A digital twin defined as a digital representation of any physical object, process or service.
According to the latest TechSci Research report, “Digital Twin Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, the global digital twin market was valued at USD5.715 billion in 2020 and is expected to grow at a CAGR of 33.28% during the forecast period owing to the increasing adoption of 3D printing, increased usage of IoT devices, the introduction of ADAS in automobiles across the globe.
Technological advancements across the manufacturing and healthcare sector are further propelling the market.
However, concerns related to data encryption, interaction with digital and physical things are expected to hamper the market growth during the forecast period.
The global digital twin market can be segmented based on type, technology, application, end-user, and region. Based on type, the market can be segmented into the process, product and system.
The process segment held a major share in 2020 and is expected to continue to do so in the forecast period as well. Process digital twins assist in the creation of new customer and enterprise value through personalized service, the advancement of product quality, the prevention of breakdowns before they occur, and the reimagining of knowledge-sharing in a people-machine environment.
In terms of technology, the market can be segmented into the internet of things, artificial intelligence and machine learning, blockchain, big data analytics, extended reality and 5G.
The internet of things segment accounted for the highest growth in the market and is expected to dominate in the forecast period as well, primarily because the physical world experience of the digital twins is captured through sensors and IoT is a fundamental requirement of a digital twin. Based on applications, the market is segmented into manufacturing process planning, product design, predictive maintenance, and others including business optimization, inventory management, etc.
The manufacturing process planning accounted for the highest market share in 2020, capturing 37.34% of the market. Usage of digital twins in the manufacturing process planning helps manufacturers to reduce the time and cost associated with assembling, installing, and validating factory production systems.
According to TechSci Research “A digital twin is a virtual/digital replica of a physical entity such as a device, person, process, or system that assists businesses in making model-driven decisions. Digital twins are transforming the way people work in a variety of industries and business applications. Digital twins are most popularly used in the manufacturing industry.
Manufacturing relies on high-cost equipment that generates a large amount of data, making it easier to create digital twins. Businesses can use digital twins to create various permutations of a product to provide personalized products and services to their customers.
Engineers can use digital twins to test the feasibility of upcoming products before they are released. Engineers begin production or shift their focus to creating a viable product based on the test results. Though digital twin practices can be used in traditional automotive manufacturing, they are especially useful for autonomous vehicle companies. Some applications of digital twins in the automotive industry are road testing and vehicle maintenance.
As IoT implementations expand access to big data and vast digital ecosystems, high-fidelity digital twins are becoming easier to create and maintain. Digital twin technology is quickly becoming one of the most important software tools for revolutionizing product development.”, said Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Digital Twin Market By Type (Process, Product, System), By Technology (Internet of Things, Artificial Intelligence and Machine Learning, Blockchain, Big Data Analytics, Extended Reality, 5G), By Application (Manufacturing Process Planning, Product Design, Predictive Maintenance, Others), By End User (Manufacturing, Automobile and Transportation, Healthcare and Lifesciences, Energy and Utilities, Aerospace and Defense, Others), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of the global digital twin market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global digital twin market.
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