Digital Twin Market is estimated to grow at a CAGR of 33.30% from 2022 - 2030

MRFR Press Release/- Market Research Future published a cooked research report on Digital Twin Market.

Overview:

According to Market Research Future (MRFR)’s report, the global digital twin market is poised to strike a CAGR of 33.30% during the forecast period 2022 to 2030. Its valuation is estimated to grow from USD 8.6 Bn in 2022 to USD 64.76 Bn towards the end of 2030. The market is at its nascent stage and resonates strong growth opportunities. It has successfully paved its way across major industry verticals such as manufacturing, automotive and electronics. It supports the end-users in achieving continuous improvement and innovation which is poised to encourage more verticals to deploy the technology in the upcoming years.

Digital twin technology leverages big data analytics for uniting physical and digital platforms. The rapid developments in the sensor technology and IoT are prognosticated to catapult the digital twin market on an upward trajectory. In addition, the rising need for automation and digitization in the manufacturing industry further ensures revenue acceleration for the market participants.

Big data analytics has already been adopted by quite a large number of industries. This has paved the way for the adoption of the digital twin technique in the forthcoming years. Furthermore, the rising deployment of 3D printing and 3D simulation software is anticipated to augment the digital twin market over the assessment period.

Global Digital Twin Market – Segmental Analysis:

The analysis offers a detailed segmental analysis of the global digital twin market based on end-user application and type. By end-user application, the market has been segmented into automotive & transportation, aerospace & defense, electronics & electrical / machine manufacturing, retail, healthcare, energy & utilities, home & commercial, and others. The aerospace & defense segment has been sub-segmented into space-based monitoring and aircraft engine design and production. The automotive & transportation segment has been sub-segmented into fleet management and vehicle designing & simulation. The healthcare segment has been further sub-segmented into patient monitoring and medical devices simulation. Lastly, the energy & utilities segment is sub-segmented into wind & gas turbines, and power infrastructure. Among these, the electronics & electrical / machine manufacturing segment is poised to hold the maximum share of the global digital twin market through the forecast period. Its valuation has been estimated to touch USD 9416.3 Mn towards the end of 2025.

By type, the digital twin market has been segmented into product twin, process twin, parts twin, and system twin. The product twin is prognosticated to hold the most significant share of the market. Meanwhile, the system twin segment is forecasted to strike the highest CAGR of 44.46% over 2025.

Regional Outlook:

The global digital twin market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for the digital twin technology. The presence of major players in the region facilitated the early adoption of the technology. It has driven the growth of the market and is likely to continue the same trend over the next couple of years. It was valued at USD 691.2 Mn in 2017 and has been projected to strike a CAGR of 42.77% between 2018 and 2025.

Asia Pacific signifies lucrative growth opportunities and has been prognosticated to attract investments from global leaders in the forthcoming years. The digital twin market in the region is expected to thrive at a comparatively higher CAGR of 45.19% over the assessment period.

Global Digital Twin Market – Competitive Dashboard:

Some of the prominent players profiled in this MRFR report are PTC Inc., Siemens AG, General Electric, ANSYS Inc., SAP SE, Cisco Systems, Inc., Oracle Corporation, Microsoft Corporation, Dassault Systemes SE, Accenture PLC, and IBM Corporation.