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, 2021 – 2027

Industry Trends

Digital Twin Market size exceeded USD 5 billion in 2020 and is expected to grow at over 35% CAGR between 2021 and 2027. Rising internet penetration coupled with the proliferation of smartphones and the advent of technologies such as AI, Machine Learning, and blockchain in various sectors ranging from automotive to aviation is likely to fuel the industry growth.
 

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The manufacturing sector is increasingly adopting Industrial IoT with digital twin technology to design complex architecture as well as learn from the historical data through AI and Machine Learning to avoid the drawbacks of the previous models. This helps the manufacturing industries to improve their operational efficiency and increase revenue generation. The proliferation of digital technologies in the manufacturing sector is supporting the market growth.
 

During the COVID-19 pandemic, the use of digital twin technologies to manage industrial and manufacturing assets increased significantly across production facilities to mitigate the risks associated with the outbreak. Amid the lockdown, the U.S. implemented a National Digital Twin Program, which was expected to leverage the digital twin blueprint of major cities of the U.S. to improve smart city infrastructure and service delivery. The COVID-19 pandemic positively impacted the digital twin market demand for twin technology.
 

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In China, product, design and development application is set to dominate market demand

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In China, product, design, and development held around 50% of the digital twin market share in 2020 due to the rapid IIoT adoption in manufacturing, automotive, and aerospace & defense sectors to reduce time-to-market and improve product quality. The use of a twin technology enhances the efficiency of product development since building & testing prototypes in a physical environment takes not only time but also financial resources. Different concepts and their performances in the digital world can be tested with twin technology for the future use environment of the real, physical product. Comparing the concepts aids in the discovery of the best solution, which will be further developed into a new product during the product development process.
 

The virtual simulation model facilitates the participation of experts from various fields in the product development process. For example, software developers, mechanical engineers, and user interface designers can all work on the same digital twin at the same time. The major manufacturing companies are leveraging twin technology to optimize their manufacturing process by combining AI, mixed reality, and high-performance computing technology.
 

The growing market demand for improving efficiency of aircraft and reducing faults is augmenting the UK market growth

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In the UK, the aerospace & defense segment is projected to witness 40% CAGR through 2027 on account of the growing need to overcome the short comings of current practices for fleet management. The long-term vision of twin technology enables the industry to save resources with predictive and prescriptive analytics. The strategic trend of creating the digital twin of aircraft and feeding them with real-time data helps the airlines to reduce maintenance cost improve reliability and optimize the performance of aircraft.
 

The defense sector is increasingly embracing twin technology to ensure less causality and enable efficient performance of weapons and other equipment. The technology is poised to diagnose the fault in the equipment in real-time as well as offer predictive maintenance to avoid faults and enable product efficiency.
 

North America to dominate the market revenue

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The North America digital twin market is anticipated to generate a market revenue of about USD 15 billion by 2027 led by the presence of prominent technology and automation players in the region such as Microsoft Corporation, IBM Corporation, and Autodesk. The supportive government initiatives, such as connected de-icing machines at airports, smart streetlights, and smart parking initiatives related to data protection, cybersecurity, and infrastructure development, to deploy IoT/IIoT related solutions in the region are contributing to the market growth.
 

Major digital twin technology providers in the region are forming consortiums to enable the development of twin applications in diverse industry verticals. For instance, in May 2020, the Object Management Group, a non-profit organization, along with its founder organizations formed a Digital Twin Consortium. The Digital Twin Consortium is focusing on improving developments, innovations, and adoption of twin technology.
 

Major companies are focusing on strategic partnerships for developing innovative digital twin solutions

Industry participants are focusing on strategic partnerships to develop innovative twin solutions to sustain in the growing market competition. For instance, in December 2020, ABB signed a partnership agreement with Corys, a French simulation company, to develop digital twin modeling and simulation technology across the energy & process industries. This partnership helped the company to drive down capital & operational costs and reduce risks for customers.
 

Major companies 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 Systèmes, 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.
 

This market research report on digital twin includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2021 to 2027 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