Global Digital Twin Market to Exceed $ 20 Bn by 2025

February 18, 2020

According to the recent study titled ‘Digital Twin Market Size By Application (Product Design & Development, Machine & Equipment Health Monitoring, Process Support & Service), By End-Use (Manufacturing, Healthcare, Automotive, Aerospace & Defense, Energy & Utility, Infrastructure Buildings, Retail & Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, GCC), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, global digital twin market is anticipated to accrue USD 20 billion by the year 2025.

According to the report, high adoption of IoT/IIoT technology, availability of inexpensive IoT sensors, and proliferation of connected devices are the key factors driving the growth of digital twin market. Moreover, the burgeoning demand to optimize processes, lessen the time-to-market, track performance, and evaluate conditions of the products & systems is further amplifying the revenue share of digital twin market.

Considering the regional outlook, Asia Pacific digital twin market is subjected to register accelerated growth over the forecast period, on account of increasing internet penetration in the region. Improving disposable income in countries like China, India, Thailand, Singapore, and Japan is propelling the demand for consumer electronic devices, such as smartphones. The rising use of IoT is another integral factor outlining industry trends. As per China Internet Network Information Center, the total number of internet users in China was 772 million in the year 2017 showcasing a 40.74 million increase as compared to the end of 2016.  

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Developments in industries such as aerospace and defense, manufacturing, and automotive are supplementing the adoption of digital twin technology to lower the cost of maintenance, improve operational efficiency, and reduce asset downtime. In July 2017, French aerospace company, Airbus collaborated with software manufacturer ASCon Systems to develop a digital twin of its factory in order to enhance the production line efficiency and reduce running cost and lead times.

Frequently Asked Questions (FAQ) :

Increasing use of connected devices, IoT and the easy availability of cheap IoT sensors is boosting the industry outlook. Moreover, the need to reduce Time-to-market, monitor the performance, optimize the processes and study the conditions of the products and systems are other vital factors enhancing the market size. Various sectors of the economy are adopting advanced technological solutions like AI, MR, ML, VR, AR and big data analytics to improve operational efficiency and lower the total overhead cost. Digital twin improves reliability of equipment and production lines and reduces risks involves in various areas of working.
Considering the regional outlook, Asia Pacific digital twin market is projected to register accelerated growth over the forecast period. Rising purchasing power among people has driven the demand for smart devices leading to increased penetration of the Internet. Reports estimate that Asia Pacific digital twin industry is likely to register a CAGR of more than 30% by 2025. The rise in a total number of connected devices has upsurged the adoption of advanced technologies like MR, VR, AR, AI, big data analytics and ML to gain actionable insights for lowering the cost of running, enhancing product performance, and reducing lead time. Initiatives undertaken by the governments in the region to establish digital transformation in industries like healthcare, manufacturing and automobile will foster industry growth.
The leading players operating in digital twin industry are General Electric Company, Dassault Systèmes, Bentley Systems Incorporated, AVEVA Group Plc, Autodesk, Inc., Wipro Limited, SAS Institute, PTC Inc., IBM Corporation, and Microsoft Corporation.
In the year 2018, the infrastructure buildings market accounted for 6% of the total market share and is projected to showcase considerable growth over the period of study. Governments and certain private entities are investing in the development of smart cities in order to meet the rising environmental issues. The governments across the globe are collaborating with leading technology companies to construct a digital twin map of the physical city in order to enhance the public services. The Singapore government is apparently investing more than USD 73 million towards building a digital twin of the city. To achieve this, the government has partnered with Dassault Systems and 3DEXPERIENCity to develop a data-rich digital twin and enhance public services with decreased cost.
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