Digital Twin Market

Digital Twin Market worth $48.2 billion by 2026

According to a research report "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare), and Geography - Global Forecast to 2026" published by MarketsandMarkets, the digital twin market was valued at USD 3.1 billion in 2020 and is expected to reach USD 48.2 billion by 2026, at a CAGR of 58.0% from 2020 to 2026. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market.

Browse 97 market data Tables and 47 Figures spread through 174 Pages and in-depth TOC on "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare), and Geography - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

System digital twin to account for the largest share of the digital twin market

System digital twin accounted for the largest share in 2019. This growth can be attributed to the increasing use of digital twin for systems in various verticals. For example, in the aerospace & defense sector, NASA uses/implements digital twins to monitor its space stations and spacecraft to ensure better safety. In the automotive & transportation sector, a start-up, SWIM AI, uses digital twins for the traffic management system in California. Likewise, Tesla uses digital twins in the of manufacturing of its cars. COVID-19 has affected every aspect of the business, and the impact is visible on the usage type market for digital twin. New installations of product/process/systems have declined after the outbreak of the pandemic. It is expected that in the post-COVID-19 period, end users will extensively implement system/process digital twins to minimize future losses.

Automotive & transportation accounted for the largest share of the digital twin market in 2019

Automotive & transportation industry accounted for the largest market share in the digital twin market in 2019. This growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred due to the pandemic.

North America to account for the largest share of the digital twin market by 2026

The digital twin market in North America, by country, has been further divided into the US, Canada, and Mexico. In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the digital twin market in North America due to the high economic growth and a large presence of vendors offering digital twins. Moreover, the increased R&D in the field of the IoT and IIoT and increasing demand for efficient and cost-effective technologies for product manufacturing are also supporting the regional market growth.

The manufacturing industry in North America has mostly been affected due to the shutdown of major manufacturing facilities and the superseding of the North American Free Trade Agreement (NAFTA) by the United States–Mexico–Canada Agreement (USMCA). This agreement has been implemented to restrict the trade of nonessential goods and travels across the borders to curb the spread of the COVID-19 virus. A rapid response will leverage digitization and analytics to understand the supply chain complexity, identify ways to manage the disruption, and quickly develop a tactical plan for delivering goods and services amid the COVID-19 crisis. Hence, in the post-COVID-19 period, North America is expected to be one of the leading regions to adopt digitization in order to tackle such pandemic situations in the future.

The digital twin market comprises major players such as General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).

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Report Code
SE 5540
PR Published ON
9/14/2020
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