Pune, India, January 10, 2022 (GLOBE NEWSWIRE) – The world Digital Twins Market size is expected to gain ground from USD 6.90 billion in 2021 to $ 72.35 billion by 2028 while posting a stellar CAGR of 39.9% during the period 2021-2028. In his report entitled “Digital twins market, 2021-2028”, Fortune Business Insights mentions that the market amounted to $ 5.30 billion in 2020 and $ 6.90 billion in 2021.
A digital twin technology is a representation of a physical object, process or service. It is used to replicate processes in order to collect data to predict how they will perform. The technology includes four core technologies, namely the Internet of Things (IoT), cloud, extended reality (XR) and artificial intelligence. These technologies will allow data to be stored in real time and provide important information based on the information collected. With the increasing adoption of dual type solutions, the market is expected to grow in the coming years.
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List of key players presented in the report
- Microsoft Corporation (Washington, United States)
- ANSYS Inc. (Pennsylvania, United States)
- PTC Inc. (Massachusetts, United States)
- IBM Corporation (New York, United States)
- Dassault Systems SE (VÃ©lizy-Villacoublay, France)
- Accenture PLC (Dublin, Ireland)
- Oracle Corporation (California, United States)
- SAP SE (Walldorf, Germany)
- General Electric (Massachusetts, United States)
- Siemens AG (Munich, Germany)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Robert Bosch (Gerlingen, Germany)
- Infosys Limited (Bengaluru, India)
- Hitachi, Ltd. (Tokyo, Japan)
- Autodesk Inc. (California, United States)
For example, in May 2020, Siemens AG and Atos launched Process Digital Twin, a solution for the pharmaceutical industry. This will help create a digital replica of the pharmaceutical production process to provide flexibility in the manufacture of pharmaceuticals.
Impact of COVID-19
The temporary shutdown, to curb the spread of the virus, has not affected the market much as major players are adopting various strategies to restructure their business model and expand their product portfolio amid the pandemic. For example, in May 2021, Microsoft Corporation collaborated with Aera Technology, an automation company that provides digital technology solutions. This collaboration will help integrate Microsoft Azure digital twins with Aera’s cognitive operating system to create a virtual representation of a physical entity in the automation process.
Market segmentation :
By type, the market is divided into Binoculars, Product Binoculars, Process Binoculars, and System Binoculars. By application, it is divided into aircraft engine design and production, space surveillance, fleet management, vehicle design and simulation, medical device simulation and others. By end users, it is segmented into aerospace and defense, automotive and transportation, electronics and electrical machinery / machinery manufacturing, healthcare, retail, energy and utilities, home and commerce, computer and telecommunications, and others. Finally, based on the region, the market is categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
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What does the report provide?
The market provides detailed analysis of several factors such as major drivers and restraints which will impact on the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the market growth. It understands the competitive landscape that involves leading companies and adopting strategies to introduce new products, announce partnerships and collaboration to help grow the market.
Advancement of technology such as IoT, to drive market growth
The growing adoption of the Internet of Things (IoT) is a major reason for the growth of the digital twins market. As data from real and physical objects is collected and used to produce digital data. This digitized data is then studied and optimized to create valuable information. Hence, many companies and various industries are using this technology to increase their offerings and generate more income.
North America will dominate thanks to the presence of key players in the region
North America is expected to remain at the forefront and occupy the first place in the market during the forecast period owing to the increasing investments in healthcare, pharmaceuticals and domestic and commercial sector in the States. -United. In addition, the presence of key players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc. and others is boosting the regional market. The region’s market was worth $ 1.83 billion in 2020.
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Asia-Pacific is expected to have a significant digital twins market share in the coming years, due to the presence of a large number of end users in industries such as automotive and transportation, electronics and the manufacture of electrical machinery / machinery, health care and others.
Vital players in acquisitions to strengthen market growth
The market is combined with motivated core companies to maintain their position by focusing on innovative launches. For example, in March 2021, Autodesk Inc. announced the acquisition of Innovyze, Inc., a provider of water infrastructure solutions headquartered in Oregon, United States. This acquisition will help the company build a sustainable and digitized water industry. Such strategies initiated by major players should strengthen its market prospects.
- April 2021: Autodesk Inc. launched Autodesk Tandem, a digital twin tool to streamline the flow of real-time data between Architecture, Engineering and Subcontracting (AEC) teams and project owners to create a twin digital.
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