The global digital twin market size is expected to reach USD 26.07 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a strong CAGR of 38.2% over the forecast years. Digital twin is a dynamic digital replica of a product, process, system, or facility, which can be used for various purposes including creating a sustainable environment and ensuring a better digital experience for customers. Such digital replicas can imitate real-world situations and help in optimizing systems and processes, examining products, and monitoring the performance and condition of machines, among others.
Digital twin technology is gaining traction owing to its potential to bridge the gap between the physical world and the virtual world. The global market is expected to grow significantly over the forecast period in line with the growing adoption of the Internet of Things (IoT) and big data analytics. Other factors responsible for this growth include rising need for cost-efficient operations, optimizing the processes, and reducing the Time to Market (TTM). At the same time, the way digital twins are created would continue to evolve in line with the innovations in the field of Virtual Reality (VR) and Augmented Reality (AR), thereby boosting the growth of the market.
Healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some of the key end-use industries for the digital twin technology. Incumbents of these industries are particularly adopting the technology to enhance efficiency, augment productivity, ensure cost-efficient operations, and streamline the processes. For instance, hospitals can create a digital twin of their systems as part of the efforts to gauge the impact of any prospective changes to their systems and ensure a safer environment. Similarly, a surgeon can create a digital twin of the heart and study it before performing a surgery. The technology is also helping companies in adopting lean manufacturing.
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Further key findings from the report suggest:
- Growing adoption of the digital twin technology in various industries, such as automotive and transport and agriculture, is the major growth-driving factor for the global market
- Digital twin incorporates Artificial Intelligence (AI), big data, Machine Learning (ML), and IoT, among others
- This helps the end-use industries in accessing the technology more easily and implementing it cost-effectively, thereby supporting market growth
- The manufacturing segment accounted for more than 20.0% of the global market share in 2017 and is expected to witness a strong CAGR over the forecast period
- North America and Europe together accounted for more than 50% of the market share in 2017 on account of high adoption of industrial IoT and the presence of developed infrastructure in these regions
- Prominent companies in the digital twin market include ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are investing in R&D to maintain their position in the global market