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Digital Twin Market Analysis by Type (Process, System, and Product Digital Twin); by Technology (Augmented Reality & Virtual Reality, IoT &IIoT, and Others); by Function (Predictive Maintenance, Modernization & Repair, and Others); by Deployment (Cloud, and On-Premises); by Component (Software, and Services); and by End-User (Urban Planning Infrastructure, Automotive, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2021-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • April 21, 2022:As part of broader digital transformationMicrosoft Corporation hadcollaborated with Kraft Heinz to accelerate supply chain innovation and day to day operations.
  • January 19, 2022: DXC Technology announced the formation of new global DXC ServiceNow Strategic Business Group in order to deliver market-leading, and cost-efficient technology services.

Global Digital Twin Market Size, Forecast, and Trend Highlights Over 2021– 2031

Digital-Twin-Market-Size-Outlook

The global digital twin market is estimated to garner a revenue of USD 2,84,519.3 Million by the end of 2031 by growing at a CAGR of 44.2% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 7,860.5 Million in the year 2021. The growth of the market can be attributed to an increase in adoption of digital twin in the manufacturing industry. Over two-thirds of companies that have implemented IoT will have at least one digital twin in production by 2022.

Digital-Twin-Market-Overivew

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Digital twin plays a significant role in manufacturing industry. It helps in monitoring asset virtually, and improve awareness to identify the situation in order to take required measures. Moreover, mergers, acquisitions and collaboration of the companies is expected to boost the market trend during the forecast period. Hyundai Motor and Unity company which is involved in building real time 3D projects have joined forces to create a meta-factory that will accelerate intelligent manufacturing innovation. Hyundai will be able to virtually test-run a factory in order to calculate the optimal plant operation, and plant managers will be able to solve problems without having to physically visit the plant.

Global Digital Twin Market: Growth Drivers and Challenges

Growth Drivers

  • Rise in Demand for Digital Twin in Healthcare and Pharmaceutical Sector

Philips has developed a heart model software with the help of digital twin technology which will create a virtual model of a patient’s heart. Owing to this a doctor would get a guidance in case of complex surgery from a cardiovascular specialist located in remote area. Digital twin in healthcare and pharmaceutical sector is expected to reduce the time and cost spend in case of research experiments, and humans/animals testing. Hence the demand is anticipated to increase in the forecast period.

  • Transition Towards Digitalization

The European Commission is dedicated to creating a Europe fit for the digital age by equipping people, businesses, and governments with a new generation of technologies, where the digital transformation will benefit everyone.

  • Rise in Adoption of Industry 4.0 to Save Energy

In a case study of a multinational in the plastics sector, Industry 4.0, using energy sensors reduced power consumption in one of its plants by around 40%, saving over $200,000 in energy per year.

  • Increasing Focus on Partnership and Product Launch

L&T Technology Services Limited announced the launch of next generation IoT-based engineering practice for manufacturing industry. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate new-age manufacturing companies' Digital Twin and Digital Thread requirements.

  • Increasing Adoption of Digital Twin for Better Biopharma Logistics Efficiency

BioTwin, a company based in Canada, introduced BioTwin AI biomarkers and biometrics to create a simulated human copy. These digital twins enable the early detection and prediction of numerous diseases, as well as an infinite number of simulations. Through a "toolbox" ecosystem, this technology will revolutionise the wellness and healthcare sectors, allowing for personalised and preventive medicine.

Challenges

  • Rising Concerns for Cyber Crime Related Incidents
  • High Cost

Keeping the data safe is a huge challenge for the security team. Digital twin allows two-way communication which brings in together the physical and digital world. Hence the virtual resources of organizations are on constant threats of being exploited. Therefore, it is expected to hinder the growth of the market.

The digital twin market is segmented and analysed for demand and supply by technology into augmented reality & virtual reality, IoT &IIoT, artificial intelligence & machine learning, big data analytics, and others. Out of which, the augmented reality & virtual reality segment is expected to garner a revenue of USD 62,512.3 Million by the end of 2031, by growing at the highest CAGR of 46.8%, during the forecast period. In 2021 the revenue for augmented reality &virtual reality segment stood at USD 1,437.1 Million. The growth of the segment can be attributed by growing usage of a wearable or mobile device. According to the study, approximately 30% of US adults use wearable health care devices. Women, those with a higher level of household income, and those with a higher level of education were more likely to use wearable technology. Additionally, the IoT &IIoT segment is anticipated to garner the largest revenue of USD 79738.4 Million by the end of 2031.

Global Digital Twin Market Regional Synopsis

Regionally, the global digital twin market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share of USD 88,485.5 Million by the end of 2031, growing at CAGR of 48.8% during the forecast period. Further, the market generated revenue of USD 1,768.6 Million in the year 2021. Ability to enhance planning and maintaining sustainable infrastructure is the major factor expected to drive the market growth. In India, the state of Andhra Pradesh is constructing Amaravati, its new capital, as the first city designed from the ground up with a digital twin. The system will enable government officials to manage the permitting process, monitor construction progress, and evaluate design plans, allowing them to better understand how buildings will respond to the hot and humid climate.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation

Our in-depth analysis of the global digital twin market includes the following segments:

By Type

  • Process Digital Twin
  • System Digital Twin
  • Product Digital Twin

By Technology

  • Augmented Reality & Virtual Reality
  • IoT &IIoT
  • Artificial Intelligence & Machine Learning
  • Big Data Analytics
  • Others

By Function

  • Predictive Maintenance, Modernization & Repair
  • Asset Performance Management
  • Business & Operations Optimization
  • Supplier Integration
  • Others

By Deployment

  • Cloud
  • On Premises

By Component

  • Software
  • Services

By End-User

  • Urban Planning Infrastructure
  • Automotive
  • Logistics & Transformation
  • Manufacturing
  • Aviation & Defence
  • Power Generation
  • Oil & Gas Exploration
  • Retail
  • Healthcare
  • Others

Key Companies Dominating the Global Digital Twin Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital twin market that are included in our report are Accenture plc, IBM Corporation, Atos SE, General Electric, Microsoft Corporation, DXC Technology Company, Infosys Limited, SAP SE, SAS Institute Inc., Gemini Digital Technologies, Tata Consultancy Services Limited, ANSYS Inc., Toshiba Digital Solutions Corporation, Matterport, Inc., Oracle Corporation, Honeywell International Inc., and Dassault Systemes S.A.

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