New York, US, June 23, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Digital Twin Market – Information by End-User, Type and Region – Forecast till 2025” the market is expected to achieve USD 35,462 million by 2025, at a 42.54% CAGR.
Digital twins are virtual representations of objects, buildings, and processes. They share a connection with their physical counterpart and can be analyzed for identifying any shortcomings in advance. Companies are likely to adopt digital twins and accumulate data using sensors for developing plans to overcome unseen events and situations.
Dominant Key Players on Digital Twin Market Covered are:
- SAP SE
- Oracle Corporation
- Dassault Systemes SE
- Accenture PLC
- PTC Inc.
- ANSYS Inc.
- Siemens AG
- Cisco Systems Inc.
- General Electric
- Microsoft Corporation
- IBM Corporation
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Market USP exclusively encompassed:
The market is set to gain momentum owing to increased penetration of the internet and use of smart devices for conducting operations. Rise in digitization of data and operations for conducting behavioral studies and pinpointing hazards and risks can drive the market demand significantly. The increasing demand in healthcare and pharmaceutical sectors for combating the COVID-19 virus can fare well for the market as many healthcare organizations embrace the change. Patient response to medications can be recorded in real-time as well as through simulations for faster development of the vaccine. This has led to a flurry of investments in digital twins by key leaders in the marketspace.
But challenges in terms of technical personnel, real-time accumulation of data, and data security can hamper market growth.
Browse In-depth Market Research Report (115 Pages) on Digital Twin:
Segmentation of Market Covered in the Research:
By type, the market is segmented into parts twin, process twin, system twin, and product twin. The product twin segment can evoke a CAGR of 44.6% over the forecast period. This is attributed to demand for digital twins for expediting product development. Focus on quality and demand for predicting outcomes can lead to implementation of digital twin by corporations. It can support the development of products at a swift rate owing to internet of things (IoT) and utilization of smart devices.
By end-user, the market is segmented into home & commercial, energy & utilities, electronics & electrical/ machine manufacturing, healthcare, automotive & transportation, aerospace & defense, and others. The electronics & electrical/machine manufacturing segment can reach a valuation of USD 9,416.3 million by 2025. This attributed to efforts taken by manufacturing organizations for integrating new technologies such as ML, AI, and data analytics for predicting maintenance and repair simulations in real-time. Virtual reality representations of physical workplace and manufacturing operations simulations for workers can be used in completing training workshops rapidly and ensuring productivity.
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The digital twin market covers regions of North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The North America regional digital twin market valuation can reach USD 11,396.9 million by 2025. This is attributed to demand for digital twin technology by sectors of automotive, manufacturing, and healthcare sectors. Visualized models of processes and products have been virtually replicated and stored on cloud for organizations. This is later used in analysis and evaluation of enterprise data. Government initiatives supporting industry 4.0 can facilitate the digital twin market growth as companies prepare themselves to gain additional defenses against cyberattacks.
Europe can reach a value of USD 9,996.4 million by 2025. The aerospace industry in the U.K. is reaping the benefits of digital twin by gaining insights on maintenance and repair of aircraft. Boeing Corporation has saved on production costs by improving the quality of components and systems.
Northern Gas Networks, a British company, is likely to make a digital twin of its gas distribution network with the help of the ArcGIS Utility Network platform. It can analyze its digital twin for any discrepancies and harness data to conduct operations efficiently.
The digital twin’s market is expected to thrive during the COVID-19 pandemic owing to use of social distancing software applications used in offices to ascertain distance between 2 people. Digital twins are used in ascertaining indoor air quality and prevent infection of the virus through droplets. IoT sensors are used to bring in fresh air to indoor surroundings and prevent recirculation. The reentry of employees in offices and workspaces as well as adherence of social distancing measures can drive its demand.
Recovery of economies and organizations are being predicted with the help of statistical models and simulations run by digital twins. The output of digital twins can be expanded with its integration in industry 4.0, big data analytics, machine learning, and artificial intelligence. Optimization of processes and increasing defenses in times of unprecedented crises can be used for handling future pandemics by organizations and corporations.
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