NEW YORK, Dec. 21, 2020 /PRNewswire/ -- Global digital twin market is predicted to witness a significant growth during the forecast period, 2020—2027. System sub-segment is predicted to be the most beneficial. Automotive and transportation segment is anticipated to be the most lucrative. Asia-Pacific is expected to lead the market.
Research Dive has recently added a report to its offering, titled "Digital Twin Market, by Type (System Digital Twin, Product Digital Twin, Process Digital Twin), End Use Industry (Aerospace and Defense, Automotive and Transportation, Home and Commercial, Healthcare, Energy and Utilities, Oil and Gas, Agriculture, Telecommunication, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027"
The global digital twin market is anticipated to garner a revenue of $52,081.0 million at a CAGR of 41.3%, increasing from $3,500.0 million in 2019, during the forecast period.
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Asia-Pacific regional market is expected to experience a remarkable growth during the forecast period. The region is anticipated to produce a revenue of $13,020.0 million by the end of 2027. There is a growing demand for digital twin by several industries such as automotive, manufacturing and other verticals to minimize the labor cost in the Asia-Pacific countries such as China, Japan, and India.
Highlights of the Report
The report has divided the market into different segments based on type, end-use, and regional outlook.
- In the type segment, system digital twin type sub-segment accounted for the highest global market share in 2019 of about $1,920.8 million. This segment is anticipated to generate the highest market share during the forecast period. The reason behind this growth is the rising usage of system digital twin technology by industries such as automotive, manufacturing, oil & gas, energy & utilities and others.
- Among the end-use industry, automotive and transportation industry is expected to be the most profitable segment. The segment accounted for $746.5 million in 2019 and is further predicted to continue its dominance by garnering a revenue of $12,112.5 million during the forecast period. This growth is mainly attributed to the increasing usage of digital twin technologies in the sector for generating the digital models of connected vehicles.
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Dynamics of the Market
Digital twin is the digital representation of living and non-living objects which includes things, people, processes, and others. It is used to analyze operations as well as insights of the critical processes. This is the major reason behind the growth of the global digital twin market.
The main restraining factor behind the growth of the market is the huge initial investments required for its installation. Digital twin also requires high maintenance expenditure which is another factor hampering the growth of the market.
An increase has been observed in the adoption and implementation of the digital twin by industries such as manufacturing, automotive, energy & utilities, and others in the recent years. This factor is expected to create many opportunities for the market in the upcoming years.
Top 10 Key Players in Digital Twin Market
As per the report, the leading players of the global digital twin market include
- ANSYS, Inc.
- General Electric
- Dassault Systèmes
- Robert Bosch GmbH
These players are currently focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market. For instance, in July 2020, Dassault Systèmes, the global leader in engineering and software, has announced the enhancement of collaborative data science capabilities on the 3DEXPERIENCE platform. Dassault Systèmes' customers can capitalize on their data patrimony by engaging in new virtual twin experiences in which important knowledge found in unstructured text data is transformed into actionable content and insights.
The report also encapsulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments in the industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
COVID-19 Impact Analysis on the Digital Twin Market
The COVID-19 pandemic has impacted the global digital twin market in a positive way. During the pandemic, significant manufacturers are implementing different tactics including product launches and product enhancements by investing in R&D to rise the market share. Several companies are focusing on delivering the most innovative solution for efficient operations, enhance product quality, improve safety, and minimize downtime during the coronavirus outbreak.
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