According to a new market research report published by Credence Research, “Digital Twin Market (By Type (Process Digital Twin, Product Digital Twin, and System Digital Twin), By Application (Performance Monitoring, Inventory Management, Predictive Maintenance, Business Optimization, and Others), By Industry Verticals (Aerospace & Defense, Residential, Automotive & Transportation, Healthcare, Retail, Oil & Gas, Agriculture, Energy & Utilities, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global digital twin market was valued at US$ 3.76 Bn in the year 2018 and expected to reach US$ 57.38 Bn by year 2027, expanding at a CAGR of 37.1% during the forecast from 2019 to 2027.
The impact of digitization in the industrial marketplace can be seen from decades but it is poised to exert tremendous influence in the forthcoming years at an even faster rate than in the past years. The advent of IoT and connected devices has added spark to the digitalized industrial infrastructure. Besides all of the above, arrival of digital twin heralds a tipping point into the industrial revolution. Its capability to optimize cost and operating time provides an upper hand to companies. In addition, integration of digital twin with recent flourishing technologies as IoT, artificial intelligence, analytics, and machine learning can help digital twin to update its system data in real-time.
By type, system digital twin held around 50% of the revenue share in the year 2018. The growth of the segment is majorly backed by its significant demand in various industries such as automobile, home and aerospace & defense. By industry verticals, aerospace & defense, automotive & transportation, and energy & utilities collectively acquire nearly 65% of the overall market share. Its benefit to optimize product performance and also provide an in-depth analysis about functioning of the product in the real world is the prime factor behind its escalating demand in various industry verticals. General Electric (GE) were among the early adopters of the digital twin technology and has implemented it for the parts supplied to wind farms, power plants and electrical grids.
Based on geography, the global digital twin market report includes deep study of North America, Europe, Asia Pacific and Rest of the World (RoW) regions. Asia Pacific is anticipated to register fastest growth of nearly 30% over the forecast period. The exponential growth in region is mainly due to rapid industrialization, urbanization, and rising adoption of IoT. China is frontrunner in the Asia Pacific digital twin market owing to huge potential for digitalization in the manufacturing industries.
The global digital twin market has turned suddenly into a highly competitive market from its infancy stage due to emergence of strong market players in the past three years. In order to retain the market position players are strategically focusing on technological development, merger & acquisition. For instance, in June 2019, Bentley Systems acquired Keynetix to accelerate its vision of subsurface digital twins for infrastructure assets and products.
Some of the major market players profiled in the global digital twin market report includes ABB Group, IBM Corporation, Microsoft Corporation, Oracle Corporation, General Electric Company, Rockwell Automation, SAP SE, Siemens AG, Infosys Ltd., Dassault Systemes, Ansys Inc., Accenture Plc. and Autodesk Inc. among others.
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