Digital Twin Market by End-Use, by Type and Geography — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019–2026

The Global Digital Twin Market is estimated to reach USD 36.6 billion by 2025, growing at a CAGR of 38.5% during the forecast period 2020–2026. Factors fuelling the market growth include increasing adoption of emerging technologies such as IoT and cloud, rising demand for connected devices in automotive & transportation industry and growing use for predictive maintenance.

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Market trends such as increasing digitization in the production & manufacturing sector has led many companies to rethink about their survival and deliver real value in terms of operations and strategy. There is indeed a rising need for digital solutions for any organization which could never have been revealed prior to the inception of SMART technology. Digital twin is a concept that simplifies the deployment of digitization and leads a real-time digital image about a particular object or process that optimizes the business performance. Much recently, the digital twin and the enormous amounts of data processed majorly remains subtle to enterprises due to the limitations in digital technology such as bandwidth costs, storage constraints and limited computing.

A digital twin is an also an evolving concept that differs from CAD and IoT based approach. The basic competitive advantage where an organization can enjoy the most is its capability to provide an extensive connection between digital and physical worlds. Digital twin has become important since it enables the companies to have a complete digital footprint incorporated for their products from design and development until the end of product development lifecycle. In adidtion, the concept may allow the companies to resolve physical issues with a lightning speed and by detecting them sooner. Prediction of outcomes with respect to a high degree of accuracy and design is a major benefit assured. Having a digital twin around helps the companies to realize core values in the areas of product delivery, enhanced operations and also shape various business models.

Digital Twin Market Trends, Drivers and Opportunities:

The digital twin market is driven by rise in digitization in the manufacturing sector during the forecast period. Growing popularity and increasing adoption of 3D simulation and printing is likely to maximize the market potential. Growing demand for digital twin technology since it enables a seamless connection between physical and virtual world. In addition, the market experiences a strong foothold in terms of IoT and Big Data Analytics. Technological innovation in the field of augmented reality and virtual reality are eminent to induce the market in the upcoming years.