DUBLIN, March 7, 2023 /PRNewswire/ -- The "Digital Twin Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The global digital twin market reached a value of nearly $7,861.3 million in 2021, having increased at a compound annual growth rate (CAGR) of 19.9% since 2016. The market is expected to grow from $7,861.3 million in 2021 to $41,767.9 million in 2026 at a rate of 39.7%. The market is then expected to grow at a CAGR of 28.6%from 2026 and reach $146,942.6 million in 2031.
Growth in the historic period resulted from the surge in the adoption of industrial IoT, adoption of 3D printing and increased use of digital twins in the manufacturing sector. Factors that negatively affected growth in the historic period were the lack of skilled professionals, lack of adoption by SMEs and lack of awareness of the cost benefits of adopting digital twins
Going forward, growing demand for increasing demand for digital twin in healthcare, rise in establishment of smart building infrastructure and COVID-19 impact will drive the market. Factors that could hinder the growth of the digital twin market in the future include a rise in cyber security crimes, high deployment cost and privacy concerns.
The digital twin market is segmented by type into product digital twin, process digital twin and system digital twin. The system digital twin was the largest segment of the digital twin market by type, accounting for $4,301.6 million or 54.7% of the total market in 2021. The process digital twin market is expected to be the fastest-growing segment going forward at a CAGR of 40.9%.
The digital twin market is also segmented by technology into IoT and IIoT, blockchain, artificial intelligence and machine learning, extended reality and other technology, big data analytics and 5G. The IoT and IIoT market was the largest segment of the digital twin market by technology, accounting for $2,148.5 million or 27.3% of the total market in 2021. The artificial intelligence and machine learning market is expected to be the fastest-growing segment going forward at a CAGR of 41.3%.
The digital twin market is also segmented by application into manufacturing, energy and power, aerospace, automotive and transportation and other applications. The automotive and transportation was the largest segment of the digital twin market by application, accounting for $1,977.1 million or 25.2% of the total market in 2021. The other applications market is expected to be the fastest-growing segment going forward at a CAGR of 41.4%.
North America was the largest region in the digital twin market, accounting for 34.1% of the global market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the digital twin market will be Asia Pacific and the North America, where growth will be at CAGRs of 43.2% and 41.2% respectively from 2021-2026.
The global digital twin market is moderately fragmented, with a large number of players. The top ten competitors in the market made up to 22.37% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. SAP SE was the largest competitor with 4.46% share of the market, followed by IBM Corporation with 3.04%, ANSYS Inc. with 2.43%, Microsoft Corporation with 2.39%, General Electric with 2.28%, Siemens AG with 1.94%, Bentley Systems with 1.84%, Dassault Systemes with 1.65%, ABB Ltd. with 1.19%, and Oracle Corporation with 1.15%.
The top opportunities in the digital twin market by type will arise in the system digital twin market, which will gain $18,885.3 million of global annual sales by 2026. The top opportunities in the digital twin market by technology will arise in the IoT and IIoT market, which will gain $9,292.2 million of global annual sales by 2026. The top opportunities in the digital twin market by application will arise in automotive and transportation market, which will gain $8,583.5 million of global annual sales by 2026. The digital twin market size will gain the most in the USA at $11,656.5 million.
Market-trend-based strategies for the digital twin market include using digital twin for metaverse, innovation in technology, developing digital twin solutions to optimize supply chains and operational processes, adopting digital twins in the pharmaceutical industry for drug discovery.
Player-adopted strategies in the digital twin industry include developing new cloud services through strategic collaborations and partnerships, enhancing business capabilities through launching new products and upgrading existing products and enabling customers to manage physical spaces digitally through strategic partnerships and collaborations.
Competitive Landscape And Company Profiles
Company Profiles
- SAP SE
- IBM Corporation
- ANSYS Inc
- Microsoft Corporation
- General Electric Company (GE)
Key Mergers And Acquisitions
- Cadence Acquired Future Facilities
- Siemens Acquired EcoDomus
- Faro Acquired HoloBuilder
- Bentley Systems Acquired Seequent
- Autodesk Acquired Innovyze
- FARO Technologies Acquired Advanced Technical Solutions
- Royal HaskoningDHV Acquired Lanner
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction And Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Digital Twin Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. Product Digital Twin
6.4.2. Process Digital Twin
6.4.3. System Digital Twin
6.5. Market Segmentation By Technology
6.5.1. IoT And IIoT
6.5.2. Blockchain
6.5.3. Artificial Intelligence And Machine Learning
6.5.4. Extended Reality And Other Technology
6.5.5. Big Data Analytics
6.5.6. 5G
6.6. Market Segmentation By Application
6.6.1. Manufacturing
6.6.2. Energy And Power
6.6.3. Aerospace And Defense
6.6.4. Automotive And Transportation
6.6.5. Other Applications
7. Major Market Trends
7.1. Digital Twin For Metaverse
7.2. Innovation In Technology
7.3. Deploying Digital Twin Solutions To Optimize Supply Chains And Operational Processes
7.4. Adoption Of Digital Twin In The Pharmaceutical Industry For Drug Discovery
8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Market Restraints 2016- 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Market Restraints 2021 - 2026
9. Global Market Segmentation
9.1. Global Digital Twin Market, Segmentation By Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Digital Twin Market, Segmentation By Application, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Digital Twin Market, Segmentation By Technology, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/wz9whe
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