DIGITAL TWIN MARKET TO REACH USD 65.8 BILLION BY 2027 | CAGR 46.8% – FORENCIS RESEARCH

Digital Twin MarketΒ - Global Industry Analysis and Forecast 2020 to 2027

Global Digital Twin Market: Key Highlights

  • According to the new market research report Digital Twin Market by Application (Smartphones, M2M, Laptops, Tablets, Wearables, Connected Cars, Others), by End Use Industry (Consumer Electronics, Automotive, Transportation & Logistics, manufacturing, Retail, Others (Energy & Utilities)), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global Digital Twin market is estimated to reach USD 65.8 Billion by 2027 at a CAGR of around 46.8% during the review period.
  • As manufacturing processes interested to adopt digitalization, digital twin market provide companies with a complete digital footprint of products.
  • The digital twin enables companies to detect physical issues sooner, predict outcomes more accurately, and build better products.  
  • Digital twin technology is used in various end use industries such as Manufacturing, Automotive, Healthcare, Retail, Consumer Goods, Transportation, Agriculture, and Others

Digital Twin Market

Global Digital Twin Market: Key Market Dynamics

  • Rising adoption of industry 4.0 and growing adoption of IoT, Cloud, and Big Data are expected to drive the market during forecast period.
  • Cybersecurity issues occurred in Implementation and working of digital twin technology will restrain the market during growth period.
  • Increasing need of digital twin technology in healthcare and automotive& transportation will become an opportunity for the digital twin market during assessment period.

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Global Digital Twin Market: Regional Overview

  • North America

The Digital Twin market in the North American region is projected to witness to grow with highest CAGR during forecast period. Increasing adoption of wireless technologies, communication technologies, and early adoption of technological infrastructure will have impacted positively on the growth rate of the region. The presence of global players such as General Electric Company, Microsoft, Oracle, Cisco Systems Inc. are expected to increase the market share of digital twin market in North America.

  • Europe

Europe is expected to dominate the market during forecast period. Increasing manufacturing industry, developments in automotive industry, and adoption of latest technologies in healthcare industry will create many opportunities for digital twin market during forecast period. Presence of global players such as SAP SE, Siemens, and ABB will provide latest product, services, and software in digital twin market for operating organizations with trending technologies.   

Global Digital Twin Market: Key Players Overview

  • ABB:

The company engages in the provision of products, services, and solutions in electrification, industrial automation, motion technologies, robotics & discrete automation. In September 2019, ABB Robotics launched PickMaster Twin, a digital twin software to shorten commissioning times from days to hours and cut changeover periods from hours to minutes. Digital twin technology allows customers to test out robotic configurations on virtual production lines before physical lines are built.

  • AVEVA Group plc:

The company provide various software, solutions, and services in Artificial Intelligence, Cloud, Digital Twin, Edge, Extended Reality, and IIoT for various end user industries such as chemicals, food and beverage, cpg, infrastructure, life sciences, marine, mining, oil and gas, power and utilities, pulp and paper, steel fabrication, and water and wastewater. In July 2020, DORIS, AVEVA and Schneider Electric are entered into agreement to create digital twin for oil & gas industry.

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Published : 2020-07-31