A digital twin is a digital replica of a physical entity— a product, process, person, or place. It uses real-world information using its data analytics, machine learning, & multi-physics simulation capabilities to predict the performance characteristics of their physical companions.
Sensors installed on objects or assets demonstrate their real-time performance, operating scenarios, & changes over time, which ensure accurate modeling over a product's entire lifetime. Thus, it eliminates the need for physical prototypes, minimizes production time, & enhances the quality of the final product or process.
The Global Digital Twin Market is anticipated to record a whopping 58% CAGR during the forecast period, i.e., 2022-27. Most of the market expansion would be propelled by the mounting demand for asset monitoring, rising penetration of Industrial IoT (IIoT), and the increasing number of smart building infrastructures to ensure optimum energy consumption. Digital twins help create predictive models to identify the possibility of success of physical prototypes before they are actually built. Hence, they allow for improved workflow across different stages of a product's lifecycle— design, engineering, maintenance, & sales.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-2027|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, Japan, India, South Korea, Australia, Singapore|
|South America: Brazil, Argentina, Columbia|
|Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Qatar|
|Key Companies Profiled||
Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, Dassault Systems, Robert Bosch, Google
|Unit Denominations||USD Million/Billion|
As a result, there's a mounting inclination of various industries like aviation, automotive, healthcare, logistics, retail, telecom, real estate, and manufacturing, among others, for multiple applications, including but not limited to remote monitoring, factory optimization, & energy management, among others, in order to enhance their overall productivity & efficiency by designing better products while minimizing downtime, thereby driving the digital twin market globally. Several enterprises are actively working on implementing digital twin solutions to optimize their operational workflows & supply chains, which got hampered due to the Covid-19 pandemic. For instance:
Furthermore, the advent of such innovations and the mounting adoption of automation across various end-user verticals are predicted to create new directions for the key companies in the digital twin market to witness significant business growth opportunities over the forecast years.
Impact of Covid-19 on the Global Digital Twin Market
With the advent of the Covid-19 pandemic in 2020, the digital twin market observed a notable downfall since testing & simulation processes for implementing virtual models were at a standstill in the initial months owing to the lockdown imposition across most regions, which caused a worldwide scarcity of resources. However, later with the resumption of business operations, the market revived sparsely from Q3 2020 and witnessed new prospects, especially across the healthcare & pharmaceutical industries, for monitoring patients' health and identifying the impact of the medicine.