The global market size of digital twins market was worth USD 4.0 billion in 2020 and is expected to reach USD 8.2 billion by 2026. The market is projected to grow with a CAGR of 59% from 2020-2026.
The term digital twin is defined as the digital representation of any product, process or service. Digital twin can be a digital copy of an object like jet engine or wind farms. Digital twin is a computer process or a program
Digital twins are extremely becoming famous day by day. Digital twin plays a vital role in administering patient’s health. With the use of digital twin, the efficiency and medication interactions can be monitored through the patient’s personal characteristics like gender, age and etc.
COVID Impact on Digital Twins Market
The sudden eruption of the Coronavirus (COVID-19) pandemic has caused a major disruption throughout the world. The pandemic has created economic crisis over the industries. Because of the widespread of COVID-19, the end-user industries have been affected. During the lockdown, the U.S. has executed a National Digital Twin program, projected to influence the digital twin outline of smart cities of the U.S to upgrade service delivery and smart city infrastructure.
Moreover, the pandemic has created a positive influence in the digital twins and the demand for digital twins has urged in medical sector and pharmaceutical industries. The healthcare domain and pharmaceutical industries are spearheading to fight against the novel coronavirus. For example, market players who develop digital twin solution can recognize people who are infected or who have symptoms of coronavirus. Also, helps the government to identify and administer green and red zones.
• Rising Demand For AI, Machine Learning , and IoT
The demand for technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) along with the continuous automation among different industries like healthcare, defense, and aerospace assist the producers to execute digital twins to increase their productivity and also curb down the time-to-market.
• COVID-19 Impact
Due to the COVID-19 pandemic period, the maintenance face has changed along with rising adoption of digital twin solutions to endure with the pandemic escalating the digital twins market growth during the forecast period.
• Cost Factor
Companies have the fear of cost because the cost is high as new technologies come into existence. The determination of digital twin is very difficult and diverse. The above mentioned factors restrain the market growth.
• Lack of Awareness
Many of the companies are not clear about the new technology and economic advantages and investments involved.
Market Size Available
2020 – 2026
2021 – 2026
By Application, Type, End-Use Industry, and Region
North America, APAC, Europe, LATAM, MEA
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The research report has been segmented and sub-segmented based on application, type, and end-user.
• Product Design and Development
• Performance Monitoring
• Predictive Maintenance
• Inventory Management
• Business Optimization
Based on the digital twin’s application market, the predictive maintenance segment is said to lead the market with the highest revenue share. Post COVID, the demand for predictive maintenance in digital twins is intensifying the digital twins’ market growth during the forecast period.
o Design Software
By type digital twin market, software segment leads the market.
Based on the end-user digital twins market, the automotive and transportation segment is leading over the forecast period. Factors responsible for the market growth are growing use of digital twins for designing and production, repair. The segment is anticipated to witness highest growth post-COVID due to the adoption of digital solutions by different industry players so as to reduce their loss took place during the pandemic period. The demand for automation across different sectors is expected to escalate the digital twin platform escalating the market growth.
Manufacturing segment is expected to have quick growth in the digital twin market. The segment use automation and robotics and highly adopt IoT technologies in order to increase the market growth.
Geographically, North America is dominating with highest revenue share in the digital twins market during the forecast period. The United States is leading the digital twins market with the largest revenue share throughout the region.
Digital twins market in Europe is standing second in place after North America. In Western Europe, the digital twins market is insisting attributing due to the high perforation of Internet of things (IoT). The U.K. market for digital twin is stimulating the automotive industry and biotechnology industry. Moreover, the quick and early adoption of these technologies in the region is one factor which is driving the digital twin market. Germany is known for its advanced technologies playing a vital role in digital twin market over the region.
However, Asia-Pacific is projected to administer quickest growth rate throughout the forecast period. The region’s growth owes to stimulating Internet perforation, rising familiarity of IoT, and constant growth rate throughout the period. China leads the digital twin market with highest revenue market share. China and India are the major contributors in the digital twin market and enlarge with 50% of the market share in the upcoming years. The market in these two countries is due to technology, infrastructure and developments in agriculture and the adoption of digital twin is projected to increase the market growth in the region.
Latin America and Middle East & African digital twin market is anticipated to grow with a constant rate throughout the forecast period.
Market Key Players
Major players participating in the digital twin market are General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).
Dassault Systems paired up with ABB Ability digital solutions and 3DEXPERIENCE Platform of Dassault System’s. The partnership leads to concentrating process industry automation, factory automation and robots and many more.
Huawei has introduced Industry’s First Site Digital Twins Based on 5G Digital Engineering Solution, in February 2020.
FARO technologies obtained Advanced Technical Solutions, industry that provides solutions for 3D digital twin technology, in August 2020.
In January 2029, Hexagon AB acquired j5 International, which is software developer of operations management software. The acquisition helps to improve the company’s (HxGN SDx) and is used to create and administer manage twin.
• On May 26, 2021, recently, Robert Bosch launched novel Artificial Intelligence (AI) with Internet of Things (IoT) AIoT platform Phantom Edge. The Phantom Edge has got capable applications over various industries like agriculture, mobility, healthcare etc. The Edge makes use of inviolable sensors to gather power signatures and algorithms.
• On May 18, 2020, Siemens and Atos worked together with one pharmaceutical company to upgrade the production and is being tested with the use of process digital twin in pharmacy producing AI, Iot and Advanced Analytics.
• On December 08, 2020, Microsoft unveiled the launch of Azure Digital Twins, which is a base allowing the creation of knowledge graphs.
• On June 17, 2021, General Electric (GE) developed predictive analytics suite containing GE’s software solutions.
• On July 16, 2020, Bentley Systems acting as digital integrator help infrastructure asset owners to promote their specific enterprise environments to leverage digital twins.
Digital Twins Market - Forecast (2021 - 2026)
Chapter 1. Digital Twins Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Digital Twins Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2021 - 2026
2.3.2. Impact on Supply – Demand
2.3.3. Impact on Production Cost
2.3.4. Impact on Supply Chain
Chapter 3. Digital Twins Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Digital Twins Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Digital Twins Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Digital Twins Market – By Application
6.1. Product Design & Development
6.2. Performance Monitoring
6.3. Predictive Maintenance
6.4. Inventory Management
6.5. Business Optimization
Chapter 7 . Digital Twins Market – By Type
7.1.1. Design software
Chapter 8 . Digital Twins Market – By End Use Industry
8.1. Aerospace and Defense
8.2. Smart Homes & Smarter Cities
8.3. Automotive and Transportation
8.5. Energy and Utilities
8.6. Chemicals and Materials
Chapter 9. Digital Twins Market , By Geography – Market Size, Forecast, Trends & Insights
9.1. North America
9.2.7. Rest of Europe
9.3. Asia Pacific
9.3.2. South Korea
9.3.5. Australia & New Zealand
9.3.6. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. Middle East
9.4.3. South America
Chapter 10. Digital Twins Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
10.1. Company 1
10.2. Company 2
10.3. Company 3
10.4. Company 4
10.5. Company 5
10.6. Company 6
10.7. Company 7
10.8. Company 8
10.9. Company 9
10.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.