Digital Twin Market

Global Digital Twin Market is valued at USD 7.48 Billion in 2021 and expected to reach USD 79.4 Billion by 2028 with a CAGR of 40.13% over the forecast period.

Global Digital Twin Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Increasing adoption of 3D simulation and 3D printing software, rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations, coupled with growing focus on predictive maintenance are some of the major factors driving the growth of the Global Digital Twin Market.

Scope of Global Digital Twin Market

A virtual machine that offers a real-time online version of a physical object or process is called a "digital twin." The operation of industrial assets is profiled, predicted, and optimized using data intelligence and simulation models. In order to automate the monitoring and control of industrial assets and processes including product creation, design, and investment performance management, business and operation optimization, manufacturing planning, and others, the Industrial Internet of Things digital twin is a critical element.

A digital twin can enable organizations in spotting patterns and modelling the consequences of changes to different processes in order to enhance supply chain design testing, as well as evaluate risks and test probability. Digital twin delivers a continuous, end-to-end image of all the operations and constraints connected with the supply chain, helping companies to handle problems faster and with minimum human interaction. These twins gather data to aid detect possible problems in all phases of delivery. For example, a shipment digital twin will rely on data obtained from sensors that communicate updated data during shipping, which may be assessed to detect performance and bottlenecks during transportation and delivery trips.

Digital technologies like big data, cloud, artificial intelligence, and IoT are progressively being utilized in numerous aspects of the business. The construction of digital twins comprises the virtualization of the physical twin utilizing a number of digital technologies and IoT sensors. With continued research and development, the systems could eventually play a substantial part in many contemporary robotics systems.

Considering numerous preliminary indications from post-COVID-19, a reduction was noticed in the global demand for digital solutions across multiple industries. Additionally, due to the pandemic, a number of company plans predicted investment scenarios, and other plans were put on hold due to the lack of operability. However, in the first quarter of 2021, leading players in the market utilized various methods to reorganize their company strategy and grow their commercial globally. For instance, In May 2021: Microsoft Corporation cooperated with Aera Technology, an automated firm that delivers digital technology solutions. Through this partnership, the business sought to link Microsoft Azure’s twin tech with Aera's cognitive operating system to produce a virtual version of a physical thing in the automation process.

The global Digital Twin market is segmented based on type, end-use, and region & country level. Based on type, the global Digital Twin market is segmented into component, process, and system. By end-user, the global Digital Twin market is segmented into manufacturing, telecommunication, retail & consumer goods, residential & commercial, healthcare & life sciences, energy & utilities, automotive & transport, agriculture, aerospace, and others.

The regions covered in the global Digital Twin market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Digital Twin is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Digital Twin Market Segmentation

By Offering:

• Services
• Solutions

By Security Type:

• Cloud Security
• Application Security
• Network Security
• Endpoint Security

By Threat Type:

• Distributed Denial of Service (DDoS)
• Ransomware
• Phishing & Spear Phishing
• Malware & Spyware
• Others

By Solution:

• Identity & Access Management
• Security Information & Event Management
• Risk & Compliance Management
• DDoS Mitigation
• Antivirus & Antimalware
• Intrusion Detection System/ Intrusion Prevention System
• Others

By End-User:

• Hospitals
• Healthcare Payers
• Pharmaceutical & Biotechnology Industries
• Others

Key Players of Global Digital Twin Market

Some major key players for the global Digital Twin market report cover prominent players like

• Cal-Tek SRL
• ANSYS Inc
• General Electric Company
• Cityzenith Inc
• Lanner Group Limited (Royal Haskoning DHV)
• Rescale Inc.
• IBM Corporation
• Microsoft Corporation
• Mevea Ltd
• SAP SE

News

Threedium and SharpEnd announce agreement to become consumer brands ‘Metaverse Ready’ with Digital Twins and linked products

On September 12^th, 2022; Threedium and SharpEnd, two technology businesses located in the United Kingdom, have joined their top proprietary technological solutions to enable marketers to deliver connected experiences using Metaverse. The ability to swiftly scan or tap embedded NFC and QR to unlock digital twins of physical objects is one of these interactions. Brands are expected to soon activate narrative 3D/AR apps and tokenize their items using this method.

Valiot improved their production software by utilizing digital twin technology

On March 9^th, 2022; Valiot improved its production software by utilizing digital twin technology. The application of artificial intelligence skills to the value chain enabled manufacturers to foresee and respond to unexpected changes in all aspects of the value chain, involving demand, supply, manufacturing, and distribution.

NVIDIA Releases the Digital Twin Platform for Scientific Computing

On March 22^nd, 2022; NVIDIA Corporation introduced a platform that includes an artificial intelligence platform for virtual twins that uses machine learning models to address scientific and technical issues. The dual platform provides speedy operation and outcomes. It aids in research projects such as more accurate analysis of extreme weather events.

Increasing adoption of 3D simulation and 3D printing software, rising emphasis on digital twin in manufacturing industries to reduce cost and improve supply chain operations, and growing focus on predictive maintenance are some of the major factors driving the growth of the Global Digital Twin Market

One of the primary factors fueling the growth of the Digital Twin market is the rising deployment of IoMT devices. The adjustment of IoMT and associated innovation has fixed various challenges employing remote monitoring, 3D printing is swiftly evolving, and an increasing number of materials are currently 3D printable. Some materials may deform all through the 3D printing process, needing a long trial and error phase. As a result, the price of printed parts increases, as does the time required to print them. Twins can be utilized to replicate the 3D printing production. The twins can forecast when and where aberrations may emerge, allowing them to be fixed on the 3D model. As a consequence, a new model is built that is fully optimized to adapt for the variations. For instance, the U.S. Army Aviation and Missile Command collaborated with a team from Wichita State University in May 2021 to incorporate twin technology into its Black Hawk helicopter fleet. Using the technique, 3D scanning technologies would generate a virtual replica of the UH-60L Black Hawk. The National Institute for Aviation Research is also a component of the partnership.

The usage of digital twins permits to decrease in unnecessary time and expense required in production. By incorporating digital twins, engineers may enhance a product’s performance by updating the physical prototype that alters at every occurrence during the design phase. Hence, a digital prototype built using a digital twin may be utilized to perform simulations and can be adjusted at any instance in a shorter time and with little expenditure. A digital twin has several applications in manufacturing such as asset management, configuration management, performance management, process control, and simulation modelling. The data that is utilized in digital twin technology is historical data. In rare cases, the digital twin functions with real-time data. Analysts may utilize digital twins to understand better a supply chain's behavior, forecast rare circumstances, and design an action plan to cut down expenses and boost process efficiency.

The demand for twin systems based on technologies, including as the Big Data, IoT, artificial intelligence, and cloud is becoming more popular in sectors. For building the physical twin, the solution comprises the integration of many IoT sensors and other modern devices. With the expanding number of programmable electronic devices and IoT sensors, there is an amplified danger of compliance, security, and data protection, in addition to regulation. There can be a substantial potential for some anonymous people or a hacker readily acquire the data of mechanisms due to the absence of privacy-related laws. Increasing concerns about security and privacy are projected to effect the need across government, healthcare, and critical infrastructure industries. This is expected to hinder the market share.

North America is Expected to Capture a Major Share in the Global Digital Twin Market

Geographically, North America is likely to lead the worldwide Digital Twin market over the forecast period. As end-users throughout industries, such as home & commercial, and healthcare, among others, of the United States are investing in implementing parts twin and product twin, this is projected to fuel the market expansion. Moreover, Canada and the U.S. represent the presence of significant suppliers such as Microsoft Corporation, IBM Corporation, Cisco Systems, Inc., Oracle Corporation, and others. Players in the market are active in mergers and alliances with technology suppliers to increase their product offerings and elevate the customer base. 

The well-established manufacturing and automotive sectors in nations like China, India, Japan, and South Korea are responsible for the region's rapid growth. The Asia Pacific is the region with the fastest rate of expansion in the worldwide Digital Twin market. Furthermore, smart city development initiatives throughout the area, as well as increasing consumer product demand, are propelling the regional market.

By Regional & Country Level

North America

• U.S
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 7.48 Billion
Base year considered	2021
Forecast Period CAGR %:	40.13%
Market Size Expected in 2028:	USD 79.4 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Cal-Tek SRL, ANSYS Inc., General Electric Company, Cityzenith Inc., Lanner Group Limited (Royal Haskoning DHV), Rescale Inc., IBM Corporation, Microsoft Corporation, Mevea Ltd, and SAP SE.
Segments Covered	By Offering, By Security Type, By Threat Type, By Solution, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa