Digital Twin Market size worth over USD 50 Bn by 2027
Published Date: July 13, 2021 Authors: Preeti Wadhwani, Smriti Loomba
Digital Twin Market size is set to surpass USD 50 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising demand from enterprises to gain actionable insights into the health & performance of physical assets is likely to digital twin industry growth. Industrial consortiums are also witnessing the entry of other enterprises to accelerate the digital twin technology developments. For instance, in March 2021, Esri, Inc. joined Digital Twin Consortium to accelerate the digital twin technology developments. These consistent technology developments and growing popularity of industrial virtualization tools are expected to contribute to the demand.
Advent of connected devices coupled with the adoption of industry 4.0 to drive the digital twin market growth
The extensive penetration of industry 4.0 solutions and connected industrial devices is anticipated to boost the market revenue. The need to bridge the gap between the virtual and physical environment across several markets is enabling the digital twin technology adoption. The use of this technology helps companies in predicting the business output and monitoring the performance capabilities of industrial components across facilities. The growing need for standardization and prediction framework is fueling the overall market growth.
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Enhancement in service delivery pipeline to enhance the process support and service segment demand
The process support & service application is projected to grow at around 35% CAGR through 2027. The use of digital twin technology helps companies in improving industrial output with optimum maintenance & support infrastructure. Additionally, companies minimize the overhead costs associated with infrastructure processes. The adoption of this technology solutions helps companies in reducing the waste in engineering processes. The growing emphasis on optimizing business service deliveries is augmenting the market statistics.
Browse key industry insights spread across 257 pages with 159 market data tables and 44 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Industrial focus on minimizing operational expenditure and optimizing manufacturing lifecycle will spur technology adoption
The demand from manufacturing sector held more than 25% of the digital twin market share in 2020. The enterprise-wide demand for reduced down time and operational inadequacies is enabling the technology acceptance across markets. The industrial transitions along with industry 4.0 and the need for enhanced efficiencies are supporting the digital twin technology usage. Companies, such as Boeing, are also witnessing improved product quality and improvement rate, enabling market growth.
Growing digitization and proliferation of industrial IoT in Asia Pacific to foster market revenue
The Asia Pacific digital twin market is predicted to generate revenue of over USD 15 billion by 2027 on account of the expansive usage of industrial robotics and strategic partnerships. For instance, in April 2021, Taylor & Francis Group partnered with Beihang University and launched the world’s first open research publishing platform dedicated to Digital Twin technologies. This helped the company to serve enterprises across diverse industry verticals.
Focus on new product developments by key players to supplement market share
The enterprises engaged in the industry are focusing on new product developments to cater to the industrial demand and enhance market position. For instance, in April 2021, Fujitsu Limited unveiled Digital Twin Collector, an integrated virtualization platform for automotive enterprises. The platform features advanced functions, such as traffic scheduler and data coverage, to provide consistent communication from mobility devices to the cloud network. This launch helped the company to enhance its technology market.
Some of the key digital twin market players 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.