Digital twin technology facilitates an integrated multi-physics, multi-system simulation to a complex product, which functions to mirror the life of its corresponding twin. Leveraging the full might of cutting-edge digital technologies, digital twins virtually mimic plant and factory products and processes which support the end-users in achieving continuous improvement and innovation.
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.
Big data analytics has already been adopted by quite a large number of industries. This has paved the way for the adoption of the digital twin technique in the forthcoming years. Furthermore, the rising deployment of 3D printing and 3D simulation software is anticipated to augment the digital twin market over the assessment period.
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.
The analysis offers a detailed segmental analysis of the global digital twin market based on end-user application and type. By end-user application, the market has been segmented into automotive & transportation, aerospace & defense, electronics & electrical / machine manufacturing, retail, healthcare, energy & utilities, home & commercial, and others.
The aerospace & defense segment has been sub-segmented into space-based monitoring and aircraft engine design and production. The automotive & transportation segment has been sub-segmented into fleet management and vehicle designing & simulation.
The healthcare segment has been further sub-segmented into patient monitoring and medical devices simulation. Lastly, the energy & utilities segment is sub-segmented into wind & gas turbines, and power infrastructure. Among these, the electronics & electrical / machine manufacturing segment is poised to hold the maximum share of the global digital twin market through the forecast period. Its valuation has been estimated to touch USD 9416.3 Mn towards the end of 2025.
By type, the digital twin market has been segmented into product twin, process twin, parts twin, and system twin. The product twin is prognosticated to hold the most significant share of the market. Meanwhile, the system twin segment is forecasted to strike the highest CAGR of 44.46% over 2025.
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:
May 21, 2019 ---– Bentley Systems, Incorporated (the US), a software development company announced the acquisition of Keynetix Limited (the UK), a software company that develops and provides cloud-based software for capturing, visualizing, modeling, and sharing geotechnical data to enable subsurface digital twin services.
The addition of Keynetix software expands Bentley’s geotechnical offerings, accelerating Bentley’s vision of enabling subsurface digital twins for infrastructure projects and assets.
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