Covid-19 Impact on Digital Twin Market to Witness Steady Growth Through 2028
Global Digital Twin Market is segmented by Technology Type (IoT & IIot, Blockchain, Artificial Intelligence, and Machine Learning, Augmented Reality, Virtual Reality, and Mixed Reality; Big Data Analytics, and 5G), by Digital Twin Type (Product Digital Twin, Process Digital Twin, and System Digital Twin), by Industry Type (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
According to this report, the digital twin market was estimated at USD 7.2 billion in 2021 and is expected to grow at a CAGR of 44% during 2022–2028 to reach USD 92.44 billion in 2028.
What is a digital twin?
A digital twin is a digital replica of a non-living or living physical object. It continuously updates and learns itself from multiple sources to represent its near real-time status, working condition, or position.
COVID-19 IMPACT
The COVID-19 pandemic has positively impacted the global digital twin market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and R&D spending.
The methodology involves collecting and analyzing crucial data regarding products, and services offered in the market. This report assists the users to gain a better understanding of market developments and aids in business growth. This report is the result of a thorough analysis of customer spending habits, business target market, challenges, and competitors in the market.
Key players
Key players operating in the Digital Twin Market are-
- Ansys
- General Electric
- IBM
- Microsoft Corporation
- Oracle
- PTC
- Robert Bosch
- SAP
- Siemens AG
- SWIM AI Alubond U.S.A.
Market Drivers
The growth of the digital twin market is primarily driven by-
- Advancements in technologies,
- Increasing adoption of the digital twin in various industries,
- Integration of digital twin technology with technologies, such as Artificial Intelligence (AI), IoT, and cloud computing.
Segment Analysis
The market is segmented as aerospace & defense, automotive & transportation, home & commercial, healthcare, energy & utilities, oil & gas, and others. The automotive & transportation industry has adopted this technology for a long time which is also a major reason for the dominance of this segment.
The automotive & transportation segment leads the market owing to its usage for designing, production, simulation, maintenance, repair, overhaul, and after-service. In 2021, the automotive and transportation segments will account for more than 18.5% of the market.
The process segment is expected to grow at the fastest rate, with a CAGR of more than 39% in 2021.
The market is segmented as product digital twin, process digital twin, and system digital twin. The system digital twin segment is expected to remain dominant during the next five years due to increasing demand for digital systems in various industries, as the system digital twin is a combination of both, product and process, and either of the tasks can be performed by system type.
North America is estimated to be the largest, whereas Asia-Pacific is estimated to be the fastest-growing with a CAGR of more than 42% in 2021, owing to the highly developed infrastructure in North America and the presence of a large number of digital twin providers in the region. The USA is not only a major country in North America but also in the world. China and India are the growth engines of the Asia-Pacific region.
The report will help you find answers to these questions -
What are the key trends in the Digital Twin Market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
What is the impact of COVID-19 on the Digital Twin Market?
What are the key strategies adopted by the major vendors to lead in the global Digital Twin Market?
What is the market share of the top vendors?
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