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Market Overview
A Digital Twin is the virtual replica of a physical device that is used to run the simulations before the deployment of an actual device. It is developed using multiple IoT sensors that collect real-time data during the product development phase, analyze it, and updates itself according to the working conditions.
According to the MarkNtel Advisors’ research report, “Global Digital Twin Market Analysis, 2021”, the market is expected to grow at a CAGR of around 58% during 2021-26. The growth of the market is attributed to the increasing adoption and deployment of connected technologies such as cloud computing, IoT, and machine learning. Usage of Digital twin by various sectors such as healthcare and aviation has increased as it helps in designing a better product. Further, surge in the need for optimized products and rapid digitization is expected to provide a lucrative opportunity to drive the market.
Impact of COVID-19
Due to the outbreak of the COVID-19 pandemic the digital twin market is anticipated to witness a downfall in its growth owing to a halt in the simulation process for the implementation of the virtual model. However, technologies such as Artificial intelligence, IoT and Augmented reality are expected to contribute to the address continuously evolving challenges. The rising demand for digital twin in the healthcare and pharmaceutical industry for monitoring patient’s health or identify the impact of the medicine has created new opportunities for the growth of the market.
| Report Coverage | Details |
| Study Period | Historical Data: 2016-20 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| Regions Covered | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa | |
| Unit Denominations | USD Million/Billion |
Market Segmentation
Automotive & Transportation Exhibits Fastest Growth
Based on End-User, the Automotive & transportation segment is anticipated to witness the fastest growth during the forecasted period owing to the high demand for connected vehicles. The digital twin is installed in the automotive sector to create the virtual model, analyze the behavioral data and evaluate the overall performance of the vehicle. The technology can be used to provide customized service and digitalize the end-to-end operation of the industry. Thereby, increasing the revenue of the digital twin market as revealed by the MarkNtel Advisors’ research report “Global Digital Twin Market Analysis, 2021”.
Product Design and Development Accounted for the Largest Market Share
Based on Application, Product Design and Development acquired the largest market share in the Global Digital Twin market in 2019 owing to high demand for enhancing the product performance, detect the fault at the initial stage to avoid unplanned downtime, and predict an accurate outcome. Digital twin helps to accelerate the product designing process, thereby. leading to reduce the time-to-market new product. Thus, providing dynamic opportunities to drive the growth of the digital twin market across the world.
Regional Landscape
North America Dominates the Global Digital Twin Market
Based on the region, North-America dominated the Global Digital Twin market in 2019 and is expected to maintain its leading position during the forecasted period too. This is due to the presence of developed IT infrastructure and prominent technology to support the market. Among all the North American countries, the US accounted for the largest market share owing to the supportive policies that enforce the organizations to protect their data and information from the cyberattack. Thus, increasing the demand for adopting digital twin in the companies. This leads to surge in the revenue of the digital twin market.
Market opportunity
Surge in Demand for Digital Twin in Healthcare Sector Due to COVID-19 Pandemic.
Although the majority of End-users were adversely affected due to the outbreak of the COVID-19 pandemic but high demand for identifying people who have symptoms, who are infected, who have recovered and people who have come in contact with an infected person, has created a new opportunity for the players to develop a digital twin solution to tackle the problem. Thus, contributing lucrative opportunities to drive the growth of the digital twin market.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on Global Digital Twin Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Digital Twin Market during 2021-26?
A. The Global Digital Twin Market is forecast to grow at a CAGR of 58% during 2021-26.
Q. Who are the key competitors or players operating in Global Digital Twin Market?
A. Siemens AG, General Electric Company, IBM Corporation, SAP SE, Microsoft Corporation, PTC Inc., ANYSYS, Inc., Oracle Corporation, and Others are few of the leading players in the Global Digital Twin Market.
Q. Which Type would emerge as an opportunity area for players in Global Digital Twin Market?
A. The system twin category of the digital twin held the largest market share in Global Digital Twin Market. Moreover, the uplifting application of the system twin across the series of varied industries is expected to contribute to further maintain the dominance in the forthcoming years too.
Q. Which region would emerge as an opportunity area for players in Global Digital Twin Market?
A. North America seized the largest share in the Global Digital Twin Market.
