Digital Twin Case Study - The Benefits of Using Digital Twins
Global Digital twin market report share is projected to reach USD 73.5 billion by 2027 at a CAGR of 60.6% during the forecast period.
The Digital Twin Industry is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027 it is expected to grow at a CAGR of 60.6% from 2022 to 2027.
Rising emphasis on digital twins in manufacturing industries to reduce cost and improve supply chain operations is driving the market for digital twin. Moreover, increasing demand for digital twin from healthcare industry; and growing focus on predictive maintenance) further plays a key role in driving the growth of the digital twin market.
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Predictive Maintenance segment to hold the largest size of digital twin market during the forecast period
The predictive maintenance application is expected to account for the largest size of the digital twin market throughout the forecast period. It is further expected to grow at the second-highest CAGR during the forecast period. The fact that every organization needs their key equipment to operate at peak efficiency and utilization to realize their return on capital expenditures is the fundamental cause for the emergence of predictive maintenance applications for digital twin. With this technology, companies are focusing on developing a predictive maintenance model that optimizes the maintenance cycle and strikes a balance between corrective and preventative maintenance.
Small & Medium Enterprise (SMEs) segment expected to grow at faster CAGR during the forecast period
The digital twin market for SMEs segment is expected to grow at faster CAGR during the forecast period. The main reason for the faster growth of SMEs is that fact that instead of purchasing highly complex equipment and machineries with incorporated sensors and Industry 4.0 technologies, SMEs can better afford to set up a digital twin. Many startups are offering digital twin products/solutions that are budget oriented to some extent and, therefore, a perfect fit for SMEs. Another major reason for the rapid adoption of digital twin among SMEs is that SMEs get a better return on investment on digital twins as compared to large enterprises. Hence, the SMEs segment is expected to grow at a higher CAGR during the forecast period.
North America expected to dominate the digital twin market during the forecast period
The North America region is expected to dominate the digital twin market throughout the forecast period. It is further expected to grow at the highest CAGR during 2022 to 2027. Improving business outlook in the US and the government’s steps to reform tax codes, significant package announcements for manufacturing and infrastructure companies, and the presence of major digital twin technology providers are boosting the adoption of digital twin in the region. Factors such as growing focus on product design & development; business optimization; increasing stringent government regulations for the workplace and personal safety (considering human-centric approach for digital twin); and rising awareness of the need to control and assure output quality in aerospace, energy & utilities, automotive & transportation, and food & beverages industries are driving the demand for real-time performance monitoring and predictive maintenance applications of digital twin in North America.
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Key players in the digital twin market are General Electric (US), Microsoft (US), Siemens (Germany), Amazon Web Services (US), ANSYS (US), Dassault Systèmes (France), PTC (US), Robert Bosch (Germany), Oracle (US), DNV (Norway), Autodesk (US), SAP (Germany), Emerson (US), ABB (Switzerland), Honeywell (US), IBM (US), Johnson Controls (Ireland), Schneider Electric (France), Software AG (Germany), NavVis (Germany), Bentley Systems (US), Altair (US), SWIM AI (US), River Logic (US), and ANDRITZ (Austria). SMEs/startups covered in the study are Sight Machine (US), Sensat (UK), Cosmo Tech (France), Artemis Technologies (Ireland), FEops (Belgium), Pratiti Technologies (India), QiO Technologies (UK), VEERUM (Canada), Datumix (US), synavision (Germany), Petra Sata Science (Australia), MEIK LABS (US), DigitalTwin Technology (Germany), TWAICE Technologies (Germany), Allvision Io (US), and HASH (UK).