According to the latest report by IMARC Group, titled "Digital Twin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global digital twin market reached a value of US$ 10.3 Billion in 2021. A digital twin is an accurate, virtual representation of physical objects, assets, and systems. It uses computer programs, real-time data, simulation, and machine learning (ML) tools that can be integrated with the internet of things (IoT) and artificial intelligence (AI) to replicate processes. A digital twin also employs sensors to produce data regarding the different aspects of the physical object, which are later relayed to a processing system and applied to the digital copy. This enables operators to manipulate the digital copy in working environments, run simulations, study performance issues, generate possible improvements, predict future performances, and make data-driven business decisions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Twin Market Trends:
The widespread adoption of digital twin in the healthcare sector to change clinical processes and hospital management due to the evolving medical care requirements, especially during the coronavirus disease (COVID-19) pandemic, is majorly driving the market growth across the globe. In line with this, the rising product utilization in the pharmaceutical industry as an effective research and analytical tool to improve physical drug design during its development stages is acting as another growth-inducing factor. Additionally, the increasing need for predictive maintenance in the manufacturing sector has further led to the integration of industrial IoT with various digital technologies, such as digital twin and third-dimensional (3D) printing capabilities. This, in turn, is assisting manufacturers in designing complex products by providing access to historical data through AI and ML, thereby improving the operational efficiency and increasing revenue generation. Other than this, the growing partnerships and acquisitions between key players are projected to drive the market further. For instance, in 2021, Waylay, a Belgium-based IT-OT digital unification software company, partnered with Salesforce AppExchange, a US-based software company to launch its Waylay Digital Twin application, which is a Software as a Service (SAAS) platform for Salesforce business users. Looking forward, the market is expected to grow at a CAGR of 31.7% during 2022-2027.
- Based on the type, the market has been divided into product, process, and system digital twin.
- On the basis of the technology, the market has been segregated into IoT and IIoT, blockchain, artificial intelligence and machine learning, augmented, virtual reality, and mixed reality, big data analytics, and fifth generation (5G).
- Based on the end use, the market has been classified into aerospace and defense, automotive and transportation, healthcare, energy and utilities, oil and gas, agriculture, residential and commercial, retail and consumer goods, telecommunication, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being ABB Ltd, Accenture Plc, ANSYS Inc., AVEVA Group plc (Schneider Electric), Cal-Tek Srl, Cityzenith, Dassault Systèmes, General Electric Company, International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE and Siemens AG.
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