18 May, 2021, 05:05 ET
SAN FRANCISCO, May 18, 2021 /PRNewswire/ -- The global digital twin market size is anticipated to reach USD 86.09 billion by 2028, according to a new study by Grand View Research Inc. It is projected to register a CAGR of 42.7% from 2021 to 2028. The spread of COVID-19 has expedited the adoption of digital twins in specific end-use industries. To work at minimum labor count with social distancing norms, end-user industries such as healthcare, agriculture, and government offices, have implemented digital twin technologies across several countries. Thus, the pandemic has resulted in providing impetus to digital twin adoption to be better prepared for any such crises in the future.
Key suggestions from the report:
- Owing to the increasing adoption of digital twin platforms across the supply chain of automotive production and selling, especially post COVID-19 pandemic, the automotive and transport segment is projected to expand at a CAGR of more than 50% over the forecast period
- Europe accounted for more than 30% of the overall market in 2020. This is attributable to the high penetration of IoT in the region, especially in Western Europe
- Key players in the market are adopting inorganic strategies to kill competition and acquire a larger market share. For instance, in January 2019, Hexagon AB announced the acquisition of j5 International, a software developer of operations management software. The acquisition would help in enhancing the company's HxGN SDx portfolio used to create and manage digital twin
Read 101 page research report with ToC on "Digital Twin Market Size, Share & Trends Analysis Report By End-use (Automotive & Transport, Retail & Consumer Goods, Agriculture, Manufacturing, Energy & Utilities), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/digital-twin-market
The use of a replica of an equipment or system helps improve the system's productivity, optimize resource consumption, and ensure that the product handling is kept at a minimum, helping large organizations improve quality and productivity. Additionally, the use of digital twins also supports new business models and offers opportunities for SMBs to expand and include technological capabilities in their organizations. Owing to the benefits of a digital twin to large and small firms alike, their demand is anticipated to expand at a healthy CAGR over the next seven years.
The growing popularity of Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), coupled with the continued automation in various industries, such as automotive, defense and aerospace, and healthcare, is prompting the manufacturers to implement digital twins in their manufacturing processes to enhance their productivity and reduce the time-to-market. Furthermore, end-use industries are increasingly demanding digital twin portfolios capable of addressing specific requirements, and the leading market players are responding to this growing demand by offering different digital twin solutions tailored for specific end-use industries. Individualized digital twins are prompting end-users to adopt digital twins across their value chain, thereby driving the market growth.
Grand View Research has segmented the global digital twin market on the basis of end-use and region:
- Digital Twin End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Automotive & Transport
- Energy & Utilities
- Healthcare & Life Sciences
- Residential & Commercial
- Retail & Consumer Goods
- Digital Twin Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Digital Twin Market
- AVEVA Group plc
- Dassault Systemes
- General Electric
- Hexagon AB
- IBM Corporation
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Intelligent Process Automation Market – The global intelligent process automation market size was valued at USD 6.02 billion in 2018 and is expected to register a CAGR of 16.9% over the forecast period.
- Virtual Prototype Market– The global virtual prototype market size was valued at USD 210.4 million in 2017. It is anticipated to expand at a CAGR of 19.4% from 2018 to 2025.
- Robotic Process Automation Market – The global robotic process automation market size was valued at USD 1.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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