The global digital twin market size, which was $3,210.1 million in 2020, will likely reach $184,517.4 million by 2030, witnessing a 50% CAGR between 2020 and 2030, according to P&S Intelligence.
The major reasons behind the growing demand for this technology are:
- Rising Adoption of IoT: More than 41 billion connected devices are expected to be operational by 2025. To ensure optimum functioning of the internet of things (IoT), it is important to improve the throughput for every component of a machine, which is enabled by digital twins. This technology is being used to create a virtual model of a physical product based on the data being generated by the connected sensors.
- Increasing Focus on Intelligent Maintenance: Another key driver for the digital twin market is the growing focus of enterprises on intelligent asset maintenance. With digital twins, a product, process, or system can be simulated, which gives companies real-time insights into its workings. This enables them to ascertain maintenance requirements, which helps prevent unplanned system failure.
During the COVID-19 pandemic, the digital twin market was negatively impacted, as the shutdown manufacturing plants and offices led to smaller profits for companies. As a result, they reduced their spending on such expensive technologies, focusing on mitigating their losses and staying afloat instead.
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In the coming years, the fastest growth within the technology segment of the digital twin market will be seen in the IoT category. The adoption of IoT and focus on sensor-powered product development are increasing around the world, which is why digital twins are being used to simulate IoT-based machines.
The large enterprises category is set to dominate the digital twin market throughout this decade, on the basis of enterprise. Such companies have a vast array of assets, and they are engaged in a huge number of processes and projects, for which they are using digital twins to predict success, failure, and maintenance requirements. Moreover, digital twins help such companies come up with better offerings for customers, increase profitability, and augment productivity.
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Historically, the digital twin market has been dominated by the performance monitoring category, under segmentation by application. Digital twins are being equipped with big data analytics, IoT, artificial intelligence (AI), and other advanced technology to track the performance of physical assets in real time.
The highest digital twin market CAGR under the industry segment, of 51.8%, is predicted to be seen by the automotive category in the near future. Automakers are rapidly embracing Industry 4.0 standards and advanced technologies, which is raising the importance of data collection and analysis in the manufacturing process. Thus, digital twins will be used to improve the vehicle design, manufacturing process, sales, and customer service.
North America is the largest digital twin market presently because of its advanced IT infrastructure, improvements in technology, and adoption of Industry 4.0 practices. Moreover, the presence of numerous companies offering such solutions benefits the market in the region.
The most-significant companies in the global digital twin market are International Business Machines (IBM) Corporation, PTC Inc., Microsoft Corporation, SAS Institute Inc., Siemens AG, Oracle Corporation, Dassault Systemes, Ansys Inc., Robert Bosch GmbH, Swim.AI Inc., ABB Ltd., TIBCO Software Inc., and Bentley Systems Incorporated.
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