The Global Digital Twin Market is expected to grow at a CAGR of 58% during 2021-26. The Digital Twin market provides extensive opportunities entwined with its increasing awareness and applications across multiple industries such as manufacturing, mining, defence, Medical and Healthcare, automotive, aerospace, etc. Moreover, the growing investment towards technological development and its integration is among the major factors contributing to the growth of the Digital twin market globally. Over the past few years, the number of mergers and collaborations between the IoT service providers and software & system developers has increased for the development of end-user-specific solutions. Thus, the collaborative efforts towards the improvement would contribute positively to the market growth.
Key questions answered in the study
Manufacturing Units Exhibits Fastest Growth
Based on End-User, the Manufacturing segment is expected to witness the fastest growth in the market during the forecast period owing to extensive adoption of automation by the manufacturing units to fasten the process. Manufacturers are aware of the fact that any unplanned downtime would result in bringing the whole production line to a standstill position that might cause loss of thousands of dollars. Thus, increasing the demand for the adoption of the digital twin in the manufacturing unit.
“Global Digital Twin Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots and opportunities available for Digital Twin providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific market is projected to register the fastest growth in the Global Digital Twin market during 2021-26. The dense population and large-scale industrialization in emerging countries such as India and China are leading to increasing the adoption of high-end technologies such as IoT, AI, and AR. Thus, driving the digital twin market. Additionally, high-speed internet penetration and availability of sensors and modules at low prices in the region is projected to contribute to the growth of the Global Digital Twin Market in the forecast period as revealed by MarkNtel Advisors’ research report “Global Digital Twin Market Analysis, 2021”. According to MarkNtel Advisors, the major leading players in the Global Digital Twin market are Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, and Others.