Digital Twin Market Forecasts to 2028 – Global Analysis By Solution (Software, Services), Enterprise (Large Enterprises, Small & Medium Enterprises), End User (Oil & Gas, Agriculture, Construction, Manufacturing) and By Geography
According to Stratistics MRC, the Global Digital Twin Market is accounted for $7.45 billion in 2020 and is expected to reach $84.60 billion by 2028 growing at a CAGR of 35.5% during the forecast period. Growing adoption of Industry 4.0 across the globe, changing face of maintenance in various industries, and rising adoption of digital twin technology to cope with COVID-19 crisis are the major factors propelling the market growth. However, data security due to use of IoT and cloud platforms and lack of skilled workforce are hampering the market growth.
A digital twin refers to the virtual replication of any process, physical asset, and systems that can be used for ensuring predictive maintenance and reduces outage over stipulated time. A digital twin thus, is developed with multiple IoT sensors that collect the real-time data generated in the product development phase, and learns, analyzes and updates itself according to working conditions.
Based on end user, the automotive & transportation segment is estimated to have a lucrative growth due to the growing usage of digital twins for simulation, designing, MRO (maintenance, repair, and overhaul), production, and after service. Automotive and transportation is one of the major industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred because of the pandemic.
By geography, North America is going to have a lucrative growth during the forecast period due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing inclination for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.
Some of the key players profiled in the Digital Twin Market include ANSYS, General Electric, IBM, Microsoft Corporation, Oracle, PTC, Robert Bosch, SAP, Siemens AG, and SWIM.AI.
• Product Digital Twin
• Process Digital Twin
• System Digital Twin
• Part Twin
• Artificial Intelligence & Machine Learning
• Augmented Reality, Virtual Reality, and Mixed Reality
• Big Data Analytics
• Internet of Thing (IoT) & Industrial Internet of Things (IIoT)
• Large Enterprises
• Small & Medium Enterprises
• Predictive Maintenance & Performance Monitoring
• Business Optimization
• Inventory Management
• Product Design & Development
• Machine & Equipment Health Monitoring
• Process Support & Service
End Users Covered:
• Aerospace & Defense
• Automotive & Transportation
• Residential & Commercial
• Healthcare & Life Sciences
• Energy & Utilities
• Oil & Gas
• Retail & Consumer Goods
• Energy & Utility
• Natural Resources
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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