Published Year: 2020
Global Smart Factory and Manufacturing Market: Focus on Solution (Hardware and Software) and End Use
The smart factory and manufacturing market analysis by BIS Research projects the market to...
Market Research Report
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Market Overview
Source: Expert Interviews and BIS Research Analysis
The global digital twin market is projected to grow from $2.66 billion in 2020 to $29.57 billion by 2025, at a CAGR of 61.94% from 2020 to 2025. The growth in the digital twin market is expected to be driven by the increasing demand for asset health optimization, growing market penetration of Industrial IoT solutions, and the rising establishment of smart building infrastructure to ensure optimum energy consumption.
This technology has garnered the attention of various industries such as manufacturing, automotive, and healthcare to increase their productivity as well as efficiency. Catering to the manufacturing industry, the rising need to meet the on-demand production target with the existing ageing assets is driving the growth of digital twin technology.
With digital twin implementation across the automotive value chain, the automotive manufacturers can have the real-time on-road field insights and can predict the failure of any such vehicle equipment for better manufacturing performance before getting it delivered to the customers.
The growth of digital twin technology in the healthcare industry is attributed to the increase in the industry’s initiative toward maintaining a smart workflow within its premises to provide optimum treatment facilities for the patients. Moreover, digital twin helps the doctors and surgeons in predicting the emergency condition of patients by real-time monitoring of the patient’s health.
Impact of COVID-19 on Global Digital Twin Market
In 2020, the digital twin market is expected to experience downfall due to COVID-19 pandemic, as the testing and the simulation process for the implementation of the virtual model has been at a standstill. With the lockdown being imposed, there has been a scarcity of resources worldwide, which is expected to impact the global digital twin market for this particular year. However, the growth of the digital twin technology market is expected to revive sparsely from Q3 2020 once the operational activities become normal post lockdown, as the technology would allow the industrialized world to understand the operational behavior of the physical asset from remote locations as well.
Competitive Landscape
The competitive landscape for the digital twin market demonstrates an inclination toward the companies that are adopting strategies such as partnerships, collaborations, and joint ventures along with mergers and acquisitions for introducing new technologies and enhance their existing product portfolio. With the increasing growth of the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in January 2020, Siemens entered into a partnership with Arm Holdings for the development of the digital twin platform to ensure driver assistance system across the automotive industry. In December 2019, Microsoft Corporation entered into a partnership with Ansys Inc. for the development of IoT enabled digital twin framework to ensure real-time data transfer and to improve the performance of industrial assets.
Regional Market Dynamics
The digital twin market holds a prominent share in various countries of North America, Europe, Asia-Pacific and Japan, and the Middle East and Africa. North America is at the forefront of the global digital twin market, with high market penetration rate in the U.S., Canada, and others, which are expected to display robust market growth in the coming five years.
During the forecast period, the Asia-Pacific and Japan region is expected to flourish as one of the most lucrative markets for digital twin technology. Asia-Pacific and Japan is expected to exhibit significant growth opportunities for digital twin owing to the increasing urban population size, growing market penetration of advance technologies, and favorable government investments on the adaptation of Industry 4.0 standards and policies for enhanced manufacturing and production facilities across all industry verticals.
Global Digital Twin Market
Focus on Product Offering (Platform, Hardware, Support Services), Type (Asset, Process, System), Industry (Manufacturing, Automotive, Energy, Healthcare), Impact of COVID-19 - Analysis and Forecast, 2020-2025
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