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Global Digital Twins Market to Reach US$35.5 Billion by the Year 2026
Digital twin technology is an advanced concept that bridges the gap between digital and physical worlds to help users coordinate and consolidate product lifecycle management. The technology is gaining significant attention due to its ability to expedite product development and support innovations. The market would be primarily driven by the growing applications of digital twin technology in the pharmaceutical and healthcare industries spurred by the recent COVID-19 pandemic, the increasing use of digital twins for enabling predictive maintenance, and the accelerated adoption of digital twin solutions for addressing the challenges associated with the pandemic. Digital twin technology has been witnessing notable progress in its capabilities owing to support from emerging technologies, including artificial intelligence (AI), big data, the Internet of Things (IoT) and computing power. The technology is gaining from machine learning that enables the use of data to simulate and predict future conditions and performance of assets. The increasing adoption of digital twins in the energy industry is expected to expedite transition towards renewable energy and pave way for net-zero emissions. The technology presents significant opportunities for companies in the healthcare and life sciences domains to improve efficiency and gain an edge over competitors.
Amid the COVID-19 crisis, the global market for Digital Twins estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$35.5 Billion by 2026, growing at a CAGR of 36.9% over the analysis period. System, one of the segments analyzed in the report, is projected to grow at a 36.4% CAGR to reach US$23 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Product segment is readjusted to a revised 38.9% CAGR for the next 7-year period. This segment currently accounts for a 31.7% share of the global Digital Twins market. Digital twins are expected to transform product development, supply chains and manufacturing. Manufacturing organizations have been leveraging DTs technology to speed-up digital transformation efforts for product development.
The U.S. Market is Estimated at $2.6 Billion in 2021, While China is Forecast to Reach $6.5 Billion by 2026 Select Competitors (Total 208 Featured) -
The Digital Twins market in the U.S. is estimated at US$2.6 Billion in the year 2020. The country currently accounts for a 39.6% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$6.5 Billion in the year 2026 trailing a CAGR of 51.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 30.9% and 37.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 32.3% CAGR while Rest of European market (as defined in the study) will reach US$3.8 Billion by the end of the analysis period. North America represents the largest regional market for digital twins, attributed to a significant economic growth, massive investments in research and development activities, presence of a large number of digital twin vendors, and significant developments and early adoption of advanced digital technologies, including digital twin, 3D printing, edge analytics, and smart sensors, in the region. Growth in Asia-Pacific region is attributed to the dense population, rising per capita income with large-scale urbanization and industrialization, and growing adoption of IoT technology, primarily in countries, such as China, India, South Korea, and Japan.
Process Segment to Reach $5.6 Billion by 2026
In the global Process segment, USA, Canada, Japan, China and Europe will drive the 35% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$778.5 Million in the year 2020 will reach a projected size of US$6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$607.2 Million by the year 2026.
- ABB Ltd.
- Accenture plc
- ANSYS, Inc.
- AT&T Inc.
- AVEVA Group plc
- Bentley Systems, Incorporated
- Bosch.IO GmbH
- Cal-Tek Srl
- Capgemini SE
- Dassault Systèmes SE
- General Electric (GE Digital)
- Hexagon AB
- Honeywell International Inc.
- IBM Corporation
- Lanner Group Limited
- Mevea Ltd.
- Microsoft Corporation
- PTC Inc.
- Rescale, Inc.
- Rockwell Automation, Inc.
- SAP SE
- Siemens AG
- TIBCO Software Inc.