"Smart Strategies, Giving Speed to your Growth Trajectory"
The global digital twin market size was USD 5.30 billion in 2020. The impact of COVID-19 in the market has been adverse, with solutions witnessing a declining demand across the region during the pandemic. Based on our research, the global market exhibited a substantial growth of 28.5% in 2020, as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 6.90 billion in 2021 to USD 72.35 billion in 2028 at a CAGR of 39.9% during the 2021-2028 period. The sudden decline in Compound Annual Growth Rate (CAGR) is attributable to this market’s growth and demand, returning to pre-pandemic levels once the crisis is over.
Digital twin includes four core technologies including internet of things (IoT), cloud, extended reality (XR), and artificial intelligence. These technologies allow for the creation of a digital representation, collection and storage of real-time data, and provision of important insights based on the information gathered. With the rising adoption of these technologies across twin type solutions, the market is expected to grow at a substantial growth rate. For instance,
The digital twin market growth anticipated is owing to increasing investment by market players to advance their product offerings and expand their business geography globally. For instance,
Rising Investment in IT Projects have Augmented Demand amid Pandemic
Considering various preliminary indicators from the post COVID-19 pandemic, a decline is witnessed in the overall demand for a digital solution across various industries. Also, owing to the pandemic, various business strategies and projected investment situations, and others are on hold owing to lack of operability. The stance for the twin type market size in the year 2021 and beyond, remains uncertain. However, during the first quarter of 2021, key players in the market are adopting various strategies to restructure their business model and expand their commercial globally. For instance,
During the short-term impact, the market is expected to grow with sloppy growth in the coming years (2020-2023). High investments by various key players and governments in IT projects are likely to create growth of the digital solutions, as it is one of the significant technologies in automation. For occurrence,
Request a Free sample to learn more about this report.
Adoption of Product Twin across Healthcare & Life Science Sector to be Emerging Trend
The incorporation of twin solutions across the healthcare & life science sector is considered as one of the emerging trends. These solutions are increasingly deployed across the pharmaceutical sector to estimate the conclusion of procedures, resulting in fewer physical and real-world tests or process completions. These factors assist healthcare users to develop and authenticate drug applicants. According to the Swedish Digital Twin Consortium, product twin solutions are in the emerging phase and could be used to personalize healthcare treatment. The aim is to develop secure network models and then match those twins computationally.
With the rise in awareness of the digital solutions, key players are engaged in developing digital models for life science research and development. For instance,
Advancement in Technology such as IoT, AI, Cloud, and others, to Drive Adoption
Internet of things (IoT), is one of the primary technologies used in all virtual twin applications. Data from real-world entities are collected and utilized to generate a digital duplicate of the physical object. This information collected is further studied, and optimized to create valuable insights. The increasing adoption and need for IoT technology across various industries are expected to drive the growth of the market. End-use enterprises are increasingly adopting digital solutions based on IoT technology. For instance,
Moreover, the growing advancement in technologies such as Artificial Intelligence (AI), cloud, 3D simulation and 3D printing software, and others, is predicted to boost the demand.
Concerns of Privacy and Security to Impede Adoption of Twin Solution
The demand for virtual twin solutions based on technologies such as the IoT, big data, cloud, and artificial intelligence is becoming more common in industries. For developing the physical twin, the solution involves the integration of multiple IoT sensors and other digital technologies. With the increasing number of IoT sensors and electronic programmable devices, there is an augmented risk of security, compliance, and data protection, as well as legislation.
There might be a high prospect of some anonymous individual or a hacker effortlessly stealing the information of mechanisms owing to a lack of privacy-related rules. Increasing concerns of privacy and security are predicted to affect the demand across healthcare, government, and critical infrastructure sectors.
Adoption of Product Twin across Healthcare to Boost Segment Growth
Based on the type, the market has been bifurcated into parts twin, process twin, product twin, and system twin.
Amongst them, the product twin is predicted to capture the key share during the expected period. The growth in the segment is owing to the rising demand for IoT sensors, and electronic manufacturing devices across the healthcare industry. According to IoT World Today in March 2021, virtual twin is highly adopted across the healthcare industry to develop advanced product twin applications. In healthcare, technology has begun to aid doctors in better understanding patient diseases, including novel ones like COVID-19's effect on the lungs.
The twin is expected to grow at a substantial progress rate during the projection period (2021-2028). The incorporation of extended reality technology and predictive analysis tools has driven the demand across electronics & electrical/machine manufacturing, automotive & transportation, and others.
Rising Demand for Twin Solutions across Space-Based Monitoring to Boost Segment Growth
Based on the application, the market has been bifurcated into aircraft engine design and production, space-based monitoring, fleet management, vehicle designing & simulation, medical device simulation, patient monitoring, wind & gas turbines, and power infrastructure.
The space-based monitoring is expected to grow at a considerable growth rate during the prediction period (2021-2028).
The aerospace & defense market is divided into aircraft engine design and production and space-based monitoring.
The automotive & transportation market is separated into fleet management, vehicle designing & simulation.
The healthcare market is distributed into medical device simulation, patient monitoring. The energy & utility market is allocated into wind & gas turbines, and power infrastructure.
To know how our report can help streamline your business, Speak to Analyst
Adoption of 3D Simulation and 3D Printing Software Across Automotive & Transportation to Boost Growth
Based on the end-user, the marketplace has been bifurcated into home & commercial, electronics & electrical/machine manufacturing, automotive & transportation, aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others.
Among the segments, automotive & transportation are forecast to hold the major part during the anticipated period. The growth in the section is owing to the increasing demand for 3D simulation and 3D printing software across applications such as fleet management, vehicle designing & simulation. Other segments such as aerospace & defense, retail, healthcare, energy & utilities, IT and telecom, and others, are expected to rise with a significant growth rate. The growth is owing to rising adoption of automation technologies such as robotic process automation (RPA), industry 4.0, and others. The rising adoption of these technologies would create opportunities for key players to develop customized solutions to cater to end-users.
North America Digital Twin Market, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Geographically, the market is divided across five major regions, namely, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
North America is predicted to develop with momentous CAGR during the forecast period (2021-2028). As the end-users across industries such as healthcare, home & commercial, and others, in the U.S. are investing to adopt parts twin and product twin. Moreover, the U.S. and Canada mark the presence of key providers such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., and others. Players in the market are involved in mergers and partnerships with technology providers to strengthen their product offerings and escalate the client base. For instance,
Asia Pacific is likely to grow with the uppermost CAGR during the prediction period (2021-2028). End-users across manufacturing processes in countries such as China, India, Japan, South Korea, South East Asia, and others, are increasing their venture investment to adopt twin technologies.
The market in the Asia Pacific is highly industrialized. The growth in the region is attributable to the presence of a huge number of end-users in industries such as automotive & transportation, electronics & electrical/machine manufacturing, healthcare, and others. China is the leading country in adopting the virtual twin.
The Latin American market is in the emerging phase, owing to growing investment done by local government and global key players in energy & utility sectors. Key players in the market are aiming on escalating their terrestrial presence across Caribbean nations by offering twin types enabled with innovative technologies.
The market in the Middle East and Africa is in the developing phase, owing to an increasing number of start-ups and domestic players such as Vervelogic, XPLOR, and others. These companies are investing in the advancement of twin type based on cloud services.
Key Players Developing Twin Platform to Strengthen their Positions
SAP SE, Siemens AG, ANSYS, Inc., Hitachi Vantara, Dassault Systèmes SE, and others are the prominent players in the market. The share of these companies is owed to their constant expansion in the field of virtual twins based on cutting-edge technologies such as artificial intelligence (AI), IoT smart devices, cloud, and others. Market players are concentrated on completing various business approaches to advance twin types. For instance,
To gain extensive insights into the market, Request for Customization
The digital twin market research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and leading product applications. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD billion)
Type, Application, End-Users and Region
Fortune Business Insights says that the global market value stood at USD 5.30 billion in 2020.
By 2028, the market size is expected to reach USD 72.35 billion.
The market is expected to grow at a CAGR of 39.9% during the forecast period (2021-2028).
By end-users, the automotive & transportation segment is expected to lead the global market share during the forecast period
Rapid adoption of IoT and Industry 4.0 technologies and increasing adoption of 3D simulation and 3D printing software are considered as few of the key drivers for growth of the market.
SAP SE, Siemens AG, ANSYS, Inc., Hitachi Vantara, Dassault Systèmes SE, and others, are the prominent players in the global market.
The product twin segment holds the major market share.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry