fierce rivalry among large firms.
Read 213 Pages Research Report with Detailed ToC on "Global Digital Twin Market by Types (Products, Systems, Processes, and Others), Technologies (IoT & IIoT, Blockchain, Artificial Intelligence & Machine Learning, Big Data Analytics, and Others), Enterprise (Large Enterprises and SMEs), Applications (Product Design & Development, Performance Monitoring, Predictive Maintenance, Inventory Management, Business Optimization, and Others), Industry Verticals (Manufacturing, Automotive, Aerospace & Defense, Energy & Utilities, Oil & Gas, Healthcare, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030"
