New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- A digital-twin is regarded as a real-time representation of the virtual world that serves as a digital counterpart for its practical applications such as testing, system stimulation, maintenance and monitoring.The rise in demand for the digital twins in various sectors like real estate, telecom, healthcare, retail, etc., for improving the operations of the supply chain and reduction of costs are proliferating the market growth throughout the prevised frame of time.
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| Report Coverage | Details | |
| Forecast Period | 2021-2030 | |
| Forecast Period 2021 to 2028 CAGR | 40.1% | |
| 2030 Value Projection | 131.09Billion | |
| Base Year | 2020 | |
| Market Size in 2020 | USD 6.30Billion | |
| Historical Data for | 2015-2019 | |
| No. of Pages | 135 | |
| Companies | ABB, Dassault Systems, Siemens, General Electric, Hexagon AB, IBM Corp., SAP, Microsoft Corp., AVEVA Group plc, | |
| Leading Segment Based on Industry | Transportation and Automotive | |
| Leading Region | North America | |
| Segments covered | Enterprise, Application, Industry, Region | |
Summarization of the Digital Twin Market:
- Large Enterprise segment held the largest portion of the market share of around 40.11% among the enterprise category.
- Product-Design and Development dominated the Application segment with a share of 31.22% approximately.
- Automotive and Transportation dominated the industrial segment with a total share of 25.93%.
- North America significantly dominated the regional segment with almost 36.37% of the market share.
Pivotal factors that are improvising the growth of the Digital-Twin Market:
Integration of the Digital Twin with AI & IoT technologies
Multinational organizations are continuously implementing AI and IoT technologies for analyzing and collecting data from various IoT devices. This data can be applied later in the digital-twin model to mimic the device’s behavior and functions. This, in turn, helps the product designers and engineers to evaluate the performance of the product & figure out any further issues, and fix them accordingly. Hence, it results in an improvised product performance, thereby augmenting the worldwide market growth. A research study was conducted by SMR, where it was discovered that each second, around 127 brand new IoT devices get connected to the web globally, and by the end of 2022, around 35.78 billion IoT devices are likely to get installed worldwide.
Rise in usage of the digital-twins for the enhancement of supply chains and cost reduction in the manufacturing sectors worldwide
Over the past few years, the manufacturing sectors are sheer focusing on the digital-twins for the purpose of monitoring various business risks, identification of new trends, and optimization of the different types of tests in order to evaluate the efficiency of their respective supply chains. A study conducted by SMR revealed that the number of manufacturing industries using digital-twins worldwide surged by almost 40% within a span of 2 years, from 2020 to 2022. The manufacturing sectors also use digital-twin technologies to figure out any sort of potential threats or problems related to their transportation and logistics sectors.
Bifurcation of the Digital-Twin Market: (Segmentation Analysis)
Based on this, the Global Digital Twin Market is divided into Application, Enterprise, Industry, & Geography.
By Enterprise:
- SMEs/Small & Medium Enterprise
- Large Enterprise
By Application:
- Business Optimization
- Inventory Management
- Product Design & Development
- Predictive Maintenance
- Performance Monitoring
- Others
By Industry:
- Oil and Gas
- Retail
- Aerospace
- Infrastructure
- Healthcare
- Automotive & Transportation
- Energies & Utilities
- Telecommunication
- Agriculture
- Others
By Geography
The territory of North America
- USA (United States of America)
- Mexico
- Canada
- The remaining landmass of the North American territory
Asia Pacific
- Australia
- New Zealand
- China
- Vietnam
- India
- South Korea
- Japan
- Rest of the territory of Asia-Pacific
Europe
- Germany/Deutschland
- France
- Russian Federation
- Italy
- United Kingdom
- Poland
- Sweden
- Spain
- Remaining portion of the European continent
Latin America, Middle East, & Africa
- Saudi Arabia
- UAE
- Kuwait
- Qatar
- South Africa
- Egypt
- Algeria
- Brazil
- Nigeria
- Argentina
- Remaining of MELAA/LAMEA
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Among the Enterprise segment, the “Large Enterprise” sector held the maximum share of the market at around 40.33%. Among the large enterprises worldwide, the digital twins are widely used for replicating the operational system’s various dynamic functions, workflows, HR or human resources, financial assets, etc., thereby proliferating the growth rate of this sector.
For the Applications segment, the “Product Design & Development” sector significantly held the maximum portion of the market share of nearly 31.22%. Designing and developing products in Aerospace Industries requires a huge amount of funding. Even a simple prototype design is also expensive. Hence, the aerospace industries use digital-twins to replicate the functions of the new airplane parts and continue the production process in a much more cost-effective manner. A survey performed by SMR revealed that BOEING has adopted a digital-twin asset approach and has achieved around 40% improvement in the production quality of systems and parts for military and commercial airplanes.
Among the Industry segment, the “Automotive & Transportation” sector dominated the market comprehensively with a share of nearly 25.93%. This is owing to the rise in usage of EVs, its simulation technologies, lean manufacturing, etc. Engineers worldwide use digital-twins for collecting a variety of behavioral and operational data of the automobiles based on which they take major decisions in its cost optimization, designing, etc.
Based on Regional Analysis, “North America” held the maximum market share of almost 36.37%. The government of the United States and some large US tech companies are investing a hefty amount in the development of the digital-twins in order to strengthen their military air force bases. A research survey of SMR stated that the growth rate of the Aerospace & Military sector of the USA will surge by almost 31% in the span of 10 years from (2020-2030). Apart from that, the research study also revealed that the US tech giant Microsoft has planned to collaborate with the Social Alpha group to invest in the production of digital-twin for the purpose of improving the R&D sector of the country and reduction of operational prices.
Crucial Market players associated with the Digital Twin Market:
- ABB
- NVIDIA
- Microsoft Corp
- AVEVA Group
- Dassault Systems
- General Electric
- Siemens
- IBM Corp
- Hexagon AB
- SAP
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Recent Developments
- On August 16th, 2022, a California-based computing platform company, VERSES Technologies, announced that it has successfully taken membership of the DTC (Digital Twin Consortium). As a Consortium Member, VERSES is likely to collaborate with some of the tech giants like Google, Microsoft, Esri, HSBC, etc., for investing a huge sum of money in promoting the variety of benefits of the digital-twins and its related technologies.
- On June 29th, 2022, NVIDIA and Siemens extended their collaboration with the aim of making the Digital Twins easily accessible among people worldwide. The companies announced that they are planning to combine the digital and real-world efficiently to achieve a higher rate of flexibility and introduce the digital twin products in the market faster than expected.
- On June 8th, 2022, DTC or Digital-Twin Consortium collaborated with the Smart-Cities Council with the aim of driving the interoperability, rate of adoption, development, and raising awareness of the digital-twin technologies. The Council has announced that it will continue to educate the cities about resiliency and sustainability. Both parties have planned to get themselves involved in this initiative in order to make the cities aware of the remarkable capabilities of the digital-twins.
- On March 22nd, 2022, the American tech-giant Microsoft partnered with Newcrest for funding the various sustainability modeling and digital-twin projects worldwide. Microsoft announced that these projects would be exclusively based on the usage of the digital-twins for improvisation of the operational performance efficiency equipped with highly advanced sustainability data models.
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