Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Digital Twin Market size exceeded USD 4 billion in 2019 and is estimated to grow at a CAGR of over 30% between 2020 and 2026. The rising internet penetration coupled with the proliferation of smartphones and the advent of advanced technologies such as VR, AR, AI, machine language, deep learning, and blockchain is driving the market growth. This technology is helping to reduce the time to market, increase operational efficiency, and improve product lifecycle for various end-use segments such as healthcare, automotive, and aerospace.
 

Get more details on this report - Request Free Sample PDF
 

The digital twin technology enables supply chain managers to better control their stocks. For instance, the IoT sensors deployed in smart stores use the data through IoT sensors and analyze them with the digital twin technology and big data analytics to increase the shopper value and improve the efficiency in supply chain in real-time. This technology growth is highly dependent on the manufacturing and automotive sectors. The uneven fluctuations such as fluctuations in vehicle sales and foreign exchange fluctuations in these sectors impacts the revenue and growth rate of the digital twin industry.
 

Get more details on this report - Request Free Sample PDF
 

Product design and development application is expected to dominate the U.S. digital twin market

Product design and development application in the U.S. held more than 50% market share in 2019 due to increasing demand to predict accurate outcome, rising needs to improve product performance, the ability to rapidly detect the faults, and build potentially better products. Digital twin expedites the designing process, leading to a faster time-to-market new product. Additionally, digital twin of products also compares the actual product behavior to its design and behavior deviations are assessed to influence future development iterations of the product.
 

The digital twin supports the acceleration of product development timeline at reduced cost due to the rapidly growing adoption of IoT coupled with the proliferation of smart connected devices. The emergence of increasingly favorable storage & computing costs, the number of use cases, and possibilities to enable a twin technology has greatly expanded, in turn driving the business value. The use of this technology in transportation is anticipated to change the driving experience and reduce the fatality rate with the digital twin of vehicles being monitored in real-time.
 

As the automotive and industrial sectors have experienced significant losses in terms of decline in demand and disruption of supply chains due to the COVID-19 pandemic, digital twins are emerging as excellent tools for cost optimization across the industry value chains.
 

The aerospace & defense application is predicted to be the most lucrative market in UK

Get more details on this report - Request Free Sample PDF
 

In the UK digital twin market, the aerospace and defense segment is projected to witness growth of over 40% during 2020-2026 owing to growing demand of aircraft digital twin for feeding real-time data that helps the airlines to reduce maintenance cost as well as improves the reliability and optimizes the performance of aircrafts.
 

For instance, in September 2018, Boeing announced that it was able to save up to a 40% improvement in the first-time quality of the parts & system to manufacture commercial & military airplanes by using the digital twin asset development model. This model is anticipated to be the prominent driver of production efficiency improvement. The defense sector is increasingly embracing the digital twin technology to ensure less causality and enable efficient performance of the weapons and other equipment.
 

Digital twin technology is anticipated to diagnose the fault in the equipment in real-time as well as offer predictive maintenance to avoid faults and enabling the product efficiency. For instance, in April 2019, the new Aegis virtual twin system completed the first live-free engagement on the U.S. Navy’s Arleigh Bruke-class destroyer USS Thomas Hudner (DDG 116). The virtual prototype is compact in size. Sailors on the destroyer operated the virtual twin to fire a missile against an incoming target.
 

North America is expected to dominate the global market

Get more details on this report - Request Free Sample PDF
 

The North America digital twin market held more than 30% share in 2019 and is poised to continue dominance through 2026. The presence of prominent technology and automation player in the region is proliferating the market growth. The rapid adoption of IoT/IIoT in various sectors such as manufacturing, automotive, and healthcare due to the rising internet penetration, availability of cheap IoT sensors, and the proliferation of smart connected devices has created new opportunities for revenue growth.
 

The presence of developed IT infrastructure and supportive government initiatives to support the advent of Industry 4.0 in the region is contributing to the digital twin market demand. The supportive policies and initiatives in the U.S. to enforce the companies and organizations to protect their systems and information from cyber-attacks are also accelerating the market. To strengthen the cybersecurity laws, the government has launched several new laws and amendments to the older regulations.
 

Various government institutions as well as industry associations, such as NIST, ISA 99 committee, and NERC, are involved in developing and issuing guidelines and best practices for securing OT environments against evolving cyber threats.
 

Major industry playersare focusing on developing innovative digital twin solutions

Companies operating in the digital twin industry are focusing on developing innovative digital twin solution to sustain in growing market competition. For instance, in March 2019, Oracle Engineered Systems, the digital twin arm of Oracle, launched customized small-scale digital twin solutions for enterprises that are in niche stages of adopting the technology. This was a part of Oracle’s strategy to gain foothold in the evolving market by accelerating the commercialization of its solutions.
 

Major companies operating in the digital twin market are ABB Group, Accenture Plc, Ansys Inc., Autodesk Inc., AVEVA Inc., Bentley Systems, Incorporated, Bosch Rexroth AG, Capgemini SE, Dassault Systems, General Electric Company, IBM Corporation, Infosys Ltd., Microsoft Corporation, Oracle Corporation, PTC Inc., Rockwell Automation, SAP SE, SAS Institute, Schneider Electric Inc., Siemens AG, TIBCO Software Inc. and Wipro Ltd.
 

The market research report on digital twin includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:
 

Market, By Application

• Product Design and Development
• Machine and Equipment Health Monitoring
• Process Support and Service

Market, By End-Use

• Manufacturing
• Healthcare
• Retail & Consumer Goods
• Automotive
• Aerospace & Defense
• Energy & Utility
• Infrastructure Buildings
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• LAMEA
  • Brazil
  • Mexico
  • South Africa
  • GCC