The digital twin market is expected to be valued at USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. Developments and launches of new products in the digital twin market cater to the high growth of this market globally.

The digital twin technology has applications in product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization. The digital twin technology is used to generate the virtual models outside of engineering environments involving the applications such as product design and development, and production.

The digital twin market based on end user has been segmented into aerospace and defense, automotive and transportation, energy and utilities, home and commercial, electronics and electrical/machine manufacturing, healthcare, and retail and consumer goods, and others. The other industries include materials and chemicals and agriculture. The rising need for digitalization in agriculture, and chemicals & materials industries is one of the major factors contributing to the growth of digital twin market in this region. Moreover, the presence of few major IoT vendors such as IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), and PTC, Inc. (US) have started offering products and solutions that help create the digital twins that form a core part of the digital transformation of many industries.

The market in APAC is expected to grow at the highest CAGR during the forecast period, followed by the market in RoW. The growth of the market in APAC is attributed to the increase in development of various industries that has led to growth in the adoption of digital twin systems for digitalization of various end user industries present in developing countries such as India, Japan, and China.

Increasing occurrences of viruses and cyber-attacks lead to many security concerns. Important information can be stolen by malicious viruses in computer systems, causing a major loss to the industries. Hence the risk associated with the data security is one of the restraining factors for the growth of the digital twin market.

Key players in this market focus on the product developments and launches, strategic partnerships, collaborations and acquisitions to increase their revenue.

Market Dynamics

Drivers

  • Potential Reduction in the Time And Cost of Product Development And Elimination of the Unplanned Downtimes
  • Rising Adoption of Iot And Cloud Platforms
  • Predominant Use of Iiot for Design And Manufacturing
  • 3D Printing And 3D Simulation Software Boosting the Adoption of Digital Twins in Manufacturing And Supply Chain Management

Restraints

  • Risks Associated With Data Security Due to the Use of Iot And Cloud Platforms

Opportunities

  • Promising Prospects for Digital Twin Technology in the Automobile And Aerospace Industries
  • New Technological Innovations in the Field of Virtual Reality And Augmented Reality to Enhance Visualization of a Digital Twin

Challenges

  • Lack of Awareness Regarding Cost Benefit of the Adoption of Digital Twins
  • Lack of Skilled Workforce And Technical Knowledge

Companies Mentioned

  • Allerin Tech Pvt Ltd
  • Altair Engineering Inc.
  • Amazon Web Services
  • Ansys Inc.
  • Aucotec Ag
  • Autodesk Inc.
  • Cadfem Gmbh
  • Computer Science Corporation
  • Cosmo Company Sas
  • Dassault Systemes
  • Dnv Gl As
  • Feinguss Blank Gmbh
  • General Electric
  • Ibm Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Prodea System Inc.
  • PTC Inc.
  • Robert Bosch Gmbh
  • Sap Se
  • Siemens Ag
  • Sight Machine Inc.
  • Tibco Software Inc.
  • Toshiba Corporation
  • Virtalis Limited

For more information about this report visit https://www.researchandmarkets.com/research/vw986f/digital_twin

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Harry
Arul Is a researcher and law student at Anna University (Chennai). He has worked as the Director of the Graduate Lawyering Program.