Digital Twin Market Outlook 2027 By Technology, By Application, Size, Share, Trends, Growth Analysis

According to TechSci Research, Global Digital Twin market is anticipated to grow at a CAGR of 32.34% during the forecast period to reach USD43,264.08 million by 2027. Anticipated growth in the market can be attributed to increasing penetration of smart technologies coupled with accelerated adoption of 5g. 5G supports a huge number of connected devices without lags and can provide longer battery life, which is expected to propel the market for smart technologies, such as digital twin in the upcoming five years.

A virtualized dynamic representation that acts as the real-time digital equivalent of a physical object or process is referred to as a digital twin. It employs simulations to profile, anticipate, and optimize the performance of industrial asset using a combination of data and intelligence. Digital Twin is an important component of the Industrial Internet of Things because it enables the automated control and monitoring of industrial assets and processes, including product design, manufacturing process planning, asset performance management, business and operation optimization, and so on.

Industry 4.0- Smart Industry Era Drives the Market Growth

The smart industry is the new frontier of manufacturing systems, combining data from system-wide physical, operational, and human resources to drive manufacturing, repairs, inventory management, and digitization of operations to meet the requirement for competence in production. Quality defect identification, fault prediction, cost savings associated with testing, increased production throughput, and reduced process variability are all benefits of digital twin technology. The advantages of optimizing and connecting smart factories to the internet are projected to stimulate demand for digital twin technology around the world driving the market growth.

Rising Demand for Analytics Drives the Market Growth

Data and analytics are at the basis of digital twin technology. The ability to monitor the real-world object, which includes the ability to query or receive notifications about specific events or changes, and the ability to model a real-world object includes data such as identity, time, context, and events, which means that the model corresponds to a unique physical thing, are all key elements of digital twins, which represent real-time data analysis and thus drive the global digital twin market.

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Rising Demand for Surveillance & Maintenance

The use of digital twin technology to track the condition of machinery and equipment has a huge potential. The demand for digital twin technology is expected to rise as the demand for real-time tracking and monitoring of equipment or finished products rises. Product performance is improved, asset downtime is reduced, and issue detection is sped up with digital twin technology. The implementation of this technology in machine and equipment health monitoring is being driven by the advent of Industry 4.0, which has resulted in rapid digitization across different industries, including healthcare, automotive, manufacturing, and others. For instance, technology has aided in the transition from traditional to condition-based maintenance in the rail transportation business. Furthermore, predictive maintenance in the oil and gas industry can use this technology to help forecast high-impact process disruptions.

Market Segmentation

Global Digital Twin market is segmented based on type, technology, application, end user, region and company. The by type segment is further divided into Process, Product, System. The Technology segment is divided into Internet of Things, Artificial Intelligence & Machine Learning, Extended Reality, Blockchain, Big Data Analytics, 5G. By Application into Manufacturing Process Planning, Product Design, Predictive Maintenance, Others. The End User segment is divided into Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Aerospace and Defence, Energy & Utilities, Others. In the end user segment, the manufacturing sector dominated in 2021 with 24.80% market share owing to digital twins used to mimic the production process. Manufacturers can use data from sensors attached to machines, manufacturing tools, and other devices to create virtual representations of real-world products, equipment pieces, production processes, or complete systems.

Company Profiles

Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation etc. are among the major market players in the Global Digital Twin market.

Attribute	Details
Market Size Value in 2021	USD7,894.09 Million
Revenue Forecast in 2027	USD43,264.08 Million
US Revenue Forecast in 2027	USD1,994.590 Million
Growth Rate	32.34%
Base Year	2021
Historical Years	2017 – 2021
Estimated Year	2022
Forecast Period	2023 – 2027
Quantitative Units	Revenue in USD Million and CAGR for 2017-2021 and 2022-2027
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	·         Type ·         Technology ·         Application ·         End User ·         Region ·         Company
Regional Scope	North America, Europe, Asia-Pacific, Middle East & Africa, South America
Country Scope	United States, Canada, Mexico, Germany, United Kingdom, France, Russia, Italy, China, Japan, South Korea, India, Australia, Singapore, Vietnam, UAE, Saudi Arabia, South Africa, Turkey, Egypt, Nigeria, Brazil, Argentina, Colombia, Chile
Key Companies Profiled	Bentley Systems, Incorporated, Robert Bosch GmbH, Schneider Electric SE, Swim.ai, Inc., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., AVEVA Group plc, Dassault Systèmes, PTC Inc., Siemens AG, General Electric Company, Microsoft Corporation, IBM Corporation, Oracle Corporation
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Global Digital Twin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Digital Twin Market, Type:

• Process
• Product
• System

Global Digital Twin Market, Technology:

• Internet of Things
• Artificial Intelligence & Machine Learning
• Extended Reality
• Blockchain
• Big Data Analytics
• 5G

Global Digital Twin Market, By Application:

• Manufacturing Process Planning
• Product Design
• Predictive Maintenance
• Others

Global Digital Twin Market, By End User:

• Manufacturing
• Automobile & Transportation
• Healthcare and Lifesciences
• Aerospace and Defence
• Energy & Utilities
• Others

Global Digital Twin Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Italy

 

o   Asia-Pacific

§  China

§  Japan

§  South Korea

§  India

§  Australia

§  Singapore

§  Vietnam

o   Middle East and Africa

§  UAE

§  Saudi Arabia

§  South Africa

§  Turkey

§  Egypt

§  Nigeria

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global Digital Twin market.

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