Market Analysis
The global digital twin technology market size will touch USD 35,462.4 million at a healthy 42.54% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Digital Twin Market Drivers/Digital Twin Market Trends
Advent of Technologies to Boost Market Growth
The advent of technologies namely blockchain, machine learning, and artificial intelligence in different sectors ranging from aviation to automotive will boost market growth over the forecast period.
Digital Twin Market Opportunities
Rising Implementation in Retail Sector to offer Robust Opportunities
The rising implementation of digital twin in retail sector to augment customer experience will offer robust opportunities for this market over the forecast period. Digital twin improves customer experience via creating a virtual twin of a customer and modeling fashion products on it to allow a clearer idea regarding the products sans touching.
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Key Players
Eminent industry players profiled in the global digital twin market report include ANSYS Inc., PTC Inc., SAP SE, Dassault Systemes SE, Microsoft Corporation, IBM Corporation, General Electric, Cisco Systems, Inc., Accenture PLC, Siemens AG, Oracle Corporation, among others.
Digital Twin Market Restraints
Cybersecurity Risks to act as Market Restraint
The cybersecurity and other related risks owing to the use of cloud platforms and IoT and limited presence of skilled workforce and technical knowledge may act as market restraints over the forecast period.
Digital Twin Market Challenges
Lack of Awareness to act as Market Challenge
The lack of awareness related to cost benefits of the adoption of digital twin may impact the digital twin market share in the forecast period.
Market Segmentation
The global digital twin market is segmented based on end user and type.
By end user, the electronics and electrical/machine manufacturing will lead the market over the forecast period.
By type, the product twin will dominate the market over the forecast period.
COVID-19 Analysis
The world is facing an immense economic crisis due to the sudden outbreak of the COVID-19 pandemic. The outbreak has impacted the growth of the end use industries. Leading oil producers are running out of storage for extracted oil as the demand is on a declining trend. This has led to a massive supply and demand gap. The energy and power, aerospace and defense industries, and automotive and transportation are also among the key end users of digital twin technology. Such industries are also witnessing a declined need for the crisis. There is a restriction on foreign trades for the lockdown of international borders, various government laws, and non-operational distribution channels to take precautionary measures for public health and safety. However, the focus on the digitalization of processes across the industries is likely to increase in the post COVID-19 period. The increase in demand in the energy and power sector is also boosting market growth.
Regional Analysis
North America to Dominate Digital Twin Market
North America will dominate the digital twin market in the forecast period. The presence of major players, early adoption of technology, the development of various software, deployment of automation solutions in the manufacturing industries, improved production lines and downstream operations, high economic growth, large presence of vendors offering digital twins, the increased RD in the field of IIoT and IoT, and growing demand for cost effective and efficient technologies for product manufacturing are adding to the global digital twin market growth in the region.
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