The global digital twin market accounted for a value of USD 3.9 billion in 2019. The market is projected to register growth at a CAGR of 40.2% during forecast period.
COVID-19 has impacted the digital twin market significantly. The growth of end-use industries is immensely affected due to spread of corona virus. The demand for various products is showing negative trend. The supply chain has been disrupted and companies are unable to meet timeline of finished product delivery. The major end-user industries such as transportation & automotive, energy & power and aerospace & defense have seen significant decline in their respective products. The digitization is likely to resume growth post COVID-19 and demand of digital twin market is likely to witness boost from 2021.
For more details, visit: Global Digital Twin Market By Type(Product, System, Process), By Application(Predictive Maintenance, Others), By End-User(Automotive & Transportation, Healthcare, Retail, and others ), By Region–Forecast & Opportunities to 2026
The corona virus is spreading across the world and healthcare and pharmaceutical sector is combating with corona virus. The healthcare segment is using digital twin system for monitoring patient’s health. This is likely to drive growth in digital twin market during forecast period.
On the basis of type, the digital twin market is segmented into product digital twin, system digital twin and process digital twin. The system digital twin segment is estimated to account for largest market share during forecast period. The demand and use of digital twin system is increasing rapidly around the globe. In various applications such as defense and aerospace and automotive industry are using digital twin system at large scale. The automotive and transportation companies such as Tesla motors etc are implementing systems digital twin systems in their facility. This is likely to drive growth in system digital market during forecast period.
On the basis of end-use, the digital twin market is segmented into aerospace & defense, automotive & transportation, healthcare, home & commercial, oil & gas, energy & utilities, telecommunication, agriculture, retail and others. The automotive & transportation segment accounted for largest market share in 2019. It is estimated to register growth at highest CAGR of 40.0% during forecast period. The adoption of digital twin system in this sector for designing and simulation is increasing rapidly. This industry is adopting digital twin systems for their end-to-end operations. This drives growth in automotive & transportation market during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The demand and adoption of digital twin system is increasing in various countries of this region. Countries such as India, China and Japan have taken various initiatives to promote use of various IoT systems in industries. the rise in urbanization and industrialization has increased the adoption of IoT systems. This is likely to drive growth in this region during forecast period.
The key market players in digital twin systems are General Electric, IBM, PTC, Microsoft, Siemens AG, Ansys, SAP, Oracle, Robert Bosch, Swim AI, ABB, Emerson, Honeywell, Schineider and Dassault System.
- What are the expected industry trends over the next three to five years?
- Which of the digital twin type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?