The global digital twin market is anticipated to grow at a considerable CAGR of around 40.2% during the forecast period. The emergence of industry 4.0 and IoT will fuel the growth of the global digital twin market. Industry 4.0 promotes production methodologies using advanced analytics technologies, such as analytics digital twin and digital scanning. The digital twin enables companies to detect physical issues sooner, predict outcomes more accurately, and build better products. Industries such as manufacturing, construction, healthcare, aerospace and others have been largely using digital twin as a solution for their asset and product lifecycle management. In healthcare sector, the digital twin assists the management to create a safe and secure environment for both employees and patients by digital representations of healthcare data, such as hospital environments, lab results, human physiology through computer models. During the forecast period, the adoption of the digital twin in the healthcare sector is projected to grow at the fastest face, due to its immense benefits. In line with this, the outbreak of COVID-19 pandemic has augmented the demand for digital twins solutions in the healthcare to keep track of the patients health and medication associated with it.
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However, the high cost of deployment and installation of digital twin is the major restraints that is likely to hamper the growth of the market. A digital twin is a long-term project that requires companies to invest significantly in IoT, sensors, and technology platforms that will add to long-term variable costs. Hence, the high cost of infrastructure and upfront cost of the digital twin is expected to slow down the operations of the global digital twin market during the forecast period.
Impact of COVID-19 Pandemic on Global Digital Twin Market
Digital twin is enabled the organization to become more cost-effective by reducing the burden on services and infrastructure. The digital twin technology has enabled the businesses to make more informed, data-driven choices, which in turn transform the operation of the companies. Moreover, the digital twin has gathered momentum in health care diagnosis by upending traditional health care by updating conditions and attributes of patients using machine learning, and artificial intelligence. Leveraging the rich data conveyed by dynamic digital twins and blockchain, patients and medical resources were better managed during the COVID-19 pandemic.
By Type (Product Digital Twin, Process Digital Twin, System Digital Twin)
By Deployment Type(Cloud, and On-Premises)
By Application(Gas and Steam Power Plant, Digital Wind Farm, Grid, Hydropower Station, Others)
Segmental Outlook
The global digital twin market is segmented based on type, deployment type, and application. Based on type, the market is segmented into product digital twin, process digital twin, system digital twin. Based on deployment type, the market is sub-divided into cloud, and on-premises. Based on application, the market is bifurcated into gas and steam power plant, digital wind farm, grid, hydropower station. Based on type, the process digital twin segment is anticipated to grow at a significant rate, owing to its numerous application in end-user verticals. Digital twin supports in better integrating the internal operations of the organization, and people can easily collaborate across the different departments. The digital twin technology only improve the performance of equipment but also enhance the quality of production, hence creating more efficient regular operations.
The Hydropower Station Holds the Major Share in the Global Digital Twin Market
The hydropower station is gaining traction over the forecast period majorly in emerging economies. Hydropower station has provided a larger base of application in various end-user industries. The hydropower station assists to evaluate and replace mechanical components and accelerate technology development. Moreover, the agencies are collaborating on a project to develop digital twins for the hydropower framework. For instance, in June 2021, the US Pacific Northwest National Laboratory (PNNL), and US Oak Ridge National Laboratory have collaborated to develop a digital twin for hydropower framework as a virtual, open-access platform, which assists in generating a digital representation of hydroelectric plants. Moreover, this system will use next-generation technologies, including artificial intelligence, machine learning, and virtual reality to stimulate hydropower generation, transmission, and distribution systems, and provides flexible and reliable energy services.
Regional Outlooks
The global digital twin market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). North America has witnessed significant growth, owing to the growing investment in the healthcare sector and manufacturing sector. The government initiatives to deploy automation in industries are likely to create growth of the global digital twin in the region. The digital twin is increasingly deployed across the pharmaceutical industry to estimate the results of procedures and to develop and authenticate drug applicants.
Market Players Outlook
The major companies serving the global digital twin market are, 3i Inc., ABB group, General Electric Co., Microsoft, IBM, Scalable Network Technologies Inc., Wipro Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2021, 3i Inc. has introduced a digital twin solution, Baemo, an artificial intelligence technology-based service that creates a 3D digital twin for companies. Baemo helps in cutting down the cost, minimizes time and efforts that were put in the creation of digital twin, as Baemo digital twin helps in taking maps and street views which is used to digitalize outdoor spaces.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global digital twin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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