Global Digital Twin Market was valued US$ 1.56 Bn in 2017 and is expected to reach US$ 17.54 Bn by 2026, at a CAGR of 35.32% during a forecast period.
The global digital twin market based on end-user, application, and region. In terms of end-user, the digital twin market is classified into aerospace & defense, automotive & transportation, home & commercial, electronics & electricals/machine manufacturing, energy & utilities, healthcare, and retail & consumer goods. Based on application, the digital twin market is categorized into dynamic optimization, predictive maintenance, machine & equipment health monitoring, and product design & development. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Rising demand for cloud-based platforms and the growing popularity of internet of things (IoT) are major factors driving the growth of digital twin market. Increase in the demand for cost-effective solutions for industrial manufacturing is another major factor fuelling the growth of the digital twin market. The dominant use of industrial internet of things for manufacturing and designing is one major factor driving the growth of digital twin market. The major restraint that is faced by the digital twin market is managing all the design files for the digital twin among the suppliers and the distributors. Posing a challenge to the market for digital twin technology, on the other hand, is the frequent cyber-attacks.
Global Digital Twin Market
Based on end-user, home and a commercial segment are the largest market share in 2017. Increasing demand for connected vehicles is anticipated to drive the segment in the coming years. Digital twins are deployed in the automobile sector for creating virtual models of a connected vehicle and capture the operational/behavioral data and evaluate the overall performance of the vehicle. The retail and consumer goods segment is also anticipated to witness a significant CAGR.
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In terms of region, North America region holds the largest market share of digital twin market followed by Europe and the Asia Pacific. The factors that attribute to growth are the rising adoption of the IoT technology by several large and medium scale organizations. The use of a digital twin market helps in developing the overall operational performance.
Some of the key players in the global digital twin market are General Electric Company, SAP SE, Forbesindia.com, Siemens Ltd., Tibco Software Inc., Microsoft Corporation, and Schnitger Corporation.
Scope of the Global Digital Twin Market
Global Digital Twin Market by End-User
• Aerospace & Defense
• Automotive & Transportation
• Home & Commercial
• Electronics & Electricals/Machine Manufacturing
• Energy & Utilities
• Retail & Consumer Goods
Global Digital Twin Market by Application
• Dynamic Optimization
• Predictive Maintenance
• Machine & Equipment Health Monitoring
• Product Design & Development
Global Digital Twin Market by Geography
• North America
• Middle East & Africa
• Latin America
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Key Players operating in the Global Digital Twin Market
• General Electric Company
• SAP SE
• Siemens Ltd.
• Tibco Software Inc.
• Microsoft Corporation
• Schnitger Corporation
• Alphabet Inc.
• Bosch Software Innovations GmbH
• Cisco Systems, Inc.