The Global Digital Twin Market is projected to reach a value of over USD 65.8 billion by 2027 at a CAGR of around 46.8%.
Digital twin is a virtual replicas of process, physical product or system who indirectly bridges the gap between digital and physical world. This technology uses cloud-connected sensors embedded in machines to upload actual data and processing latest virtual simulations of machines. Sometimes, manufacturers use edge analytics to evaluate and analyze for generating in-house product performance on the field. The IoT is the key element in the implementation of digital twin technology. The increasing use of sensors, rising demand for Wi-Fi, and data capacity of cloud combine to make the application of digital twin technology affordable to manufacturers.
Market Driver:
The modern manufacturing industry is accelerated by industry 4.0 with the help of exponentially growing technologies such as autonomous drones, intelligent robots, 3D printing, and various sensors. With the technological advancements, Digital Twin delivers a more virtual system based design process that leads to a much more active role out of any equipment or system.
Increasing need for reduce waste, improve batch changeover times, improve product quality, and enhance traceability adoption of industry 4.0 increases which is expected to drive the digital twin market during growth period.
Market Restraint:
Digital twin is a new technology for various end user industries. Lack of marketing, slow industrial developments, employees are not aware about the new technologies. In small and medium scale industries and large scale industries, adoption of digital technologies is at peak. Hence, existing employees are not aware about the latest digital technologies and they still follow traditional manufacturing method. Hence, lack of skilled workforce is expected to restrain the market during the forecast period.
The report on the digital twin market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Type, End Use Industry, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Digital Twin Market, by Type
Digital Twin Market, by End Use Industry
Digital Twin Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Digital Twin MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY