Digital Twin Market size worth over $35 billion by 2026
Published Date: September 9, 2020 Authors: Preeti Wadhwani, Sachin Kasnale
Digital Twin Market size is set to surpass USD 35 billion by 2026, according to a new research report by Global Market Insights, Inc.
Advent of AI, ML, AR, and IIoT across industries will drive the market growth. Digital Twin technology enables software representation of enterprise process and physical assets to enhance the performance. It also analyzes historical performance data and present resource conditions using machine learning algorithms. This helps organizations to resolve the performance issues and enhance the operational efficiencies in dynamic market condition. Decline in profitability and scarcity of working capital due to the COVID-19 pandemic impact is expected to generate more demand for the technology.
Increasing demand for agility and reduction in costs to propel the uptake of Digital twin solutions
The digital twin market has witnessed a growing demand for agility and flexibility in business operations along with minimizing capital investments. Digital Twin allows enterprises to predict the performance requirement for future business output, enabling companies to manage the component accordingly. The companies from different markets also receive long-term benefits to improve revenues and overall growth. Additionally, the demand for automated prediction and standardization of business equipment across enterprises are anticipated to create new market opportunities for vendors.
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Browse key industry insights spread across 221 pages with 156 market data tables and 35 figures & charts from the report, “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” in detail along with the table of contents:
Improvement of support & service delivery pipeline to drive the application segment growth
The digital twin market from process support & service application is expected to grow at over 37% CAGR from 2020 to 2026. Enterprises from diverse markets are required to ensure optimum aftersales support & maintenance service quality to improve customer satisfaction. Moreover, the extensive demand to reduce the overhead costs across enterprises is enabling the adoption of digital twin technology solutions. Furthermore, service providers are developing a sophisticated technology to reduce the process engineering waste. This is enabling enterprises to focus on improving process support & service delivery in the market.
Enhancing the lifecycle of manufacturing equipment and reducing the operational costs
The adoption of digital twin technology and solutions across manufacturing is anticipated to witness around 34% CAGR through 2026. The extensive penetration of IoT and industrial IoT to enable remote commissioning of business components and products is supporting the technology adoption. This allows enterprises in better understanding of machines and processes at work with real-time data & visual information. This helps companies to identify critical areas and make informed decisions to gain a competitive edge in the market.
Growing adoption of industrial IoT and digitization across industries in Asia Pacific
Asia Pacific digital twin market is set to attain more than 30% share by 2026. Increasing competitiveness and new entrants in the market have pressurized enterprises across the region to modernize the business operations with the adoption of mobile devices such as IoT, IIoT, etc. Moreover, region players are developing advanced technology solutions for diverse industry applications. For instance, in February 2020, Huawei Technologies launched a 5G Digital Engineering solution based on digital twin technology. The solution simulates a physical site with digital operations. The digital site twin helped companies in the telecom market to manage their network infrastructure from planning to maintenance.
Focus on strategic collaboration strategies by key players to supplement market share
The companies operating in the digital twin industry are emphasizing more on collaborative product developments to tighten their position.
Some of the key players operating in the digital twin market include ABB Group, Accenture Plc, Ansys Inc., Autodesk Inc., Aveva Group Inc., Bentley Systems Incorporated, Capgemini SE, Dassault systems, General Electric Company, IBM Corporation, Infosys Limited, Microsoft Corporation, Oracle Corporation, PTC Inc., Rockwell Automation, Robert Bosch GmbH, SAP SE, SAS Institute Inc., Siemens AG, Schneider Electric SE, TIBCO Software Inc., and Wipro Limited.