The digital twin market is expected to grow by 2030 due to adoption of digital twin technology in many industries. System digital twin sub-segment is likely to have the highest market share. Asia-Pacific market is expected to be the fastest growing.
NEW YORK, June 30, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Digital Twin Market by Type (System Digital Twin, Product Digital Twin, and Process Digital Twin), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas, Agriculture, Telecommunication, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030.“
As per the report, the global digital twin market is predicted to grow at a fascinating CAGR of 39.48% in the 2021-2030 timeframe, thereby garnering $1,25,717.4 million by 2030.
Dynamics of the Digital Twin Market
Drivers: Growing adoption of digital twin technology by various industries across different sectors is predicted to be the primary growth driver of the digital twin market in the forecast period. Moreover, integration of digital twin technology with advanced technologies like IoT, AI, etc., is expected to augment the growth rate of the market in the forecast timeframe.
Opportunities: Since the last few years, various sectors such as automotive, manufacturing, healthcare, etc., have adopted digital twin technology for product launches and product enhancements which is expected to offer numerous growth opportunities to the market in the analysis timeframe. Along with this, integration of advanced technologies like machine learning and AI with digital twin technology is anticipated to push the market forward.
Restraints: Lack of skilled workforce, however, may dampen the growth rate of the digital twin market.
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Impact of Covid-19 on the Digital Twin Market
The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. In such a scenario, when lockdowns were in place, digital twin technology has played a huge role in completion of product enhancement projects of several companies. As a result of the critical role played by digital twin technology, the digital twin market has succeeded in registering a huge growth despite the pandemic.
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Segments of the Digital Twin Market
The report has divided the digital twin market into different segments based on type, industry, and region.
- By type, the system digital twin sub-segment is predicted to have a dominant market share by 2030. The increasing adoption of system digital twin type by different industries such as automotive, manufacturing, oil & gas, etc. is predicted to help the sub-segment to grow in the analysis timeframe.
- By industry, the automotive and transportation sub-segment is anticipated to become the most lucrative sub-segment of the digital twin market by 2030. Digital twin technology is widely used by automobile manufacturing companies to create digital models of connected vehicles. Along with this factor, mass production of automobiles and globalization are predicted to become the main growth drivers of the sub-segment.
- By regional analysis, the digital twin market in Asia-Pacific region is expected to be the fastest growing by 2030. Increased demand for digital twins by various industries across different sectors in order to reduce labor costs is predicted to be the main contributing factor behind the growth of the market.
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Significant Digital Twin Market Players
The significant market players of the digital twin market are
- ProfitWell
- BlueSnap
- Databox
- Payfirma
- Yapstone
- CashNotify
- HiPay Intelligence
- PaySketch
- Revealytics
- RJMetrics, among others.
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market. – Inquire here for the key manufacturers Development Strategic Report
For instance, in November 2021, Yokogawa Electric Corporation, a Japanese electrical engineering company, announced the acquisition of Insilico Biotechnology AG, a German-based bioprocess software and service provider. Insilico Biotechnology AG is considered as one of the pioneers in developing a bioprocess digital twin technology and this acquisition will help Yokogawa to increase its footprint in the digital twin market.
The report also summarizes many crucial aspects of the digital twin market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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