New York, USA, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global digital twin market is expected to garner a revenue of $52,081.0 million at a CAGR of 41.3% by 2027, increasing from $3,500.0 million in 2019. The inclusive report provides a brief overview of the current scenario of the market, including significant aspects of the market such as growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics
Digital twin refers to the digital representation of non-living and living physical objects including things, people, processes and others. It is used to analyze operations as well as insights of the critical processes. Due to these benefits, there is an increase in the demand for digital twin from end use industries, which is driving the market growth in the forecast time.
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Huge initial investments are required for installation along with high maintenance expenditure due to lack of skilled workforce limiting the growth of the market in the forecast years.
Huge initial investment is required for the installation of this technology, which is expected to restrain the growth of the market during the forecast period. Lack of skilled workers is another factor hampering the growth of the industry.
There has been a growing adoption of digital twin by several verticals such as automotive, manufacturing, energy & utilities and others, which is anticipated to generate ample growth opportunities for the market growth in the upcoming years.
Segments of the Market
The global digital twin market has been segmented on the basis of type, end-use industry, and regional analysis.
System Digital Twin Sub-Segment Expected to be Most Profitable
System digital twin type sub-segment accounted for the majority of the global market share in 2019; which was over 54.9% and is predicted to continue command over the global market size during the forecast period. This dominance is mainly owing to extensive usage of system digital twin type by several industries such as automotive, manufacturing, oil & gas, energy & utilities, and other verticals for identifying new revenue producing opportunities, reducing costs, and enhancing customer services.
Automotive and Transportation Segment Expected to Hold the Highest Market Share
Automotive and transportation industry held the highest digital twin market size, it was about $746.5 million in 2019 and is predicted to continue its dominance and produce a revenue of $12,112.5 million by 2027. This command over the overall market is majorly owing to wide utilization of digital twin technologies in the automotive and transportation sector for generating the digital models of connected vehicles.
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Asia-Pacific Predicted to Dominate the Market
Asia-Pacific region market is projected to experience a significant growth during the forecast period and create huge growth opportunities by garnering a revenue of $13,020.0 million by 2027. This is mainly because there is a growing demand for digital twin by several industries such as automotive, manufacturing, and other verticals to minimize the labor cost.
Top 10 Key Players of the Market
As per the report, the leading players of the global digital twin market include -
- ANSYS, Inc.
- IBM
- Microsoft
- DassaultSystèmes
- General Electric
- Siemens
- PTC
- SAP
- Oracle
- Robert Bosch GmbH.
These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market. For instance, in October 2020, Ansys, the global leader and innovator of engineering simulation software, has announced that it has entered into a definitive agreement to acquire Analytical Graphics, Inc. (AGI), a premier provider of mission-driven simulation, modeling, testing and analysis software for aerospace, defense and intelligence applications. The acquisition will expand the scope of Ansys' solution offering, empowering users to solve challenges by simulating from the chip all the way to a customers' entire mission – like tracking an orbiting satellite and its periodic connection to ground stations.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the Market
The novel COVID-19 pandemic is expected to impact the global digital twin market in a desirable direction. During the pandemic, significant manufacturers are implementing different tactics including product launches and product enhancements by investing into R&D to rise their market share in the overall marketplace. For instance, in November 2020, General Electric, one of the most profitable conglomerates in the US, has released new versions of Proficy Analytics Solutions, Proficy SCense 8.0, and Proficy Sensor Health.
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