A recent research report by MarkNtel Advisors has predicted that the Global Digital Twin Market would grow at a gigantic CAGR of around 58% during 2022-27. The surging adoption of digital twin technology across various industries, such as manufacturing, automotive & transportation, agriculture, residential & commercial, etc., for product/process/asset optimization would lead the industry toward a monstrous expansion through 2027.
Various businesses globally are utilizing digital twins to optimize the quality, yield, & efficiency of their operations and identify how certain changes in the manufacturing process can affect their outcomes to improve accordingly. In addition, the ever-increasing demand for digital twin technology in the healthcare & pharmaceutical sector, especially since the Covid-19 pandemic, for monitoring patient health & the impact of medicine, is also likely to be instrumental in propelling the digital twin industry growth in the forecast years.
Manufacturing Sector Holds the Largest Share in the Digital Twin Market
The immense need for optimization in different production processes while maintaining optimum equipment health & production schedule is driving the digital twin market across the manufacturing sector. Digital twin solutions offer real-time simulations of manufacturing processes that help companies improve operational efficiency & stay ahead in the highly competitive market.
The emerging trend of smart manufacturing that involves internet-connected equipment that monitors manufacturing processes in a facility in real-time and aids in enhancing productivity & efficiency is another prominent driving force for the digital twin technology in the manufacturing sector.
A large number of companies are deploying digital twin technology within their manufacturing facilities to eliminate the risks of any disruption in the manufacturing process or unplanned downtime that can shut down the entire production line & introduce substantial losses to businesses. Hence, these aspects indicate lucrative prospects for the digital twin industry across the manufacturing sector over the coming years.
Rising Adoption of Advanced Technologies in Different Industries to Drive the North America Digital Twin Market
Across North America, the US & Canada are the early adopters of advanced technologies, and the former is home to leading IT companies like Microsoft Corporation, IBM Corporation, PTC, Google, etc. The region is witnessing an increasing proliferation of digital twin technology, especially parts & product twins, across various verticals like healthcare, home & commercial, among others. The growing utilization of AI, IoT, & ML in numerous applications across different industries, coupled with the state-of-the-art IT infrastructure across the region, are driving the North America Digital Twin Market.
The major companies in the Global Digital Twin Market include Google Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, Dassault Systems, and Robert Bosch.
Key Questions Answered in the Research Study